Buying or Selling a home Can be Stressful! 😵
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A Greetings Virginia Guide To Understanding the Home Buying Process And Closing Disclosures
Buying a home can be intimidating, even for the most experienced home buyer. Some pressure is relieved as one prepares for what to expect in the endeavor. Another critical step in this path is to get a Closing Disclosure (CD)—the ultimate and significant document that will provide you with a clear understanding and fair conditions of your loan.
You'll receive the CD at least three days before your closing date. This timeline is not arbitrary; it's a legal requirement to protect you, the borrower. The CD is the lender's final disclosure of the exact loan costs, and it must match the loan estimate provided to you at the start of the process. This document includes all the details of your loan: Loan terms, estimated monthly payments, and other closing costs.
Lenders provide this disclosure three days before the loan date to prevent last-minute confusion or hidden fees. You have this time to review and compare it against the initial loan estimate, confirming that everything aligns as promised. This transparency is crucial, preventing surprises and allowing you to move forward confidently.
In addition to reviewing your Closing Disclosure, another essential step is the final walkthrough of the property. This typically occurs one day before closing or even on the closing day. This walkthrough ensures that the home is in the same condition as when you made your offer and that any agreed-upon repairs have been completed satisfactorily.
If your home inspection indicated that some parts needed repairs, it is very important to check that these problems were rectified during the walkthrough. However, having the seller complete these repairs and then bargaining with the seller to refund these costs can be even more advantageous.
By taking credit, you maintain control over who performs the repairs. This ensures the work meets your standards and mitigates any doubts about the quality of the seller's repairs. And even though most sellers are likely to complete repairs adequately, there's always that lingering question about whether they did the job correctly. Handling the repairs yourself eliminates this concern.
Knowing what you know now, you can go through the closing process confidently and be ready to move into your new home, knowing everything is as it should be.
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