The real estate closing is when the title to a Georgia home is transferred from the seller to the buyer. At this point, you are the official owner of the house that you agreed to purchase days or weeks prior to this meeting. However, there are a number of tasks that must be completed before you get the keys to your new property.
You’ll sign documents
During a real estate closing session, you’ll sign loan documents affirming your rights and responsibilities as a borrower. You’ll also sign documents regarding the transfer of the home’s title from the current owner. After these papers have been affixed with your signature, you are obligated to make mortgage payments and are liable for maintaining and otherwise caring for the house. An exception may be made in the event that the lender or the seller engaged in fraud or otherwise deceived you during the closing process.
You’ll pay closing costs
You can expect to pay an amount equivalent to between 2-5% of the home’s purchase price in closing costs. These costs typically include the fees charged by the lender, filing fees paid to local governments and transfer taxes. It’s possible that the seller will agree to pay some of these costs, and there is also a chance that you’ll qualify for various payment assistance programs. Depending on the type of loan you have, closing costs may simply be added to your mortgage.
Owning a home may be an ideal way to grow your wealth and place roots in a community. However, being a property owner means staying current with property taxes and making repairs in a timely manner. A financial advisor or real estate agent may be able to answer any questions that you might have about owning a home.