Common FAQs About Pre Closing and Post Closing

Dec 15, 2022 | Title Group Closings

As a title company, we have heard people’s questions about closing on a real estate sale. These are big financial moves, and people are understandably curious. What are the common FAQs about pre closing and post closing? Read this post to find out!

FAQs About Pre Closing and Post Closing

This post will cover some common questions we hear before and after closing. We will start with pre closing questions and then move on to post closing.

Do I need a pre-approval letter to make an offer?

You do not need a pre-approval letter to make an offer. It is just a recommendation. A pre-approval letter can increase your chances of completing the sale. If you don’t have one, you must apply for a loan and hope it clears.

Are appraisals required?

Appraisals are not always required. However, most lenders will require an appraisal to approve the closing. Even if the lender doesn’t require it, an appraisal is still a good idea. The buyer and seller should want to know the property’s value before closing.

Who pays the closing costs?

Closing on a property sale comes with various fees and other costs. One of the parties to the transaction must pay these fees. In most cases, this is a point you can negotiate as part of the sale. It is also common for the parties to split the costs.

What should you bring to closing?

What you need to bring will depend on the requirements of the sale. You will need an ID and a cashier’s check for the down payment. Bring the loan documents and proof of insurance as well. If you have a real estate agent, they will brief you on what to bring.

When can I move into the house?

The answer to this question can vary. It depends on the agreement you have with the seller. In some cases, you can move in as soon as you close on the home. However, you should expect to wait at least a few days. You might need to wait for the seller to vacate the property.

When is my first mortgage payment?

You usually have over a month to make your first mortgage payment. However, you should check your loan paperwork and talk to your lender to be sure.

What if I discover a problem with the property after closing?

It depends on the situation. In most cases, the buyer will have little recourse after closing. You might have recourse if you can prove the seller knew about the issue and failed to disclose it. However, having a thorough inspection before closing can help you avoid this issue.

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