Buying Your First Home In Washington, DC: Getting To Settlement – Part 7 of a Series

Buying Your First Washington, DC Home:  Getting To Settlement – Part 7 of a Series

First, you and your sellers reach an agreement on price and terms.  Then you begin to remove the contingencies (home inspection, condominium documents, appraisal and financing).   Then there is the termite inspection and, if necessary, the killing of the bugs.  And finally there is a title search to ensure the sellers have clear title to the property.

And finally, once all of this is done, you are on your way down the long and winding road to  the settlement table.  This is where you give the sellers all your money and the sellers sign the papers deeding the house or condo to you.

Here is Washington, the buyers and sellers, along with both agents, usually show up at a title company for this ritual.  It’s usually a fun, festive occasion, culminating with the sellers turning over their keys and a round of hugs and best wishes.

 If the sellers are out of town, the title company will send them the paperwork with instructions on getting it all signed and notarized.  If they are in the middle of a sloppy divorce, they might come at separate times to spare you the drama of whatever they might be doing to make each other, their agent and the title attorney, well, nuts.

Your job is to show up with money.  Not cash money, but with certified funds for the  approximate amount of the check you’ll be writing to cover your down payment and closing costs.  If you are buying a house, you’ll need evidence that you have a valid homeowner’s insurance policy.   With condo purchases, you don’t need evidence of a homeowner’s policy, and it is still a wise idea to have a condo owner’s policy.

Then, if all goes the way it is supposed to, you’ll get the keys to your new place, meet the movers, and start planning your housewarming party. 

Oh!  And maybe you can also figure out how to spend that $8,000 housewarming present you’ll get from the IRS if you qualify for the first time buyer’s tax credit!

Other posts in this series: