The Ins and Outs of the Closing Process

The closing process is the last step when buying a home. Learn what you can negotiate and what to expect during this process in this post by Stewart: Schutt Law in Fort Myers. 

Closing on a home can sometimes feel overwhelming because of the number of steps and processes you must go through. One way to manage those feelings is to know that the primary goal of the closing process is to ensure all parties are satisfied with the deal. Also, the closing process allows you to negotiate some crucial aspects of the purchase. Keep reading to learn more about the closing process and what it entails.

The home closing process can run much more smoothly with professionals by your side. Call Schutt Law at (239) 540-7007 for information on title services and title insurance in Fort Myers.

Reach an Agreement on Necessary Repairs

One of the essential agreements you should reach during the closing process is to determine what repairs need to be done before you seal the deal. These repairs will depend on how much the property needs to be done and how urgent the repairs are. At this point, deciding who is responsible for the repairs is essential. That being said, the seller often won’t be able or willing to invest the time and money necessary to perform repairs. If this is the case, you could subtract the cost of repairs from the final property price. Negotiating skills are essential at this point, so make sure you and your team are ready if it comes down to this negotiation. Negotiation tip: Leave your emotions at the door, be reasonable with your requests, and always remember you can walk away from a deal if you don’t feel comfortable with the terms.

Talk About Additions

Another essential thing to discuss in closing is additional items you would like to add to the deal. If the seller agrees, things like fixtures, appliances, or furniture can be added to the agreement at the buyer’s request. For example, you might want to add a lighting fixture that adds a little oomph to the home’s entryway or some kitchen appliances that fit your aesthetic well. If this is the case, the closing process is the perfect moment to negotiate to add these things to the deal. However, the seller will likely ask for a higher closing price to cover those items.

Discuss Appliance Warranties

Discussing appliance warranties is also essential when negotiating, as it’s a great way to protect the buyer from faulty appliances in the future. The point of having a warranty on them is to cover any expenses like repairs or part replacements that could pop up after you close the deal. When discussing the warranties, it’s also essential to have everything in writing and decide how long the warranty will be valid, what it will protect, and what cost it will cover.

Sometimes, home buying processes can turn complicated. This is where having professionals by your side can be so valuable. For information on services like title insurance and estate planning, call Schutt Law in Fort Myers at (239) 540-7007, and one of their expert agents will help you out in no time.

Negotiate the Final Price

Repairs, additions, and appliance warranties are only the first things you’ll need to negotiate to reach the final price on the property. Remember that the asking price is movable and only a place to start. It can be tricky to set a final price; that’s why it’s essential to have the help of a home appraiser. The appraiser’s role is to look at factors like the property’s condition, the housing market, the property’s amenities, and the neighborhood. This way, they’ll help you land a realistic price for the property. It takes finesse to agree on a final price, but having the correct information (and people) by your side can help the process go by smoothly. Once you’ve reached a final cost, it’s essential to write it down and have it signed by both parties.

Set a Moving Date

As a part of the process, it’s also essential to settle on a moving date. This date will set when the seller should vacate the property and when you’ll be allowed to move in. Having this date can also help you set other plans in motion, like hiring movies, having a set timeline for renovations, and having time to plan in case of unexpected issues or delays.

Determine Who Will Pay Closing Costs

The last piece of the puzzle is paying for closing costs or deciding who will pay them. These costs are associated with the closing process and aren’t a part of the asking price. Determining who will pay for them is an integral part of the negotiation process, including taxes and fees. Usually, these fees are split 50/50, but both parties must reach a fair agreement.

We hope this information makes it easier for you to navigate the closing process. If you have any questions or need professional assistance on title services, call Schutt Law in Fort Myers at (239) 540-7007 today to talk to one of their experienced agents.