Your Step-by-Step Guide to Closing on Your New Property

Initial Agreement and Deposit
An effective purchase agreement is a legal contract between you and the property seller. Here are key tips to keep the process moving smoothly:

• Document Everything
  Ensure every verbal agreement, counter-offer, and addendum is in writing and signed by both parties. We’ll assist you in drafting all necessary documents and provide you with copies for your records.

• Follow the Schedule
  After your offer is accepted, you and the seller will have a timeline outlining each step of the closing process. Staying on track keeps the process on schedule, reducing the risk of delays or misunderstandings. We’ll keep you updated at every stage, so you’re always prepared for what’s next.

Role of the Closing Agent
A title company or attorney will act as your closing agent, holding the deposit in escrow and ensuring the title is free of encumbrances by the closing date. They’ll also add any new encumbrances appropriately. Some properties may have restrictions or easements that limit certain uses—your closing agent will confirm all details on the title.

Title Ownership
Title ownership can impact estate planning, taxes, and future sales, so consulting a legal or tax advisor is recommended. We can guide you to make the best decision for your circumstances.

Property Inspections
Once your offer is accepted, a licensed inspector will assess the property to ensure it meets your expectations. Depending on the property, specialized inspections may be beneficial (e.g., for HVAC, structural soundness). If you’re buying a commercial property, an environmental audit may also be required. We can recommend trusted inspectors.

• If the inspection results are satisfactory, contingencies can be removed, bringing you closer to closing.
• If there are concerns, you may choose to renegotiate the contract terms, often the price.

Appraisal and Financing
Maintaining close communication with your lender is essential, as they’ll require additional documents to finalize and fund your loan. If financing is a contingency, an appraiser will determine the property’s value to confirm the lender’s investment. With two weeks left to close, check in with your lender to ensure everything is on track.

Association Approval
If you’re purchasing a property governed by an association, obtain its rules and regulations from the seller early. Submit all required documents and fees promptly, and, if an interview is required, schedule it as soon as possible. The association’s approval letter is often needed at closing and will be recorded with the deed.

Property Insurance
Most lenders require property insurance, with coverage levels based on the loan amount and property value. To save on insurance costs, consider these tips:

• Opt for a higher deductible, which can reduce your premiums.
• Ask your agent about discounts for security features or senior discounts.
• Insure only the home—not the land beneath it—to avoid overpaying.

We’re happy to connect you with experienced insurance agents to meet your needs across property types. Let us guide you through every detail, ensuring a smooth path to closing on your property.