What’s the closing process like when going new?
Buying a newly constructed home is an experience of a lifetime and will also keep you busy.
Applying for a loan, researching the market, shopping around and progressing through escrow are some of the steps that will keep you and your team hard at work.
The escrow process involves the seller, buyer and a third-party facilitator that helps get the sale across the finish line.
Here are the final steps to expect when buying a newly constructed home.
One more walk through
While everything inside your home is brand new, you’ll still participate in one final walk through before closing.
The process may include an orientation with a project team member and an overview of all the home’s features.
Other topics of discussion include home warranty and other details about managing your home and preparing for the big day.
Get ready for closing
It’s time to review your settlement statement and the terms of your new mortgage.
This important document outlines the fine print, including how much to expect the monthly mortgage payment to be.
The closing costs are also outlined in the settlement document and contain what the costs for loan processing, title fees, recording, insurances, homeowner’s association fees, taxes and any other associated costs.
Review and sign paperwork
Be prepared to review or sign off on the homeowner’s insurance, contract, inspection reports, bank documents needed for loan approval, checks and other pertinent documents.
Attend final meeting
If it’s an in-person meeting or a virtual one, you can expect to see several representatives, including a title company staff member, loan officer and the folks on your team.
This is the final opportunity to review documents and get any last-minute questions answered.
Some new home construction companies may prefer an all-digital process, which allows for e-signatures.
Once everyone is satisfied, you can begin to sign the heavy stack of paperwork before you.
Then comes the fun part: you are handed the keys to your new home.
If you’re thinking about purchasing a new construction in Placer County, please contact us today to learn more about this exciting process and how we can help you.