When buying or selling a home in Georgia, you will likely go through a real estate closing. This process can seem daunting, but you will understand more about what to expect by reading this step-by-step guide.
The initial offer
Once you have found the home of your dreams, it is time to make an offer. You may wish to make your offer contingent on a number of factors, such as: an inspection period, and/or your being approved for a mortgage. The seller’s real estate agent should respond within 24 hours or less. If there are no agents involved, the buyer should contact an attorney to draft the contract and close the transaction.
This is when things start to get serious. You and the seller will negotiate a contract that outlines all of the terms and conditions of the sale. This includes the price, the closing date, the possession date and any contingencies that need to be met for the deal to go through. This may take one to three days, depending on the number of contingencies mentioned.
The attorney review
Your should have an attorney review the contract if it is presented to you by the seller to make sure that everything is in order and that you understand the terms correctly. The closing attorney will conduct a title search to ensure that there are no outstanding liens or claims on the property. It is a good idea to ask about obtaining a title insurance policy from the closing attorney as well.
The loan approval
This process takes anywhere from a few days to a few weeks, so be patient. Once your lender approves your mortgage request, the lender will provide you with a “loan estimate” that will outline your loan terms and the costs involved.
The home inspection
This is a crucial step in the process as it allows you to assess any potential repairs that the seller should make. If there are any major problems with the property, you can use this information to renegotiate the contract or potentially back out of the deal altogether. A home inspection typically takes several hours.
The closing date
This is when you will officially become a homeowner. You will sign all the necessary paperwork and transfer funds to the seller. Be sure to read all of the documents before signing anything, and don’t hesitate to ask questions if something doesn’t make sense. If the closing attorney represents the lender or the seller, it may be a good idea to have your own attorney review the documents prior to closing.
There are a lot of critical factors that you must check when buying a home in Georgia. However, typically, buying a house takes anywhere from several weeks to up to six months.