The Final Steps of the Buying Process
The last two steps when buying are the final walk-through and closing.
The last steps of the home-buying process are the final walk-through and closing. You made it: You got through underwriting, they issued the clear to close, and the closing date has been scheduled. Now it’s time to finish the deal.
First, you’ll schedule a final walk-through with your real estate agent. During this walk-through, you’ll verify that the condition of the home is exactly what it was like during the inspection; there’s been no damage or major changes, all the appliances that are supposed to stay are still there, there’s no junk sitting around that’s not supposed to be there, and all agreed-to repairs have been done. The final walk-through is mostly a formality; we’ve seldom found any issues, but it’s still necessary. The worst damage I’ve seen is a shattered back door.
Check every room, turn on the faucets, flush the toilets, and ensure everything’s in order. If there are any significant problems, like a slew of garbage in the house (this has happened a few times), in Illinois, you’ll tell your attorney. Since you’re so close to closing, you’ll often make an escrow agreement or get a credit from the seller that allows you to correct the issue when the home is yours. However, this can be handled in many different ways, so what happens is up to your attorney and the specifics of the issue.
Now it’s time to finish the deal.
Next, you head to closing. Your attorney will walk through all the bank paperwork; it comes down to you agreeing over and over again that you’ll pay back your loan. At the end, there’s a bit of legal documentation that says the deed now has your name on it and the house belongs to you, they give you the survey and a few other things that ensure your ownership of the property is complete and uncontested. If you haven’t already been handed the keys, you’ll get them, and the property is officially yours.
If you have any questions about the final walk-through or closing, let us know via phone or email. We would love to help you.