Closing on a new construction home is an exhilarating milestone. However, the process can be a bit different from buying a resale home. For first-time buyers in Sherman, TX, or those unfamiliar with new builds, understanding the steps and what to expect can make the journey smoother. Let's dive into the closing process for new construction homes in Sherman.
1. Final Walkthrough
Before the official closing, you'll typically have a final walkthrough with the builder. This is your chance to ensure that all agreed-upon finishes, fixtures, and features are in place and that there are no visible defects or issues.
2. Home Inspection
Even though it's a new build, getting a professional home inspection is crucial. An inspector will check for any potential issues that might have been overlooked during construction.
3. Review Closing Documents
Before the closing day, you'll receive a Closing Disclosure, which outlines the terms of your loan and the closing costs. Review this document carefully and compare it with your Loan Estimate to ensure there are no discrepancies.
4. Secure Homeowner's Insurance
Before closing, you'll need to provide proof of homeowner's insurance. This insurance protects your investment from potential damages or disasters.
5. Final Mortgage Approval
Your lender will give the final nod of approval for your mortgage. They'll ensure that nothing has changed with your financial situation since the initial approval.
6. Closing Costs Payment
Be prepared to pay the closing costs, which can range from 2% to 5% of the home's purchase price. These costs cover various fees, including appraisal, title search, and underwriting fees.
7. Sign the Paperwork
On the closing day, you'll sign a plethora of documents. These include the mortgage agreement, property deed, and other legal documents related to the purchase.
8. Receive the Keys
Once all the paperwork is signed and payments are made, you'll receive the keys to your new home!
What to Anticipate:
Delays: With new constructions, there might be unforeseen delays, whether due to construction hiccups, permit issues, or weather conditions. Be mentally prepared for potential shifts in your closing date.
Builder's Warranty: Most new constructions come with a builder's warranty. Understand its coverage and duration. It's your safety net for any post-move-in issues related to construction.
Settlement: New homes might settle over time, leading to minor cracks or door alignment issues. This is normal, but any significant issues should be addressed with the builder.
Post-Closing Repairs: If there are any agreed-upon repairs from the final walkthrough, ensure you have a written agreement with the builder on when and how these will be addressed.
Closing on a new construction home in Sherman, TX, is a rewarding experience, marking the beginning of life in a brand-new space tailored to your preferences. By understanding the steps involved and setting realistic expectations, you can navigate the process with confidence and ease. Welcome to your new home in Sherman!
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.