Signing, Closing & Possession
Beaufort and Morehead City, North Carolina
Both the seller and buyer, at different times, will sign all the closing papers (and there are a lot of them) usually three or four days prior to closing. Most of the closing documents are standard documents, and rarely are there any mistakes; but, you should review the paperwork. You may want to have a copy of your closing documents sent to you a day or so before you go in to sign, so you (and your attorney, if you so choose) have some time to review them.
Closing and possession do not necessarily take place at the same time. Closing is when the Deed of Trust is recorded with the County and all the funds are dispersed. Possession is when you actually take possession of the property.
The agent will contact you and tell you the exact amount of money you need to bring in. It is often most convenient to have the funds wired to escrow, but cashier's checks are also accepted. The escrow agent will give you wiring instructions that you will give to your bank. There can be a small wire transfer charge for this. Allow for about an hour for the signing process. Your real estate agent and mortgage representative can be present at closing to assist with any questions as well.
In two or three days, the transaction is recorded, funds are dispersed, and you own your home. Then, depending on what terms you negotiated for possession, you move in.
Remember to arrange for utilities to be turned on in your name. Once you as buyers close on the property, you can be held liable for any damages that may occur on the property. If possession takes place after closing, be sure to negotiate issues such as liability, utilities and "rent."
Back to Buyer Tips |
Beaufort Buyer's Agent |
What Is Earnest Money? |
How To Make An Offer
First-Time Homebuyer Mistakes |
Moving Day Checklist |
Negotiating An Offer
Owning -vs- Renting |
Signing, Closing & Possession |
The Home Buying Process
Tips For First Time Homebuyers |
What Is Title Insurance?
Please Contact Copeland Real Estate to act as a Buyer's Agent for homes, land, commercial property or other real estate in Beaufort or Morehead City, North Carolina.
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