When do you Close on a New Construction Home?
Congratulations on building your dream home! After months of planning, designing, and construction, the moment has finally come for you to close on your new build. While the process may seem daunting, with proper preparation and understanding, it can be a smooth and exciting experience. In this article, we will guide you through the countdown to your dream home and explain what happens at closing for a new build.
Countdown to Your Dream Home: When is the Closing Date?
The closing date for a new construction home is typically set by the builder, although it can be negotiated between the buyer and seller. The timeframe for closing varies, but it is usually between 30-60 days from the time the home is completed. Before closing, a final walkthrough is conducted to ensure that everything is in order and any issues are addressed before the keys are handed over. During this time, the buyer should also ensure that the necessary funds are available for down payment and closing costs.
The Exciting Moment: What Happens at Closing for a New Build?
Closing day is an exciting moment for both the buyer and seller. During closing, the buyer will sign various documents, including the mortgage agreement, promissory note, and deed of trust. The buyer will also receive a copy of the Closing Disclosure, which outlines the details of the loan and closing costs. The seller will provide the buyer with the keys to the new home, and the buyer will officially become the owner.
At the end of closing, the buyer will make a payment for the down payment and closing costs. The funds can be provided in the form of a cashier’s check or wire transfer. Once the payment is received, the home is officially closed, and the buyer can move in and enjoy their dream home.
Closing on a new construction home is a significant milestone in the home buying process. While it may seem overwhelming, with proper preparation and understanding, it can be a smooth and exciting experience. We hope this article has helped guide you through the countdown to your dream home and explained what happens at closing. Congratulations again on your new build, and enjoy making memories in your new home!
