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Residential Real Estate
Nov 15, 2016

What To Expect During The Closing Process

Sponsored Content provided by Neal Johnson - Licensed Real Estate Broker , Network Real Estate

So, you finally found the perfect house - time to pack up and move in, right?

Not so fast… The closing process comes first. There are critical steps to take prior to unpacking your furniture and setting up your new humble abode. Although they might seem tedious, Network Real Estate has real estate professionals that will guide you through the entire process, making it absolutely seamless and simple on your end.

Whether you are selling your home or buying a new one, be sure to follow these steps prior to unloading that moving truck.

1. Sign the dotted line

Once a buyer makes an offer on their dream home, the real estate agents handle negotiations, and the seller accepts, it’s now time to sign and initial the dotted lines of the Offer to Purchase Contract. Your real estate agent will advise you on Due Diligence and Closing dates, as well as an appropriate Earnest Money amount. The buyer’s earnest money, aka the “good-faith” deposit, is then typically put into the listing broker’s escrow account until closing.

2. Double check and inspect

Once that contract is signed by both parties, it is time to set up some very important appointments. The buyer’s chosen lender will start the loan process and begin ordering appraisals. After an acceptable appraisal is received, you will then begin the home inspection process with your real estate agent - including but not limited to - home, termite, septic/well/pool inspection - when applicable and upon request.

3. Negotiate

Depending on the outcome of the inspections, there might need to be some appropriate negotiations made for the deal the close. The seller and buyer’s real estate representatives will handle these negotiations, setting any repair requests, and have the necessary addendums signed by both parties.

4. Hire an attorney

In the state of North Carolina, attorneys handle the title searched, attain the title insurance for the buyers, and then handle the closing process. They will work closely with the lenders and real estate agents to ensure that all closing responsibilities are handled accordingly. The attorney of your choice also prepares the deed for sellers, handles certified closing funds and required closing documents, and represents their clients throughout the closing process.

5. Utilities

Prior to moving out or moving in, you will want to switch the utilities over to the new owners. The buyer will arrange to switch utilities over to their name. That way, you can switch that light on when you open the door to your new home!

6. Move in
Once every task, every dotted line is signed, and the sale is officially record, it’s time to gather up your belongings and move into your new home. Get out those cardboard boxes, pack up, hire a moving truck, and make sure all of your Pinterest boards and ready to go for decorating your brand-new home!

There are a number of tiny little steps that go along with the closing process. Amongst all the excited of buying your new home, it’s important to have a real estate agent who will ensure that you don’t miss any of the necessary steps along the way.

Our agents at Network Real Estate are trained professionals who knows the ins and outs of the North Carolina real estate closing process. Contact us, so that we can make it smooth for you!

Neal Johnson is a CMCA, CRB, CNE and GRI-certified, licensed real estate broker at Network Real Estate, which has exclusively served a high volume of property sales and purchases in the greater Wilmington area for more than 30 years. With three offices at College Road, historic downtown Wilmington and Pleasure Island, Network’s brokers are widespread and well-versed in this marketplace, making Network a preferred real estate company for first-time homebuyers and beyond.

 
 

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