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The first 3 things to check before closing on your home

There are countless things to keep track of in every real estate transaction. The closing process alone, when there's no turning back on the transaction, will have a tremendous number of details that you need to get right. To get you started off on the right track when it comes to your real estate closing, here are three things you'll want to check:

Review the contingencies and make sure they've been taken care of

A contingency is something that the home seller agrees to do prior to selling the property. These contingencies will be codified within the purchase agreement. If the contingencies aren't satisfied, then the purchase agreement could become null and void.

Make sure that the title is clear

Not all titles on real estate property are "clear." In other words, some titles have third-party claims on them. For example, a government entity might have a claim on the property, or a builder or some other party might have a claim on the property. If the title is not cleared, then it might not be transferable to the buyer; therefore, it's important to do a thorough title search before the closing.

Finalize the mortgage

A home loan needs to complete the entire underwriting process before it can be used to purchase a property. Although the buyer can usually receive approval for a particular mortgage, the finalization of the mortgage will not happen until shortly before the closing. Therefore, it's important to double-check that the loan has actually been finalized before beginning the closing process.

There's a lot more that home sellers and homebuyers need to do before closing on a real estate transaction. If you require legal guidance regarding your real estate transaction, our law firm and legal team are available to help.

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