Why does it take 30-45 days to close on the house in the US?
Buying real estate in the US takes 30-45 days.
Buying a house is a process fraught with enthusiasm and uncertainty. You may be wondering if you will be able to find a home that suits all your needs, or you may worry about going into an auction war.
The process itself consists of several stages:
1. Provision of a document confirming the solvency (Proof of Funds). The amount in this document should cover the value of the property.
2. Search for real estate. The buyer discusses all the details with his agent, and he begins to look for real estate at the request of the client. The buyer and the agent choose the object and agree on the price.
3. When the object is already selected, the buyer makes an offer to the seller to buy (offer) either orally or in writing.
4. Making a guarantee deposit. When the offer is accepted, the seller's agent opens an "escrow" account (a third-party account for the storage of funds of one of the parties). Making a deposit guarantees the mutual responsibility of the parties to the agreement.
5. Obtaining a loan from a bank (if required).
6. Verification of legal purity. A similar procedure (Title Search) is carried out by special companies (Title Company) at the request of the buyer's lawyer. Carried out to detect arrests, bans, or other problems.
7. Obtaining permission from a condominium or cooperative (if necessary, for example, in the process of buying in apartment buildings in New York).
8. Concluding an agreement.
9. Transfer of ownership (Deed).
Closure Day is a great day – the highlight of your home buying journey. While you're looking forward to getting your keys and opening the doors to your new home, don't let the details slip away when you get to the end.
Take your time, review each document in detail and feel free to speak with your realtor should you have any questions or concerns. Thorough verification of all your documents can help you avoid potentially expensive errors. It's worth waiting until everything's all right.
If you believe you are ready to move forward, you can contact one of our real estate agents or call (646) 353-1018. If you have any questions, please do not hesitate to share them with us in the comments below.