You, the buyer, have put together your team of real estate agent and lender. You have found and written a contract on the home of your dreams and it has been accepted. Now, you need to get your transaction closed. Your Las Cruces Realtor is your best help here.
The buyer's main job here is to supply the loan officier with all the information they need to close the loan. This loan process can take as little as two weeks, but generally takes four weeks if all information is supplied in a timely manner. This step is very important. The transaction does not close without the money. And the truth is, the loan is the pacing item. We have to wait on the loan and jump through all the hoops the lender put in front of us. The lender is in control of the transaction.
First the buyer needs to select the inspectors for the inspections. In general, the party that is paying for the inspection gets to choose the inspector. This is why I recommend that the buyer pay for all the inspection so he has selection control. Your Realtorwill order the inspections, and inform all the parties. Secondly, I recommend that the buyer be present during the inspections if possible, then he has first hand knowledge of any problems. Thirdly, the buyer reviews the inspection reports and requests any repair he requires of the seller in writting through his Realtor. This document becomes part of the contract once it has been agreed upon by all the parties.
REVIEW THE DOCUMENTS
The buyer will review the documents that he has requested in the contract. Those documents are generally the following: Sellers Property Disclosure, Covenants for the subdivision, Preliminary Title Report, Lead Base Paint Disclosure (if the home was built before 1977) and the survey. Other documents might include the septic permit, the well permit, a road maintenance agreement. (Here is where you need a strong, experienced Las Cruces Realtor.)The buyer must make any objections to these document in writting through his Realtor in a timely fashion, generally three days.
When the loan is approved, then your realtor will make a closing appointment at the title company for you. You, your Las Cruces area Realtor, and your title officier will be the only parties present. The seller will have his own separate appointment to close. The buyer must bring his funds to the closing in the form of a cashier's check made out to the title company. The buyer must also bring a picture identification card because the closing documents will require notarized signatures.
The buyer does a final walk-through of the property prior to the closing appointment, and after the repairs have been made. It is best if the seller has already moved out. The purpose of the walk-through is to verify that the property is still in the condition it was when first seen, and the repairs have been made.
The buyer goes to closing, bring his funds, and signs the documents. The buyer is allowed to occupy the property on the day specified by the contract. Generally the buyer is allowed to occupy the property when the lender funds the loan, and the change of title is recorded at the courthouse. This is called the funding date and the recording date.
. . . Congratulations! You have purchased a home in Las Cruces, New Mexico.