After many months of planning and overseeing your new home, the moment you’ve been waiting for is finally here. It’s time to close on the house.
It’s true that you’re very close to moving into your brand-new home. However, there are several steps to the closing process that you should prepare for, including paperwork signing, payment, title transfer, inspection, disclosure review, and more.
The closing process and timeline are easy when working with DRB Homes on your home. Here’s what to expect when closing on a new home from DRB Homes:
How Long the Process Takes
The home closing process typically takes about 30-45 days to complete. However, the time frame depends on a variety of factors. One factor is the complexity of the transaction, which includes anything that could make the purchase more complicated, such as unique property characteristics, title issues, and local regulations. Another factor is the efficiency of the different parties involved. Keeping everyone coordinated toward a common goal can be a challenge.
Understanding that 30-45 days is just an estimate is essential. The process could take more or less time, but it is always necessary to work closely with your real estate agent, lender, and builder to gain an accurate estimate of the timing.
How it works
The closing process begins once construction is completed or near completion on your home. Several steps are involved as you inch closer to moving into the house of your dreams.
Let’s start with reviewing documents. You’ll receive many documents related to your home, including the purchase agreement, builder warranty, specification details of the house, and more. It’s crucial to take the time to read these documents and ensure they’re accurate.
Next is the title search. A title company/attorney will search to ensure the property's title is clear and transferable by examining public records, searching for liens and encumbrances, and resolving any issues. This is to avoid any future title claims.
Then there’s the final walkthrough. This part requires a keen eye as you examine the final product of your home. During this walkthrough, you’ll want to inspect the property to verify that all agreed-upon features, upgrades, and finishes are present.
With the closing appointment, you are very nearly finished with the process. At this appointment, you will meet with the builder at the office of a title company, attorney, or escrow agent to sign the paperwork. This could include the closing statement, deed, loan documents, and more. You’ll also pay any final funds for the purchase.
Finally, it’s time for ownership transfer. With the closing process complete, you’ll receive ownership of the property. You’ll receive the keys to begin moving in!
What can cause delays?
As mentioned, the closing process can easily get delayed in several ways. Here is a list of reasons closing may get pushed back:
- Delay in retrieving the permit due to issues revealed during an inspection
- Issues with the loan application, underwriting, or appraisal
- Unresolved liens, encroachments, or boundary disputes with the title
- Errors in paperwork or documentation
How to keep the timeline on track
To avoid the delays, there are several steps you can take to stay on track. First, stay in close communication with all the parties involved in your home. This includes your builder, real estate agent, and lender. Second, be prompt and accurate when providing requested documentation. Third, review documents carefully. Any discrepancies or issues down the road will only lengthen the process.
If you're ready for a new home, DRB Homes offer a variety of models to fit your needs and lifestyle at Brunswick Crossing. From the spacious Cornerstone Series to the elegant Signature Series, finding your dream home has never been easier. View our virtual tours and see the opportunities available to you in a new home. Check out our available models below, and register for pricing and incentives today: