The Countdown to Your Real Estate Closing: Key Steps You Can’t Miss After Going Under Contract

Congratulations! You’ve made an exciting decision—you’ve put a property under contract. Whether it’s your first home, an investment property, or your dream condo, securing a property is a huge milestone in your real estate journey. But now comes the next part of the process: the paperwork, inspections, negotiations, and ultimately, the closing. So, what happens next?

At DuFault Law, we understand that navigating the post-contract phase of buying a home can be a little overwhelming. But don’t worry, we’re here to guide you through each step of the way. Let’s dive into what you should expect after putting a property under contract and how our firm can help ensure a smooth and successful transaction.

The Inspection Period: Don’t Skip This Critical Step!

After your offer is accepted and the property is under contract, the next step is typically the inspection period. This is your opportunity to thoroughly evaluate the property to ensure it’s in good condition and worth the investment. The inspection will usually cover key areas like:

• The structure: Are there any issues with the foundation, roof, or walls?
• Plumbing and electrical: Are the systems working properly and up to code?
• Appliances and HVAC: Are the heating, cooling, and kitchen appliances functioning well?

If the inspection uncovers any problems or potential red flags, you have options. You can request repairs, ask for credits, or in some cases, even walk away from the deal if the issues are significant. It’s essential to understand the contingencies in your contract and how to move forward based on what you find.

How DuFault Law Can Help: We can review your inspection findings and help you navigate any negotiations with the seller, ensuring you get the necessary repairs or concessions before moving forward with the sale. We’ll also ensure that your contract contingencies are clear and enforceable to protect your best interests.

Financing: Securing Your Mortgage

Once your offer is accepted, it’s time to lock in your financing. You’ll need to work closely with your lender to finalize your mortgage and ensure you meet the loan requirements. This stage can be a bit tedious, as you’ll need to provide documents like:

• Proof of income (pay stubs, tax returns, etc.)
• Credit history
• Bank statements

Be prepared for an appraisal to ensure the property is valued appropriately for the loan you’re seeking. In some cases, issues can arise with the appraisal, such as the property being valued lower than the agreed-upon price. If that happens, you might need to renegotiate or even walk away.

How DuFault Law Can Help: We can help you understand any legal concerns related to your mortgage process and assist in reviewing the terms of your financing agreement to make sure they align with your goals.

Title Search and Insurance: Protect Your Investment

Once financing is in motion, a title search will be conducted to ensure the property is free of any legal issues, such as unpaid taxes, liens, or ownership disputes. The title company will typically take care of this, but it’s critical to make sure you’re covered with title insurance. This protects you in case any issues arise after closing that affect your ownership rights.

How DuFault Law Can Help: We’ll review the results of the title search and make sure you understand any potential issues. If there are title discrepancies, we can help resolve them to ensure you have clear and undisputed ownership once the deal is finalized.

Reviewing the Closing Documents: Don’t Sign Without Understanding Everything

Before the big day—closing day—you’ll need to review and sign several important documents. This includes the final closing disclosure, the deed of trust, the settlement statement, and various loan-related paperwork. It’s critical to ensure that all terms are accurate, including the final purchase price, closing costs, and the specific terms of your mortgage.

This is a key step where attention to detail is crucial. Even minor mistakes can cause delays or issues at closing. You’ll want to ensure that everything is in order before you sign on the dotted line.

How DuFault Law Can Help: Our firm can review all your closing documents to ensure there are no errors, discrepancies, or unfair terms. We’ll make sure everything is correct and clear, so you can confidently proceed to closing.

The Closing: Finalizing the Deal

While the process of buying a property after putting it under contract can seem complicated, DuFault Law is here to make it easier. Our experienced team of real estate attorneys will guide you through each stage of the transaction, protecting your interests and ensuring everything goes smoothly from inspection to closing.

How DuFault Law Can Help: By working with us, you can rest easy knowing that you have expert legal advice every step of the way, ensuring your real estate investment is secure and sound.

Ready to Close the Deal with Confidence?

Navigating the post-contract process doesn’t have to be overwhelming. Let DuFault Law guide you every step of the way—from inspections and negotiations to closing day. We’re here to ensure your real estate transaction is smooth and stress-free.

Contact us today at (239) 422-6400 or email contact@dufaultlaw.com to schedule a consultation. Let’s make sure your real estate investment is secure, and your path to closing is clear!