While we wrote this guide to closing for first time homeowners, it can even be helpful for a homeowner that hasn't bought a new house in a long time!
Lingering questions? Contact us today to speak with an experienced Twin Cities realtor!
- 1. Submit Earnest Money
- 2. Schedule the Inspection
- 3. Title Work
- 4. Final Walkthrough
- 5. Closing Day
1. Submit Earnest Money
- Many realtors have the ability for you to submit earnest money electronically. Otherwise a check will work too! This must be submitted within 2 business days of offer acceptance.
- It will be held in a brokerage's trust account until closing day when it gets applied to your down payment or closing costs.
2. Schedule the Inspection
- The inspection period is typically 5-10 calendar days.
- 2-4 hours depending on house size.
- Adding a radon test & sewer scope may help you save money in the long run.
- $500 - $1,000 depending on services & house size.
- May result in more negotiations between parties.
- Inspectors will provide an extensive summary of the property's condition and give recommendations on repairs that should be made.
- They will also provide serial numbers for many large appliances.
3. Title Work
- Title companies manage the closing of your home.
- The title agent will also ensure there aren't any liens or encumbrances on the property. We can set you up with our favorite Title Company that will take care of the transaction seamlessly.
- They will send updates as paperwork is processed and arrange an appointment to sign papers on closing day!
4. Final Walkthrough
- The final walkthrough gives you one more opportunity to tour the house before closing day!
- This typically occurs on the day before or day of closing.
- Minnesota law requires that sellers clear all debris and personal property not included in the agreement by closing day.
5. Closing Day
- Sellers will sign their papers a few days prior to closing at their own title company.
- Buyers will sign on closing day at their title company-- we will attend for moral support!
- We'll hand over the keys, and the house is yours!
Email us any questions you have about the buying process. One of our Twin Cities realtors will be in touch as soon as possible.