The long search and looking at possibilities is over, the haggling over price is finished, and you’ve qualified for the loan. Now, your dream is about to become a reality – but there remains one final and important step in buying a Cincinnati house. And that, of course, is closing. However, if you know what to expect at the closing table, there’s no reason to worry. Let’s go through the details.
What Is Closing?
Closing for buying a Cincinnati house really is nothing more than a gathering of the buyer, seller, and their various representatives. It’s where the important documents are signed, the money exchanges hands, and the title is transferred. In most cases, a closing agent (often an attorney and usually hired by the buyer, buyer’s lender, or title insurance company) will prepare the documents and oversee the proceedings.
In our office, we typically use Parkway Title or American Homeland Title services. There are many reputable closing agents in the Cincinnati and Northern Kentucky area.
What to Expect At The Closing Table
Cautions – Before the closing date arrives, you should make sure a proper title search has been conducted and that there are no liens or other transference issues that could gum up the works. Typically, your lender will require and ensure execution of a title search of public property records, but oversights and mistakes are still possible. Remember: you can’t take title and complete the closing if the title isn’t clear.
In addition, you will want to carefully review certain documents before signing, especially the settlement statement. This document lays out how much the seller will make on the sale and the tax implications. Check and recheck to make certain all of the numbers are what they should be on the settlement statement. If you have any questions, call your real estate agent.
Time – When buying a Northern Kentucky or Cincinnati house, you can expect the closing to take place at the office of one of the real estate agents, the closing agent, the mortgage company, or local registry of deeds.
The whole process typically takes about an hour because it involves the signing of a bunch of documents comprising 50 to 100 total pages – for example, tax forms, title forms, affidavits, promissory note, deed of trust, and various disclosure forms. (A good closing agent will be willing and able to explain these many documents if you need it.) Generally, it takes longer for the buyer to sign than the seller, because they are also signing documents relating to the loan of their house.
People – Although the exact number depends on the state, there will be several people at the closing table. Buying a Cincinnati house involves a state-sanctioned closing process requiring that certain key people with legally recognized expertise to be present. This cast of closing characters can include the following: you (the buyer), the home seller (of course), your real estate agent, the seller’s agent, your attorneys, title company representative, and (occasionally) a mortgage lender representative.
Potential Problems – What to expect at the closing table can, on occasion, involve last-minute problems and issues. If everything goes according to plan at the closing (and most of the time it does), you’ll leave that office with a sheaf of signed papers, a lighter wallet, and the keys to your new house. Still, you should be aware that sometimes things go wrong.
Maybe a crucial document is missing or a name misspelled – those things will have to be put right for the closing process to reach its conclusion – or maybe one the key parties got hung up in traffic. The point is to be aware that in a few cases things do go awry and delay closing. So be sure to allow time for these problems in your scheduling.
Buying a house can be a long process filled with waiting and anxiety. Even when you know what to expect at the closing table, things can go wrong. If you are a first time home buyer, here are even more tips to help you prepare. And working with a trusted real estate agent should make the process go more smoothly. Any time you have questions, feel free to ask!
Looking to buy a Cincinnati or Northern Kentucky house? At Team Sztanyo, we are helping families find their way home, and we work all over the Greater Cincinnati area. Give us a call today and one day soon, we will be at the closing table celebrating your family’s new house!