Buying a Home in Austin, Texas - Step Seven: Closing on Your Home!
This is the final installment in a seven-part series about how to buy a home in the Austin, Texas area. All of the previous posts in the series are here:
The finish line is in sight. You are about to get a brand-new place to live! Although the process can seem challenging sometimes, it is about to pay off. You probably won't even remember the tough parts later. :)
On the day of closing, you will spend about an hour (perhaps a little more) signing paperwork which will convey the property to you. The bulk of the papers will deal with financing and the various disclosures required by your lender. The remainder are the deed and various affidavits.
The length of time that you spend at the title company (or attorney's office) will depend on a number of factors, including the experience level of the closing/escrow officer, and the number of questions that you have about the paperwork itself.
I once had a client who finished in about 10 minutes flat. He asked simply, "Don't I have to sign all of the papers to get the house?" The escrow officer told him that he did, then he asked for the entire stack and signed them quickly. I wouldn't recommend this for everyone, but I did see it happen! Usually, the closer will spend a few seconds explaining each document, then asking for your initials and/or signature, depending on what is called for in the closing instructions. Prepare to get writer's cramp at least once.
Most times, the seller or builder for your home will require that the loan has "funded" before you get the keys, which means that the money actually moves from your lender's bank to the title company. While this can definitely occur on the same day as the closing, sometimes it is a day or two later, so we usually advise our clients not to plan their "move-in" for their new homes until at least the day after closing. Otherwise, it can create some awkward situations. You don't want to pay extra storage fees to your moving company, and you certainly don't want to end up homeless for a couple of days. Give yourself some overlap time, so that you can ensure that you have a place to stay in the event of any delay.
After you have closed and the loan is officially funded, it's time to begin moving in to your new house!
One of the main reasons that I became a Realtor back in 1997 was that I enjoy the feeling of helping others find the right home.
If you have any questions at all, please do not hesistate to call or email me anytime. My cell phone number is 512-796-7653, and my email address is firstname.lastname@example.org. This concludes my "buying a home in Austin" series.
Image above is courtesy of qwrrty via Flickr.com.