One common question that buyers often ask is how long the closing process will take. Let’s take a look at this process to determine the timeline you can expect.
The Closing Process
Closing is the final step in the home-buying process. Once you complete this task, the home is officially your own. However, to reach this step, several things must be accomplished.
1. An offer must be accepted. When negotiating the offer, a closing date must be agreed upon.
2. The buyer must provide a deposit on the home.
3. The buyer’s lender will begin processing the home loan. This is one of the most challenging and time-consuming steps in the entire process. As a buyer, you want to be proactive and ensure the lender has all the needed documents. If information is missing or you are being difficult to work with, it could delay the sale.
4. A home inspection is completed. While this step is not mandatory, it is highly recommended. This one step can protect you if major problems are found within the house.
5. An appraisal is completed on the property. This task is mandatory and required by lenders. It tells lenders how much your home is worth and prevents the bank from lending you too much money.
6. A final walkthrough must be completed. This typically happens the day before or the day of your closing. You will do a walk through with your real estate agent to determine the condition of the home, ensure it is in the same condition that was agreed upon, verify all negotiated repairs were completed, etc.
7. You must sign all closing documents. Depending on your specific transaction, there may be several individuals present when signing the documents including your real estate agent, an attorney, your lender, a title company representative, etc. This step can take quite some time as there is a stack of paperwork you must work through and sign.
How Long Does it Take to Close on a House in Markham?
This question is difficult to answer. The length of time it takes to close on a home depends on several factors. For example, if you are having difficulties with your financing or if major issues were found during the home inspection, these can all cause the closing date to be delayed.
Additionally, the timeline for your closing date will vary and depend on your specific situation. Some sellers want out of their home very quickly while others want a closing date that is several months away. It will depend upon the house you choose and what is agreed upon during the negotiation process.
If you have additional questions about buying and selling a home in the Markham area, give real estate agent Martin MacFarlane a call today.