Closing Time! You don't have to go home but you must sign here.

 

Closing day is upon us! If you haven't bought property before, here's how it goes. Your timelines may vary depending on how much of a pain in the ass you, your realtor, the sellers, their realtor, the title company, and lender are at various stages in the process.

• Make an offer
• Get offer accepted (a day or two?)
• Buyer's due diligence (30 days or so) - I covered what was involved in this in the Contingencies post
• Sign all the documents (day 35)
• Wire all the money to the title company (day 36)
• "Closing" where the sellers sign all the paperwork. Notary may be required (day 38)
• Get the deed and associated paperwork so you can hoard it in a safe (fire safe) place (day 40)

I had to chase people around a bit to get updates. Don't be afraid to send the occasional - hiya, are we still on track for closing by X? Anything you need from me? Are the HOA documents in? Has the title been validated? Nobody is going to be as invested as you are in making sure this happens correctly and on time. Be the pain in the ass you want to see in the world.

Also not discussed or explained, Title Insurance. This is a type of insurance that the title company will usually offer. It covers liens or other things not found in their title research. So for example, if their research showed that the title was clear, but there was actually a lien against the property, or later someone claimed that the title did not actually belong to the person who held the deed, this insurance could cover your legal fees or the lien value.

Title insurance was included in the fees paid to the title company. Note: if you have a lender, the title insurance may only cover them and not you. So if you're borrowing money to buy your property, check to see if you are covered or just the lender.

Now that closing is done, it's action time! Exciting projects to follow - next stop, Vacant Lot Insuranceville!