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The final stage of your home purchase is closing. Closing is the term used to identify the period of time that begins after the Seller accepts your offer and culminates with the Seller transferring the home’s title to you.
Among various other events, closing involves the satisfaction of contingencies and conditions set forth in your offer (such as home inspection and financing contingencies), as well as the lender requirements (such as appraisal and title insurance) required to obtain the necessary financing to purchase your home.
Our role as liaison
As your buyer’s agent, we proactively monitor your transaction and act as an intermediary between escrow, title and your lender. We respond to inquiries and address problems that arise during the closing process.
Open escrow and deliver documents
When the seller accepts your offer, we establish escrow and deliver all sale documents to your lender. We work together with your escrow/closing agent to make certain that all lender instructions and requirements are met so there are no surprises and to ensure that your transaction is handled smoothly and efficiently through closing.
Home inspection
If your offer contains a home inspection contingency, you must obtain a home inspection in a certain number of days following the seller’s acceptance of your offer. Otherwise, you risk waiving your right to have the inspection. To ensure your inspection is performed in a timely manner, we assist you in locating a licensed home inspector (if applicable). In addition, we meet the inspector at the home and remain throughout the home inspection. If the inspector identifies any problems with the home, we discuss your options, and then negotiate with the Seller to:
- Repair the problem(s)
- Propose a discount to reflect the value of the repair(s) or
- Terminate your transaction and refund your earnest money
Title insurance
If you are financing your home purchase, your lender will require you to obtain a title insurance policy. Title insurance protects you (and your lender) from certain liens, encumbrances, claims and other title defects that affect the value of the home. We consult the title insurance company to ensure there are no unknown encumbrances, liens, easements, restrictions or other title defects appearing on the title report.
Communication
Throughout the closing process we update you on the progress of your home purchase and are available to answer any questions you may have at any time. We also provide you with a detailed timeline of all events that will take place during closing.
Negotiation
In the event a problem arises during inspection, financing or other contingency/lender requirement, we work with you to evaluate solutions. Whether your solution is to save the sale or to walk away and cancel the transaction, we are careful to provide you with full and open disclosure and advice on all of your options. If you choose to continue with the home purchase, we quickly contact the seller’s agent to propose modifications to your offer to reflect any change in value resulting from issues arising during closing. On the other hand, if you choose to cancel the sale, we advise you on the effect on your earnest money and contact the seller’s agent to formally rescind your offer.
Signing
Once all contingencies are met and lender requirements satisfied, you will attend a formal “signing” of all documents and disclosures. To facilitate this last step, we coordinate the date and time that you will present to a notary to sign the litany of documents required to finalize your home purchase. You will take possession of the property on the date set forth on your PSA. Questions
We welcome any questions you may have regarding the closing process. Please feel free to contact us for a free consultation at: (206) 909-8777 (toll-free: 1-800-206-6612), or by email at: info@navigationre.com. |
