When Wisconsin residents buy a home for the first time, they may not think about all of the paperwork which needs to be filled out before a house is officially theirs. It is important for first-time home buyers to understand what to expect from the closing process and what they need to do.
Before closing on a house, people should usually do one more walk-through. Realtor.com says that sometimes the home inspection reveals repairs the seller needs to make. People should typically use this walk-through to ensure the repairs are finished. Additionally, it is a good idea to ask how to pay the down payment. People usually cannot use their personal checks, so they may need to bring a cashier's check or prepare a wire transfer.
People usually receive several documents when they close on their home. According to Bankrate, one of these is the closing disclosure. People should typically receive this document before finalizing the mortgage loan. This document usually explains the monthly payments and the terms of the loan, as well as the expected closing costs. People might also receive a certificate of occupancy if the house has just been built. Additionally, the closing documents include a deed of trust and a mortgage note. These documents explain the loan amount and secure the mortgage.
People typically attend a closing meeting to finalize the paperwork associated with buying a home. Both the buyer and seller of the home are usually there, as well as the real estate agent and representative of the title company. People generally pay their closing expenses and sign all of the legal documents during this meeting.