What you should know before closing on your house

The hardest parts are over: You’ve found that perfect home in a haystack of listings, negotiated a deal you’re happy with, and secured a mortgage—and you’re now in the home stretch of the home-buying process.

Yes! The hard parts are over, you've found that perfect home, negotiated a price your pleased with, and talked with your CT real estate attorney about the process. One last step, the closing. What is a real estate closing? A real estate closing is the final step in the purchase process. There are a few key elements you need to know about before closing.

1. Pre-Approval isn't a guarantee.

You can still be denied for a mortgage loan, even after you've been pre-approved by the lender. The pre-approval is not a commitment or guarantee. You've been conditionally qualified for loan. But you need to stay qualified all the way up to the closing. This is something to discuss with a Connecticut Real Estate Attorney that you can trust. The less your financial situation changes, the better.

2. You'll need to bring a cashier's check to the closing.

In most cases, the check will be made out to the title or escrow company who is managing the process. The check should cover the exact amount of your closing costs.

3. You should receive a HUD-1 Settlement Statement.

This document will have a finalized list of fees you're responsible for paying on your closing. The cashier's check (mentioned above) should be made out for this amount.

4. Remember to get Home Insurance before closing.

Your lender may require this. They might even require you to pay the first year's premium in advance, by setting up an escrow account. The lender may contact your insurance agent before closing day, to verify the policy and coverage amount.

5. There's more. Ask a real estate attorney in CT for more info.

Residential transactions consist of about 80% of our business. We are the best real estate law firm to talk to about any questions or concerns you may have. Contact the Law Office of Chris Albanese today.

Law Office of Chris Albanese
February 23, 2017