As you are fast approaching the exciting day of closing on your home in Tennessee, you may be wondering if there are specific things you should be aware of. Because “closing” on your home is literally agreeing to own the property and fully assuming all responsibilities that are associated with homeownership, it is imperative that you spend adequate time verifying that everything is legitimate and that what you have been promised is actually real.
When preparing to close, the contract you have been given by the seller is perhaps the most important piece of information you will need. This document should be thoroughly read and used as a reference for questions, concerns or misunderstandings. If you have been given any type of verbal promise from the seller, you would benefit from getting that same promise in writing. Be sure that you fully understand your responsibilities, as well as what your rights are if things go awry.
According to Realtor.com, some of the processes that could take place during the closing on your home include the following:
- An official records search to verify that the property you are signing on has no prior legal troubles such as liens or fines.
- The opportunity to walk through your future home to assess its condition and verify that everything is in order as the seller promised.
- A request for you to present a down payment that has been previously agreed upon in a contractual arrangement with the seller or lender.
The information in this article is intended for educational purposes only and should not be taken as legal advice.