Closing, which is sometimes called settlement or escrow, is the final step in the home-buying process. During closing, the property is legally transferred from the previous owners to the new buyers, either directly or via a lender offering a mortgage for the purchase of the home. Whether you have purchased a new home before or are preparing to become a first-time homeowner in Sierra Vista, keep reading to take a closer look at the closing process.
Final Inspection of the Property
Just prior to closing, most buyers opt to take a final walkthrough of the home. This walkthrough is mainly to ensure that any changes a buyer requested the seller make to the home or the property prior to the sale have been completed, while no other unwanted changes have occurred. Once the sellers and the buyers are satisfied with this walkthrough, the paperwork portion of the closing process will begin.
Paperwork Completion
The sale of a home requires that both buyers and sellers sign the agreement into a legally binding contract. Home sale paperwork will typically be prepared by your real estate agent or lawyer; all you will need to do, either as a buyer or a seller, is check over the terms and sign the paperwork once you are satisfied. In many cases, this does not require a physical meeting of the buyers and sellers—instead, you can each fill out your paperwork separately if it is more convenient, although many buyers and sellers still meet to complete this process all at once. As part of the paperwork process, any loans and transference taxes will be handled as well. Any other parties involved with the sale, such as real estate or closing agents, are also paid at this time.
Owning a home in Arizona is as easy as contacting Castle & Cooke Arizona, Inc. by calling (520) 378-5110. We offer stylish and high-quality homes for sale in a number of beautiful communities throughout the Sierra Vista area. You can also learn more about our energy-efficient family and retirement homes on our website.