Typically, each home buying experience is different. If you are planning to buy a home for the first time, you could be feeling a little anxious and overwhelmed. You definitely hope that all will be well. However, the fact is that there are various circumstances that influence your home buying experience. Some are from within and others are beyond your control. It is always a good idea to have a picture of what the journey toward home ownership will look like.
A successful home buying process will eventually see that the property is transferred from one person to the other. As such, everything is legally done and is binding on the parties involved. You can also expect lots of paperwork and signing to be done. The following post extensively highlights the documents to be signed:
Buying a Home? Here’s What to Expect at The Signing Appointment
The signing appointment is exactly what it sounds like — you sit down with a thick stack of documents, review them as needed, and sign your name on the line. When you’re done, those documents are sent to the county government, and you’re recorded as the property’s new owner.
What documents do I need to sign?
It depends on your location, the type of property, the type of loan, and other details. In a nutshell, you’ll typically sign these types of documents:
Mortgage/Promissory Note: The mortgage note is a legal document that outlines the terms of your loan, and acts as your written promise to repay it. This document will include the amount of your payments, instructions for repaying your loan, and an explanation of penalties you’ll face if you stop paying. Read more at Redfin…
You may need to work with an attorney if you do not understand any of the clauses in the documents you are going to sign because they are not few.
Lack of diligence before appending your signature on any document used in buying or selling houses can result in serious losses, as the following post describes:
Why every buyer needs a real estate attorney in any real estate closing.
Discussion of Victoria Moreno vs. First International Title, 176 So.3d 301.
Victoria Moreno purchased a home. Victoria did not speak English, only Spanish. Victoria did not hire a real estate attorney to represent her. The closing was handled by a title company. The property had code violations. At the closing, in the pile of closing papers was a “Hold Harmless Agreement” which said the title company was not responsible for the code violations. Victoria admitted receiving the hold harmless agreement, but no one explained it to her. After closing, Miami Dade County proceeded to force her to correct the violations at a cost of over $50,000! Read more at Flarecs…
An experienced real estate attorney would help you avoid unnecessary losses like the one Victoria suffered.
The crucial part of the deal is the closing process, and you need to understand what it’s all about. The following post describes it in detail:
Buying a home? What to expect when you’re closing
On closing day, all parties will sign the papers officially sealing the deal, and ownership of the property will be transferred to you. It’s your opportunity to make any last-minute changes to the transaction.
It starts the day before
The day before closing, gather all the paperwork you have received throughout the homebuying process: Loan Estimate, contract, proof of title search and insurance if necessary, flood certification, proof of homeowners insurance and mortgage insurance, home appraisal, inspection reports and Closing Disclosure. You might need to refer to these documents at closing. Read more at Bankrate…
A focused real estate attorney will identify any loopholes in the agreement and will highlight them for consideration before the deal is signed. The best part is that you can trust the attorney to do a better job because they don’t stand to gain when the deal is closed, as is the case with agents or brokers.
If you are looking for an experienced real estate closing attorney in Charlotte, contact Jonathan Meek of Meek Law Firm South for expert services. Call (980) 729-5662 or use the contact form on the website to get in touch.