So you’ve made a successful offer to purchase the home of your dreams, or at least have taken that crucial first step toward home ownership. Now what? At this point, typically, there is a bit of a waiting period. Closing periods can take several weeks to a few months, but some essential buyer obligations must happen quickly.

Once your offer has been accepted, if there were any conditions, there’s a period during which you take all the necessary steps to fulfill them. This may include securing financing, home inspection, selling your current residence, and everything else that needs to happen before you officially seal the deal. Your mortgage lender will need a copy of the offer to ensure everything is in order and that the offer is in line with your pre-approved financing level.

What to Do During the Home Inspection

Your building inspector will discuss their overall approach and how their findings will be shared with you. Your real estate agent will be able to advise you as to the most likely strategy to be taken by building inspectors in your area.

If permitted, consider accompanying the inspector throughout the home inspection process, which usually takes about three hours. This will allow you to learn as much as possible about the various home systems: heating, plumbing, electrical, and roofing. The home inspection may also identify some repairs that need to be made so that you have a better idea of the home’s condition before proceeding with the deal.

At the end of the conditional period—with any adjustments or repairs made to your satisfaction, your real estate agent will finalize the deal, and your lawyer will process the paperwork, including the mortgage documents, with your lender. All of this will point to a final date of actual legal possession: The real closing day.

What Happens Leading Up to Closing Day

As a buyer, it is essential to understand your legal obligations at closing to ensure a smooth and successful transaction. The following things will happen leading up to the date of closing:

The transactions will be processed through your lawyer and bank on the possession date. Once they are complete, you can get your keys and start moving in!

Post-Closing Obligations

The work doesn’t stop once the closing date has passed. There are several post-closing obligations that buyers must meet to ensure a smooth transition and avoid potential legal issues, including:

In addition to these critical post-closing obligations, there may be other tasks that the buyer needs to complete depending on their specific circumstances. For example, if the property is part of a homeowners association (HOA), the buyer may need to pay HOA fees and follow additional rules or regulations.

Failing to meet post-closing obligations can result in legal issues, financial penalties, or property loss. Seeking professional help from a real estate attorney or agent can help ensure that all post-closing obligations are met and that the transition to homeownership is smooth and successful.

Welcome Home!

Understanding your legal obligations as a buyer upon closing is a crucial part of the home-buying process. Seek professional help from a real estate attorney or RE/MAX agent to ensure all obligations are met and the home purchase goes smoothly.

Before long, you’ll be settled in the new place you call home.

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