Homebuying with Guro: Title, Final Walkthrough, and Closing

Let’s all say it together now, “I’ve almost reached the end of the homebuying process!” Before you do your happy dance and shout joy to the heavens, let’s talk about the last leg of your home buying journey. Because, before you have keys in hand, there’s still a few details left to cross off your list. 

TITLE
When you’ve made the offer on your new home, you’ve probably asked the seller for a title policy. The title company will do a title search to ensure the title is clean, meaning no liens are registered on the property. (And by the way, a “lien” is defined as a right to keep possession of property belonging to another person until a debt owed by that person is discharged.) In other words, you want to make sure there are no unresolved debts tied to your new home!

If you’re financing the home with a mortgage, the lender will also require a lender’s policy. And keep in mind, the cost of the title insurance and the lender’s policy will be paid at closing and is typically split between you and the seller.

CLOSING
Now it’s time to get ready to close! No later than three business days before closing, your lender will send out a closing disclosure. And the day before closing, the closing company will send out a final settlement statement. 

You’ll need to bring your closing fees, down payment, etc., via a certified check or wire transfer to your closing day. Make sure to check with the closing attorney to see what they prefer.

FINAL WALKTHROUGH
The final walkthrough (aka the FINALLLL COUNTDOWN!) is one final walkthrough of the property. This typically takes place the day before or the day of your closing and is a great time to check the status of any repairs you requested. Pro Tip: Ask the inspector to come along as well!

If you haven't already, go to my eXp website to set up a search for your new home today!

Guro Midtsund is a Realtor with eXp Realty, LLC in Birmingham, AL. This information is deemed reliable but not guaranteed.