What is closing? The closing attorney will usually provide a 1099-S form to the seller at the time that the deed is signed. All of these questions are crucial to ask during the close, and after you read them, I encourage you to put these into your closing scripts and outlines. And to get all 30 questions, enter your name below to download the first time home buying checklist. Please call our office at 205.983 When seller is assisting buyer with down payment and closing costs, earnest money can often be returned at closing. Buying a condo requires an added layer of investigation and is a lot different than buying a house. Why is the seller selling? This document will ask a seller to provide a forwarding address and a social security number. 1. Closing is when the house buyer and seller fulfill all of the agreements made in the sales contract. During the contract negotiation phase, you (the buyer) and the seller set a closing date, which must be listed on the purchase agreement contract. Some final thoughts on the 10 Critical Questions To Ask When Buying A Condo. Closing is the final step—before that house is finally freakin’ yours! Attached is a checklist that has some of the questions you can ask an owner prior to writing a contract. In some cases, these docs are required prior to funding your loan and paying the seller. If you have any questions about the numbers or what any of the mortgage terms mean, this is the time to ask—your real estate agent is a great resource for getting you all the answers you need. Once the closing docs are signed by both you, any co-signers no the loan with you, and the seller, they will be faxed/scanned to your mortgage lender's closing department. Questions to Ask the Seller The first thing to consider is whether the owner offers seller financing . The closing date is the date ownership of the property is officially transferred from the seller to the buyer; it’s an exciting moment. There are more questions to ask! Another fairly common resolution to an issue at walkthrough is the seller providing a concession, such as a fixed monetary amount, to the buyer. Real Estate Closing Questions. Then more answers you can get up front the better. Closing day is when all the legal documentation is signed, transferring ownership of the property and home from the seller to the buyer. If a seller receives two offers for the same amount, but one buyer is asking them to pay closing costs, the seller will most likely choose the offer that doesn’t require them to pay additional costs. It’s one of the most important steps in buying a home, so it’s important to be prepared for the day. So be sure to read PART 1 of questions to ask when buying a house. But this can be tricky if you purchase a home in a seller’s market. This article explains what seller concessions are, how they can help you lower your closing costs as a buyer, and when it's the right time to ask for seller concessions in a real estate transaction. Click To Tweet. Don’t see your question here? The home closing process is all of the steps that are outlined in the sale contract that must happen from the time you accept the buyer’s offer to the closing date. Be sure to ask about how the bodies of water on the property could be affected by the Waters of the United States Rule (WOTUS) . So I wanted to write a follow-up with even more questions you must ask before you buy a house! Real estate attorneys help oversee home sales, from the moment the contract is signed through the negotiating period (aptly called the “attorney review”) to closing. Your closing date is the day you become the legal owner of your new home. In a real estate transaction, the closing process can be one of the most uncertain steps. Ask your seller if there are any conservation easements on the property, and if so, how they affect how much of the land you can use. While you certainly can ask questions at your closing, if you have any lingering questions before the closing, you should ask them well in advance. While it’s true you could ask the seller directly about their selling position, some buyers prefer to ask their agent. You don’t want your competition closing them next month. But few do. Coming up with questions to ask when buying a home before you make an offer will help you determine if the home for sale is right for you and if the financial situation of the real estate transactions is right for you. The seller assumes the buyer will get a mortgage. Questions to Ask Before Closing To help you get started, consider a few questions to ask a prospective business seller, suggested by my friend and business-buying expert, Russell Brown, each followed by my thoughts. 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