Closing Costs on NJ Real Estate Attorneys Monmouth and Ocean County
Read on to learn how the process of closing on a house works, what happens at the closing table, and important steps to complete directly after.
The process of buying a house is often an extensive and complicated one. From getting preapproved for a mortgage to making a competitive and complete offer to moving through the closing process once the offer is accepted and contingencies are met, there are many steps to the home buying process. For this reason, having the expert legal support of a real estate attorney throughout your process will help you ensure that you have all of your ducks in a row to close a home deal. Read on to learn how the process of closing on a house works, what happens at the closing table, and important steps to complete directly after.
Closing on a Home
If you are closing on a home, it means you and the home seller have reached a deal after an offer and potential counteroffers. It also means that you have completed the home inspection and researched any outstanding mortgages or claims on the house title, confirming with your mortgage lender that the house title for which you are receiving a loan is clean and clear. You have signed a purchase contract with the homeowner that includes any contingencies that must be met for the sale of the home to be legal. This could include required house repairs found in the home inspection that must be completed before the transfer of ownership, as well as the sale of the buyer’s other home before the ownership is transferred. If you have moved through all of these hoops with the support of your real estate attorney and a good deal of persistence and grace, you are ready to close on your new home.
The final steps to closing on your new home are reviewing and signing the loan package from your mortgage lender and the closing package from the seller. First, your real estate attorney will help you go over the loan package from the mortgage lender. Having the support of a real estate attorney for this process is essential, as the loan package is complex with much legal jargon, and it must be reviewed in detail and signed in multiple areas.
Then, it’s time to close. The closing of the sale generally happens at the office of the title company, the mortgage lender, or an attorney. Here, it’s important to remember that there is no rush. This is your final opportunity to review the documents with your attorney and speak to any discrepancies you note. Once you review the closing documents from the seller, including all of the financial disclosures, you and the buyer will both sign the document in the presence of a legal notary.
The three main documents you will sign at the time of closing are the deed of trust, which puts a lien on your property as collateral for your payment of the home loan; a promissory note, which outlines the details of where and when you will make regular mortgage payments; and a closing disclosure, an outline of the contractual credits and charges included in the sale.
The finalized documents will then be returned to your mortgage lender and get submitted to the New Jersey county clerk’s office. The final steps, of course, are exchanging the check for the agreed-upon amount of the house, and receiving the keys to your new home!
In New Jersey, the signing of the closing documents can take place simply in front of a notary public. As such, people who are usually at the closing table include your attorney and the seller’s attorney, should you each have one; a representative of the lending institution that provided your loan; a representative for the seller; your real estate agent and the seller’s agent, if you have one; a representative of the title company, and a notary public.
Timeline to Move-In
This final closing process generally happens between a month and 45 days after the purchase contract has been signed by both parties. The above final hurdle is an extensive process that may last many hours, but it’s a small price to pay to get the keys to your home and move in. It’s official! You’re a homeowner and can cross the threshold into your new future.
Retain a West Long Branch Real Estate Law Firm
At Chamlin, Uliano & Walsh, our team of experienced real estate attorneys is committed to serving our clients across Red Bank, Freehold, Long Branch, and Monmouth County in all matters of home buying.