Salem Oregon Real Estate- The Closing Process
Buying a home is a journey that you want to be prepared for– getting a signed contract is a great accomplishment, but that’s only half the journey. The typical home purchase today involves more than 20 steps after the initial contract is accepted to complete the transaction.
“Closing” transfers the title of the property from the seller to the buyer. The buyer receives the keys and the seller receives payment for the home, minus money to pay off the existing mortgage and other transaction costs. Deeds, loan papers, and other documents are prepared, signed, and filed with local property record offices.
The good news is that much of what needs to be done before the closing is the responsibility of appraisers, loan processors, attorneys, and inspectors — and it’s your Sparkman Team realtor’s role is to coordinate those responsibilities. Your agent will help ensure that others do their jobs promptly and correctly and that the closing isn’t jeopardized.
The Sparkman Team has extensive experience in handling problems that may arise during the time between contract and closing; they can anticipate difficulties and address them in time to ensure a smooth settlement for all involved.
When things go wrong, closing can easily fall behind. Here’s how much time to expect on particular delays:
- Buyer submits incorrect information to lender
- Source of down-payment changes
- Escrow fails to notify parties about missing documents
- Principals leave town without signing all necessary papers
- Unknown defects are discovered in the property
- Last-minute liens discovered
- Cloud on title
- Move-out date changes
- Lender decides at the last minute it doesn’t approve of the borrower or the property
- Lender raises interest rates
- Lender requires last minute reappraisal or repairs
- Appraisal too low