More people buy homes during Spring than any other time of the year. Buying a home is exciting, but buyers often unaware the deal isn’t final until closing. Here is what you should know about closing the sale especially in the current economy and under a pandemic.

 

What is Closing?

Closing is the final process of transferring the home to you, and it commonly takes several weeks to complete after a seller accepts an offer. A third party agent handles the closing and you pay them a fee based on the amount of sale which commonly range from 2 to 4 %. The title gets transferred to you upon clearance, or if you financed, you will sign the mortgage note once you get approved for a loan.

 

How Do You Start Closing?

You should get a notice of closure from your lender outlining details of the loan. Ensure your loan estimate and loans in the disclosure are about the same, and do a title search. Come prepared to the closing with your checkbook or cashier’s check, proof of home insurance if required, the sale contract, a valid government photo ID, and signed documents.

 

Several people may be at the closing including seller and buyer agents. Some lenders allow you to do a final walk through of the house 24 hours before closing. Ensure you have all the keys, and the seller gives you the codes to garage doors openers.

 

Can You Still Close During a Pandemic?

A pandemic can cause delays in house closing and reduce the number of sales, but some states consider real estate a necessary business during a pandemic. If your state allows real estate deals during a pandemic, and you have concerns about being in a room with several people, request a curb side close. A closing agent will come to your vehicle and view your photo ID or driver’s license, collect the payment, and presents closing documents.

 

The document signing can also take place in separate rooms or online in states that recognize online notarization. Online notarization commonly requires a two-way video camera so agents can check signatures. Another approach is onsite closing at the home with all parties wearing masks and gloves. You may need to sign an affidavit saying you aren’t sick or traveled out of the country.

 

Never sign anything until you understand all the documents. Closing during a pandemic can be tricky, but not impossible when you know what to do.