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What's involved in a home closing?

It's nearly time for the closing on your new home, and you couldn't be more excited. The good news is that you're just a few steps away from moving into your dream home. The bad news is that any one of those steps could go awry and stop your purchase.

There are many parts of a closing that have to line up before the closing can be completed. For example, the title clearance, appraisals and inspections must all be completed before a closing can commence.

The entire process can be lengthy if each individual step is drawn out or halted for any reason, but in a normal case, it takes around four to six weeks to complete a home closing. During that time, the money you want to buy the house with goes into escrow, and you wait for the closing steps to be finalized.

It's your real-estate agent's job to make sure the process is moving forward. You should do a final walk-though of the house before the closing, usually within 24 hours before closing. That's important, because it gives you time to report if you see anything unusual or not like you expected it to be. If there are repairs that have to be made, for example, then you may want to wait to close the sale until the seller has had the time to repair those issues.

Once everything is ready to go, it's time for the closing. You'll have to pay closing costs, which can include various fees. Your attorney can help you make sure you're getting the best deal on your closing and help you understand your rights as a buyer.

Source: Zillow, "How Closing Works and How Much You'll Pay," accessed April 07, 2017

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