Buying A Home In Cleveland - The Complete Guide Part 7 of 7 - Closing and Possession
In an effort to help educate those buying a home in Cleveland, we have put together a 7 part series that will explain the entire home buying process in detail. Although our focus will be on the Cleveland market, many of the ideas discussed can be applied to other areas of the country as well. We recommend that you read the first 6 articles in the series at some point, preferably prior to reading step 7, our final step, as all of the information relates to each other.
Step 2 "The Pre-approval Process".
Step 3 "Selecting and Previewing Homes."
Step 4 "Writing An Offer".
Step 5 "Negotiating".
Step 6 "What Happens After Acceptance".
We are now at the home stretch of what has probably been a very exhausting process. At this point, your loan has been approved, the movers have been scheduled, boxes are packed, and you are now waiting to sign loan documents, get keys, and finally own your new home. There are a few things that should be done to ensure a successful completion of the home buying process.
It is always a good idea to keep in constant communication with the company who is going to do the closing. They will set up a day, time, and location for you to sign documents, and tell you how much money, in certified funds, you need to bring with you. They often get very busy and are typically not very proactive, so you need to stay on top of them as you will need time to go to the bank and get your funds. Although they are instructed to follow the dates that are set in the purchase agreement, they often do things at the last minute, so just be prepared. It is also a good idea to get a copy of the closing documents in advance so you can familiarize yourself or have them reviewed by an attorney prior to the actual closing.
Here in the Cleveland area, we use title companies to handle this part of the transaction. This is a big distinction from other areas of the country that strictly use attorneys to handle title, escrow and signing of documents. Also, if you are relocating to Cleveland from another area, it is important to note that the buyer and seller sign their documents separately, not together. In fact, when buying a home in Cleveland, buyers and sellers usually do not even meet each other during the home buying process.
After you sign documents, you must still wait until the deed is filed before you get the keys to your new home. The filing of the deed is the official transfer of property from one party to another and signifies the official end of the home buying process. Once again, the title company and agents will do their best to make sure to strictly follow dates that were agreed upon during the negotiation process to make sure you get the keys on time.
Now, you are officially the owner of your home. Congratulations and smiles are in order as you can now move in and enjoy. As you begin the journey of being the owner of your new home, it is wise to keep a copy of all documents relating to the buying process, such as the purchase agreement, disclosures, and inspection reports. You never know if or when you may need them, so please keep a copy in a safe place.
The home buying process can be stressful and complicated, but when the boxes are unpacked and you are settled in, your home will bring you more joy and happiness than you can ever imagine.
About The Authors:
This information is provided compliments of Amy and Dan Schuman, The Schuman Team Keller Williams Realty. The Schumans have worked with numerous professional athletes, business owners, and those relocating to Cleveland from out of the area.
If you are considering buying a home in Cleveland or surrounding suburbs,please contact the Schuman Team at 216-346-3235.
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Buying A Home In Cleveland Part 7, Closing and Possession is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Aug 2009