The Closing Process - Newhometeamva.com

The Closing Process

When closing on your home in Bedford, VA, the final steps are typically held at a Title Company or in the office of a Bedford County Attorney. This is known as the closing, as it's the moment when you officially take ownership of your Bedford property and complete the transaction. The selection of a reliable closing company or attorney is crucial. While it's rare for something to go wrong, having the support of a trusted Bedford Attorney in case of any issues is far more important than saving a few dollars. Consult with your New Home Team real estate agent for their recommended Bedford attorney.

The closing process can vary depending on your specific situation, such as whether you're using a loan or paying in cash, and whether it's a conventional or FHA mortgage:

  • If you're paying in cash, the transaction is straightforward and usually only takes a few minutes.
  • If you're obtaining an FHA mortgage, you'll have a stack of documents to sign, many of which may require duplicate or triplicate forms.

Prior to the closing, the Bedford attorney will perform significant work behind the scenes. They coordinate with your lender to ensure all necessary paperwork is in order. They handle tasks such as insurance, loan terms, and paying off any outstanding bills, such as termite inspections.

One of the most important documents you'll sign during the closing is called a HUD-1 or settlement statement. This document provides a breakdown of the costs and fees associated with the transaction. It's crucial to carefully review this document to ensure its accuracy and that nothing has been omitted.

Once all the necessary steps are completed, the transaction is recorded at the Bedford County Courthouse, officially finalizing the purchase of your home.

If you have any questions or need further guidance, don't hesitate to reach out to a New Home Team Realtor for advice and additional information.