After finding the Bethesda condo that is perfect for you, it is time to finally close the deal. Closing on a property can take a few days up to two months, depending on the type of property, how you will finance the purchase and other factors.
If you want an easy and stress-free close on your condo¸ you need to be fully prepared in finalizing your purchase. Here is everything you need to remember when closing on a condo:
Understand the process
Closing a property is not as quick and easy as it seems. Before you can get the keys to your new condo, you need to prepare several legal documents, negotiate the price, transfer funds, open escrow, and so on.
For a successful closing, you need to understand the process and make sure you are ready to meet the requirements, whether financial or legal in nature. Being knowledgeable about the closing process will make it easier to go through the steps so everything can move forward with no problems.
Get a home inspection
A home inspection is a crucial step to take before closing the deal on a property. The home inspection report will reveal if there are any major problems and detect developing problems with the condo unit.
If the home inspection results reveal a serious issue with the property, the home buyer can negotiate the terms of sale with the seller or back out of the deal entirely.
Know the closing costs
Average closing costs for buyers in Maryland range from around 3% to 6% of the sales price. Always calculate the estimated closing costs beforehand so you can prepare for it.
Do a final walkthrough
Give the condo one last walkthrough to check if it is still in the same shape as the last home inspection. See if everything in the purchase agreement is in the property. This is also the time to make sure the seller followed through with fixes or changes to the property that have been agreed upon.
Prepare all the needed documents
For a smooth final closing day, you need to bring the following documents:
- ID (passport, driver’s license, etc.)
- Proof of homeowner’s insurance
- Home inspection reports
- Copy of the contract
- Home approval
Get the help of an expert Bethesda real estate agent
Closing a condo is a complicated and time-consuming process that requires a lot of paperwork and industry knowledge. If you want a completely worry-free closing, you need to follow the advice of your agent who will help you in every step of your buying journey until you can call the condo your own.
When you are ready to purchase your Bethesda condos, get in touch with the top real estate team at Heller Coley Reed of Long & Foster. Give them a call today at 240.800.5155 or 301.674.2829. You can also send a message to HellerColeyReed(at)gmail(dotted)com.