ClickCease
Hex Element
Jan 10, 2022
Published by Ammoree Amankwah
Category: Buying, First Home

Be Ready to Close

Closing on a home is the culmination of weeks or months of searching, deciding, and planning. Closing day is like a holiday: you walk out with a new house and all the new beginnings that come with it. Finally making a home yours is a wonderful and exciting moment. Preparing ahead of time will ensure your closing day progresses smoothly and leaves you in a mood to celebrate.

Ideally, you should begin thinking of closing on your new home before you even find it. There are some basic financial information you can expect to need in almost any real estate transaction. Most lenders require three years of tax returns, so if you need to get copies of those from an accountant, then do it sooner rather than later. Proof of income will also likely be expected. If you are on a probation period at a new job, be sure to relay this fact to your Realtor and lender. Get a pre-approval letter from your bank as soon as possible. Once you decide on the price range within which you expect to buy, get the down payment ready and have it in the bank. This amount should also include closing costs, inspection or appraisal fees, and any other expenses you can predict. In addition, have home insurance prepared. All of these steps can be initiated before you begin looking for a home; once you find the house you want, specific information can simply be filled in.

Calgary’s real estate market is hot. Inventory is low and desirable properties might get several offers. The way you can stand out from the competition of other buyers is to instill confidence in the seller. Once you and the seller enter a contract, condition periods transpire quickly and typically must be signed off within five business days. Asking a seller for more time to transfer money or gather financial documents may raise red flags that you are not a reliable buyer. If that happens, then the seller may start to entertain other offers.

Your Realtor can provide you with an idea of the needed paperwork and steps you must take in order to be ready for closing. What seller can resist a buyer who has a pre-approval letter, available funds, and is ready to close? The answer is: few! Let your Realtor help empower you to be confident and prepared on closing day.

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Ammoree Amankwah