So, When Do I get the Keys?

You’ve searched for months to find the perfect home. You’ve been to countless open houses, multiple showings, and have put your best foot forward on an offer to the seller. At long last, your offer is accepted and everything is a done deal. The property is yours!

Wait…isn’t it?

 

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A photo posted by Accord Realty (@accordrealtymadison) on Feb 19, 2016 at 5:13am PST

An accepted offer doesn’t immediately translate into getting the keys. There are still a few important things that need to get settled.

First, a licensed home inspection. The inspection—which is paid for by you, the buyer and typically costs a few hundred dollars—is a very important step in the home buying process because it can oftentimes uncover unexpected findings such as faulty wiring, leaky pipes, or substandard materials that you’d very much want to know about before committing to purchasing the property. An inspection can also give you some bargaining power since perhaps you’d potentially walk away from the property if the seller refuses to address at least some of the issues, or credit you with the cost of fixing them. In most cases, inspections are never 100 percent perfect and the buyer will have some issues to negotiate with the seller before closing.

 

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A photo posted by Accord Realty (@accordrealtymadison) on Jan 15, 2016 at 7:57am PST

Secondly, you and the seller must agree on a predetermined closing date, which is typically anywhere from 30-90 days following your accepted offer. On that date, you, your buyer’s real estate agent, the seller, the seller’s agent, and your loan officers will meet at the agreed-upon title company to sign the necessary documents to officially finalize the sale of the property.

Third, the title company will ensure that the title to the piece of real estate is indeed legitimate, upon which they will then issue title insurance for that property. Title insurance protects the lender and/or owner against possible lawsuits or claims against the property that could result from disputes over the title.

 

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A photo posted by Accord Realty (@accordrealtymadison) on Feb 27, 2016 at 7:17am PST

Lastly, on the official closing date, all the legal documents are signed by both parties—it can take up to an hour or so! — and then you’ll finally receive the keys to your new home. Cheers!

Questions on the Buying or Selling process? Contact us today!