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Closing a real estate transaction is often where many buyers experience unexpected difficulties, so whether you are considering, in the process of, or have even just set a date for your closing,this article will help you simplify the process and possibly save you some money too!

So, You have signed the purchase agreement, placed deposit money in an escrow account, great, you are almost there! Here are 5 next important steps for you to consider tackling.

1. Title: determine which company or attorney will handle a title search and prepare your closing documents. Be sure to examine the abstract of title and survey so that you understand the manner in which you hold the title. Your attorney or tax advisor will advise you of your options based on your circumstances.
2. Loan: Start shopping for your loan immediately and don’t be satisfied with the first lender you speak with. Compare interest rates, points, loan types and terms as well. Before you sign your loan documents be sure you fully understand the terms and fees that are listed on the disclosure documents.
3. Title Insurance: If you are obtaining a mortgage, you will be required to have title insurance for both the lender and for yourself as well. Title insurance protects you from anything that may have occurred in the past, such as divorce claim or lien. These claims cannot always be determined by the deed alone. Also see if there is “re-issue” or discounted rate available on the title insurance for property you are buying.
4. Inspection: Property Inspection is very important and should be done by a licensed building contractor or inspection service. Check for pests, age and condition of the roof, and plumbing and electrical systems. If the property may be in a flood zone, check the elevations. Having the home inspection allows you to negotiate any necessary repair work with the seller well before your closing date and avoids delay in closing caused by unresolved disagreements regarding repairs.
5. Property/Real Property: Make sure you have a detailed list of what is considered part of the property. Items such as a chandelier or decorative wall sconce may not be considered part of the property. You want to be sure what you think you are getting is exactly what you will be getting.

Last but not least, please review your closing documents carefully. This includes loan papers, abstract of title and survey. This should be done before you sit down to sign the final papers so do not hesitate to ask to see these documents a day in advance of the closing. This will prevent you from signing something that leaves you unprotected.

These steps will help you navigate through the final step of your real estate transaction with confidence and ease. Until of course, its time to choose your paint colors!