The closing process is the last step to purchasing or selling Knoxville real estate. The process can often be intimidating because of how much legal paperwork there is involved. In this article I’ll walk you through the process so that the closing process will go much smoother for you.
1. Homeowner’s Insurance
Insurance is always necessary to get the mortgage. Remember to get homeowner’s insurance and bring proof to the closing.
2. Gather All Your Paperwork
Make sure you have all your paperwork in place the day before closing. Review all your paperwork to make sure that everything is in order.
3. Have Your Inspections Completed
Have the property inspections completed when you come to escrow. If there are any repairs that are necessary, make sure they’re in writing.
4. Have Title Insurance
It’s important to get title insurance for your home purchase. Title insurance insures that the title on your property is clean.
5. Get Approval of Mortgage
At this point, your mortgage should be approved so that you can get your loan to pay for your new property.
6. Bring Your Cashier’s Check
The amount necessary for closing the on your new home should always be in the form of a cashier’s check.
7. Clear All Contingencies
At this point, all contingencies and clauses should be cleared so that you can go ahead with the transfer of the deed.
8. Understand Your Closing Costs
Before closing, it’s important to have a good idea of what your closing costs are. It’s also important to know who will pay the closing costs. Unless otherwise stated, usually the buyer pays the bulk of closing costs.
Following these tips should make the whole closing process go much smoother for you. Remember to talk to your real estate agent and your loan officer about the closing process, as they’ve both been through the process many times.
More information about the Knoxville home market is available by visiting the Knoxville Real Estate website.
David Hamilton
Ferguson Realtors
865-690-1300 Office
865-310-0636 Cellular
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