Buying a home is a big decision that’ll impact your personal life and finances in a variety of ways. For that reason, you must have a solid grip on the process from beginning to end. The closing process is waiting for you at the end of the road. This is when you finalize the transaction and take ownership.
While you’re looking forward to the day when you can finally move into your new home, don’t rush. Doing so increases the risk of a mistake, which could cost you time and/or money.
Here are some real estate closing mistakes to avoid:
- Forgoing a final walkthrough: This is your opportunity to walk through the home one more time before closing. If anything looks out of place, you can bring it to light before arriving at the closing table. This way, you have the chance to delay the process if necessary.
- Ignoring the title: You hire a title company to complete a title search, with the idea of ensuring that the title is free or liens and claims. If there’s anything wrong with the title, you don’t want to close on the property.
- Making big purchases: Don’t make big purchases while your home is in escrow, as it could alter your ability to secure a loan. Double-check with your lender in advance of your closing to ensure that everything is still in order.
When you avoid these real estate closing mistakes, you’ll find it much easier to move through the closing process with a clear mind. And with that, you can look forward to your life in your new home.
