What do I need to know before closing on a house?

Arguably the most exciting day of the home buying process is the closing day. This is where the buyer finally gets the keys to the house and the seller can move on to the new chapter of their life. However, there is typically a pretty long period of time between the time the contract is signed and the actual closing day. With that said, before the buyer can actually close on the home, it is important to know that there are more than a few bumps in the road that can arise.

First, the mortgage company can still change the rate they offered up until the last second if there is a significant change in the buyer’s financial situation. For example, if the buyer loses their job during the period before the closing, the mortgage company might change their minds about the approval. In addition, if the mortgage rate expires before the closing date, the mortgage company can increase the rate. It is important to make sure that any negotiations about repairs that were agreed upon are done before closing day. At the final walkthrough, the buyer should make sure the house is in the condition they expect it to be in.

If you have questions about the legalities of buying a home, contact our firm.

Joseph Gachko, Esq. is an experienced New Jersey attorney who can assist you in any of your estate or real estate-related legal matters. If you require legal counsel for your real estate matters, please contact The Law Office of Joseph Gachko today to set up a consultation.