Things to keep in mind for a real estate closing

Buying a house can feel like a dream. You go through listings and visit beautiful homes that might one day be yours. But making this home yours is not as easy as it may seem. There are many people at work in the background ensuring that this transaction is smooth and efficient. So what should you do to make sure you are making the right decision?
Here are a few steps to keep in mind before your closing date:
1. Open an Escrow account
An escrow account is held by a neutral third party. The best way to prevent any cheating by the buyer or seller is to have an escrow account handled by a third party. Once all procedural formalities are over, the money and documents are moved from the escrow account to the seller and buyer, thus guaranteeing a secure transaction.
2. Title Search
This is usually done by your lawyer. Title searches are done to make sure there are no other claims on the property and the title is free from encumbrances. This gives the buyer peace of mind while buying the house.
3. Consider title insurance
Consult your lawyer regarding title insurance. This will protect your property against title defects, survey issues, work orders and frauds while you own the property.
4. Obtain property insurance
Make sure you have enough money to cover closing costs. Common closing costs will be property transfer tax, maintenance fee adjustments, property tax adjustments, and lawyer fees.
5. Schedule a pre-closing Visit
Make sure you schedule a final walkthrough before the closing day to conduct an inspection and make sure the house is in the same condition as it was when you signed the offer. You should also verify that the seller has completed the required fixes and no new problems came up.
6. Close the Sale
You will have to meet your lawyer 2-3 days before the closing date. Your lawyer will get you to sign all the paperwork and at this time you will need to have your downpayment with you. On the closing date, when the sellers receive the money, they will ask their realtor to release the keys
How long does it take to close on a house?
It can take anywhere between 30-45 days to close a house deal. Many factors affect this timeline such as mortgage approval, home inspection etc.
Do I need a lawyer to buy a house?
The answer is yes. Both the buyer and seller need lawyers to complete the real estate transaction. Today, with electronic registration, everything from title searches to transfers of land are completed with specialized software. Only lawyers and law firms can gain access to this software, and the switch to electronic registration does not remove the requirement that a lawyer must sign the transfer of land.
What does a real estate lawyer do?
Here are a few examples of the work a real estate lawyer does for you:
● Reviewing the Agreement of Purchase and other legal documents.
● Conduct a title search and ensure there are no liens against the property.
● Ensures that you have a valid title on closing and all property taxes are paid.
● Closes the transaction by making sure all conditions are met.
● Exchanges keys and legal documents with the seller.
Are you ready to buy your first house?
Buying your first house can be both exciting and nerve wrecking. You want to do everything right. Call us today for a consultation! We are here to help you.

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Riddhi helped me with my residential real-estate closing and I cannot express how happy I am. Riddhi went over and beyond to help me with my closing and made it easy and stress-free for me. My closing was difficult but with Riddhi's professionalism and experience, she made it happen!! I am so happy and would highly recommend her to my family and friends.

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I highly recommend Riddhi and Karma Legal Professional Corporation for all real estate closings. She goes out of her way to contact the lender and inform her clients every step of the way. She is proactive and legal services are fair in price.

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I cannot thank Riddhi enough for the amount of work she has done for my client's closing. I highly recommend her as your legal representative. Once you're with Riddhi, you're in safe hands.

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