What to know about closing on a home purchase

On Behalf of | Sep 7, 2021 | Real Estate Law |

As a general rule when closing on a home purchase, you’ll become the new owner of a Texas home 30 to 60 days after your offer is accepted. In the meantime, you’ll need to go through a series of steps before the transaction can be officially completed. Take a closer look at the process of closing on a home and what might influence how long it takes to complete.

You’ll need to have the home inspected

The first step in the residential real estate closing process is to schedule a home inspection. An inspection can help to reveal the presence of mold, pests or other problems that you likely wouldn’t have noticed during an initial showing. It’s possible that the seller will pay for the cost of remedying any problems that were uncovered during this event. However, even if this is not the case, taking a closer look at the house allows you to determine exactly what you can expect after taking possession of it.

Will you need financing?

If you’re like most people, you’ll need to obtain a mortgage to cover the cost of buying the home. A mortgage broker may be able to talk more about the various loan products that are available as well as which ones may best fit your needs. You should expect the loan approval process to take anywhere from a few days to a few weeks to complete. The exact timeline will depend on if the lender needs more information from you or if the home needs to be appraised.

When will you take possession of the house?

The closing date will be scheduled after all the paperwork is ready to be signed by all parties to the transaction. However, it may be possible to take possession of the home before the purchase becomes official with approval from the seller.

The closing process may seem like a complex and painfully slow one to get through. However, your real estate agent, attorney or others on your team may help the process go as smoothly as possible.