San Antonio is one of the fastest-growing real estate markets in the nation. Pair that fact with the current seller’s market, and buyers may need the expertise of a real estate attorney in San Antonio to help close the deal. Finding your dream home in this tight seller’s market is challenging. Once you find the perfect place and your offer is accepted, there are several more steps to take before you become the new owner.
To avoid any unnecessary delays or complications, do not be tempted to skip steps in the buying process. A real estate attorney familiar with San Antonio laws can help ensure you meet all requirements.
Why is San Antonio so popular?
The city’s low cost of living and booming economy make it an attractive place for individuals and investors. San Antonio is the most affordable real estate market in Texas. Homebuyers can expect to pay significantly less for property here than in other U.S. metropolitan areas. Its stable marketplace leaves plenty of room for future growth.
What is a house closing?
There are several steps involved in the home-buying process. Regardless of whether the home is for personal use or is an investment property, all buyers must go through the closing process before the deal is final. Once a seller accepts your offer and you secure a home loan, the final step in the buying process is called house closing. That is when you sign the final sale papers and take possession of the property.
San Antonio real estate closing checklist
To ensure your final closing goes smoothly, follow this San Antonio real estate closing checklist. It includes all necessary steps leading up to closing day.
1. Fulfill all contingencies
Most real estate purchase agreements have contingencies. These are requirements buyers must fulfill before the real estate transaction becomes official. The most common contingencies include a home inspection, an appraisal, and financing. Home inspections grant buyers the right to have the home evaluated by a professional who can identify potential issues. Appraisals usually are conducted by a third party appointed by your mortgage lender. The appraiser determines the fair market value for the home to ensure buyers are not paying more for a home than it is worth. Financing contingencies allow buyers to back out of the deal if mortgage financing falls through.
2. Clear the title
Mortgage lenders require you to clear the title for the home you plan to purchase. This means making sure no one else besides the current seller holds claim to ownership. Title companies can perform these checks. Homebuyers choose which company conducts the search.
3. Obtain final mortgage approval
Home loan underwriting must happen before you can close on a property. Underwriters review your financial history to ensure accuracy and to determine whether you can meet the obligations of the mortgage lending agreement. Your mortgage company chooses the underwriter.
4. Review the closing disclosure
A closing disclosure is a legal document that outlines the terms of your mortgage. A proper closing disclosure should contain:
- The exact amount of your mortgage payments
- The terms of your loan, including the interest rate and duration
- The additional fees, called closing costs, you will pay
Hiring an attorney familiar with real estate law for this portion of the process is recommended.
5. Conduct a final walk-through
Roughly 24 hours before closing, do a final walk-through of the property to ensure it is in the condition agreed upon in your contract with the seller. Make sure any problems found during the inspection that the current owners agreed to fix were addressed.
Do I need a real estate attorney for a San Antonio house closing?
You are not required to hire a real estate attorney for a San Antonio house closing, but it is in your best interest to do so. An attorney can review all legal documentation required to ensure you are ready for a successful closing. Contact us today to schedule your no-obligation consultation to discuss how we can help your home-buying dream become a reality.
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