Closing on a new construction home is an exhilarating milestone, marking the culmination of your home-buying journey. However, the process can be intricate, especially for first-time buyers. If you're gearing up to close on a new build in Sherman, Texas, here's a step-by-step guide to ensure you're well-prepared for what lies ahead.
1. Pre-Closing Preparation
Before the official closing date, there are several tasks to tackle:
Final Walkthrough: This is your chance to inspect the home with the builder, ensuring everything is as per the agreement and noting any last-minute fixes.
Review Closing Documents: Your lender will provide a Closing Disclosure outlining the loan terms, monthly payments, and closing costs. Review this carefully.
Secure Homeowners Insurance: Before closing, you'll need to have homeowners insurance in place.
2. Understanding Closing Costs
Closing costs typically range from 2% to 5% of the home's purchase price. These can include:
Loan origination fees
Appraisal and survey fees
Title insurance and search fees
It's essential to budget for these costs and understand each line item.
3. The Role of the Title Company
In Sherman, as in many places, a title company often facilitates the closing process. They ensure the title is clear, handle the funds, and ensure all documents are recorded with the county.
4. Signing the Documents
On the closing day, be prepared for a lot of paperwork. Key documents you'll sign include:
Promissory Note: This is your commitment to repay the loan.
Deed of Trust: This secures the note and gives the lender a claim against the home if you fail to meet the terms of the loan.
Closing Disclosure: A final breakdown of loan terms and closing costs.
5. Funding and Property Transfer
Once all documents are signed:
The lender will send the funds to the title company.
The title company will disburse the funds to the builder.
The property's deed will be recorded in your name, marking the official transfer of ownership.
6. Post-Closing Steps
Receive Your Keys: Once everything is finalized, you'll receive the keys to your new Sherman home.
Change Locks: For added security, consider changing or rekeying the locks.
Set Up Utilities: Ensure all utilities are transferred to your name and active.
Stay Organized: Keep all closing documents in a safe place. They'll be crucial for future reference, especially during tax season.
7. In Conclusion
Closing on a new construction home in Sherman, TX, is a detailed process, but with the right preparation and understanding, it can be smooth and hassle-free. Remember to lean on your realtor, lender, and title company for guidance. They're there to assist and ensure you transition seamlessly into your brand-new home. Congratulations on this monumental step in your homeownership journey! Please call us at 469-269-6541 for more details and available homes!
About us: Professional Dallas Relocation & Real Estate Services.
As a top Sherman Real Estate Professional, I understand the challenges that arise from a Relocation. I work with families including physicians who are relocating to Dallas metro area including cities like Sherman. I have earned a number of real estate certifications and designations in an effort to learn and provide excellent customer service to my clients. As a CRS, ABR & GRI, I can offer my clients experience as an Agent and REALTOR®, top Industry Customer Service, in-depth, up-to-the-minute and comprehensive market knowledge; honesty, integrity, dedication, and professionalism in my business.
Whether you are an individual simply relocating to Sherman from California, or moving your entire family from areas like San Francisco, Fremont, Palo Alto, Los Angeles, San Diego in California due to transferring with your company, we can help. Our Sherman relocation professionals ease the transition whether you are moving across town or across the globe. We will work with you to find an area that best suits your professional, family and lifestyle needs. Since many of our clients are relocation buyers, we have all the tools you need to help your home search. Whether it is video previews of homes, extended work hours, digital signatures for documents or more, we can make this process as comfortable as possible no matter where you are located.
What is most important to you in your new city? With a little bit more info about what you’re looking for in a new city, we can help you determine whether or not Dallas would be a good fit. Send us an email at info@NitinGuptaDFW.com, fill out our Relocation Questionnaire, or give us a call at (469) 269-6541 to schedule a no obligation consultation. We’ll give you honest advice about Dallas that you can use to help make your relocation decision. In the meantime, check out our Guide to Relocating to Dallas.