So you've found your dream home in Atlanta! Even better, you've had your offer accepted by the sellers, and your real estate agent has guided you through the escrow process. The home inspection was informative, and only minor issues were found. Now that you've cleared the appraisal, you're getting close to being able to close your home!
It may seem like you're “home free” and ready to take the keys and start moving in. However, there are more steps to the process. Before taking ownership of a home, buyers must go through the closing process! Here's what to expect before you can officially call this new property your own after the closing day.
Scheduling Closing Day!
Many buyers are eager to purchase their first homes and reap the financial advantages of homeownership. However, “closing day” must come first! This meeting takes place for buyers and sellers to sign all critical paperwork and legally transfer the ownership of a home to the buyers. Your real estate agent will coordinate this meeting between you and your escrow officer at the title company. In the hot Atlanta real estate market, closings can require multiple participants, so it’s important to be there when it’s on the calendar.
Make Sure All Documents Are There
The closing agent brings most of the critical paperwork to the signing. Be prepared to sign a lot of paperwork! You can expect to review and sign:
- Mortgage paperwork
- The deed
- Tax Declarations
- Escrow paperwork
- And more
In addition to these documents, you’ll need to bring your identification and any other documents your lender or agent requests for the meeting.
Gather Closing Costs
Walking away with the keys to your new home requires handing over some money! Before the meeting, your lender reviews your paperwork, runs the numbers, and lets you know how much money to bring to cover the closing costs. In many cases, homebuyers pay an average of 3%-6% of the home’s purchase price. This often requires a personal or cashier's check. In some cases, it’s possible to have the funds wired from your bank to the title company.
Attend the Closing Meeting
Once the big day arrives, it's time to do a lot of signing! A buyer should plan to sign paperwork with their escrow officer, their real estate agent, and possibly their loan officer. It's important to have your real estate agent and mortgage lender present with you should there be any discrepancies or questions about the paperwork. The escrow officer generally does a wonderful job explaining what a buyer is signing but may not have the details about the real estate purchase terms or the loan details of the mortgage.
It can also help to have your attorney there with you to navigate legal questions or concerns. Having the right people from your team with you at closing can help ensure accurate details, correct paperwork, and provide moral support when you’re ready to buy Atlanta homes!
What’s Next After Signing?
Once you've signed every document, you're in the home stretch. Your escrow officer will take a copy of your driver's license or government-issued ID and provide you with a copy of the documents you've just signed. They will also provide copies of every document for your records. Keep everything in a safe place for reference!
Funding and Recording the Deed
While you’ll walk away from the closing day with plenty of signed documents, the real estate purchase isn't over until the mortgage lender wires the funds to the title company. Then, they deliver funds from the sale to the sellers. If your funds are in place after the closing meeting, you could leave with the keys to your new home! However, in some cases, funding delays could mean taking “official” ownership at a later date.
Buying a new house in Atlanta is exciting! While the process of searching for your ideal home, financing, and signing documents can take a toll, once you have the keys and it’s time to move in, the journey is worth it.
If you’re considering leaving renting behind and buying a house, be sure to partner with knowledgeable real estate professionals to guide you through the process. Owning a home is different from renting, but it’s rewarding! With the right real estate experts and guidance, turning monthly rental payments into mortgage payments to build equity can become a reality.
Become an Atlanta, GA Home Owner!
Closing day is an exciting time for both buyer and seller. However, to get there, make sure you seek expert guidance to navigate the Atlanta GA real estate market and find the best house for your needs. Transitioning from renting to owning can be challenging, but Revolution Rental Management can help! Our experts understand the market and help renters leave leases behind to become homeowners. Reach out soon to talk to our team about your plans for homeownership!
Get more insights into homeownership costs! Download our free “Home Buying Cost Worksheet: Preparing to Close On Your New Home!”