So how do you feel about your CD? No, I’m not talking about any Certificates of Deposit you may have, but about your real estate Closing Day. Buying your home and closing on it is an exhilarating time and the Ron Arnold Team thinks the more you know what to expect, the smoother your CD will go!
Closing is a term used for the point in time in which a title to a property (be it commercial, retail or personal) is officially and legally transferred to the buyer. Right now we are talking about the process of taking title to your new home. Generally speaking, a mortgage, or deed in trust, is then given by the homebuyer to the lender who holds the mortgage.
But what happens before closing? For most buyers, particularly in Southern California, a home purchase is the biggest financial investment they will ever make. There are many things to consider when buying a home. The last thing you want, or need, is any ambiguity on costs associated with closing on a property. You need to know what to expect. The Ron Arnold Team provides you information about the costs associated with closing on your home, even before you put a contract on a property. If you are getting a loan to buy your home, your lender has three days from the time of the loan application to provide you with a Loan Estimate of your costs so you know what to expect.
So you place your offer on a new home, and the seller accepts. Gulp. Now what? Legally speaking, the clock starts ticking. In order to have a smooth and successful closing, timing is everything, and that’s why we think it is so important to work with experienced real estate agents like those at the Ron Arnold Team.. We can recommend professional title agents who can handle the closing process to make sure every “T” is crossed and every “I” is dotted. If you have given the seller earnest money, the title company will make sure it is promptly deposited into an escrow account where it is held until CD (Closing Day.)
Now it can get messy. Not for you, but for the title company. Agents will search and examine public records on your home. Has the previous owner failed to pay any back taxes? Is there a judgment on the property? Title companies and our team at Ron Arnold work together to make sure there are no unanswered questions before CD.
So now it is Closing Day, but now we have a new CD: the Closing Disclosure Statement. It outlines all the costs for both the buyer and seller, so everyone is up-to-speed on what is expected. If this is your first home purchase, you can be scared with the number of legal documents you are asked to sign. That’s where our team stands with you every step of the way. We have been through years’ worth of property closings and can help you navigate the closing process.
Then, when the ink is dried on the last document to sign, it is all said and done. Here are the keys: congratulations on your beautiful new home!
We know real estate transactions can be detailed and a bit intimidating. Our team is ready to help you make the transition to your new home a smooth one!