There are many steps between making an offer on a home and finally taking possession of it. The real estate transaction process is complex, and it can be a challenge to navigate all the required steps between the home search and the closing. Any homebuyer in Tennessee would be wise to know what to expect at each step, from making an offer to getting the keys to a new home. This understanding can help one avoid problems and issues that could cost time and money.
The closing process
The closing is the process of formally exchanging ownership of the home from one party to another. This is the last step in a real estate transaction, but there are several things that must happen between touring homes and moving in. These include:
- Get preapproval for a loan
- Negotiation of purchase price and closing costs
- Have an inspection of the home
- Get a pest inspection of the home
- Ensure that funding is secure
- Schedule the final walkthrough
- Complete paperwork at closing
Purchasing a home is a major legal and financial process, and preparation is key to avoid setbacks at any step.
Why is legal help necessary?
Buying a home is an important and exciting decision, but it can also come with significant challenges. A potential buyer will find it helpful to work with an experienced Tennessee real estate attorney from the very beginning. A lawyer can provide guidance at each step, helping a buyer address concerns, protect his or her rights and pursue a beneficial outcome.