By Raghu Iyer on Oct 19, 2023 11:56:48 PM
In most of the cases, homebuyers looking for a 2 BHK in Talegaon Dabhade are only aware of the pre-buying process. We go through home-buying guides, scout several locations, visit an array of projects, analyse and compare them, and then finally zero-in on a 2 BHK in Talegaon Dabhade or a 1 BHK flat in Talegaon Dabhade. But what we often do not consider is the closing process while buying a home. If you are wondering if this is something too complicated, let us assure you it is not. In this blog, we will offer you a step-by-step guide to the real estate closing process. In addition, if you are looking for a 2 BHK in Talegaon Dabhade, we will explore why you should choose Kohinoor Abhimaan Homes Phase 3 instead. Read on!
What is a real estate closing process?
Real estate closing, also referred to as completion or settlement, is the final step in executing a real estate transaction. If you are buying a 2 BHK in Talegaon Dabhade, it is the last step in purchasing and financing that property. On the closing day, ownership of that 2 BHK in Talegaon Dabhade is transferred from the seller to you.
A step-by-step guide to closing the real estate deal of your 2 BHK in Talegaon Dabhade
1. Review the purchase agreement of your 2 BHK in Talegaon Dabhade
This will be the first step towards closing the buying process of your 2 BHK in Talegaon Dabhade. You will have to carefully review the purchase agreement at this step. The purchase agreement usually covers the terms and conditions of the sale, including the purchase price, earnest money deposit, and any contingencies. What you need to do here is check for any discrepancies, discuss them with your real estate agent or lawyer and rectify them before closing the deal of your 2 BHK in Talegaon Dabhade.
2. Title Search and Title Insurance - an important step to ensure your 2 BHK in Talegaon Dabhade is free of any legal tangles
You will have to examine records to confirm the legal ownership of your 2 BHK in Talegaon Dabhade. In addition, you will also need to check if the property has any outstanding liens, judgements or claims on the property. This is to ensure that the 2 BHK in Talegaon Dabhade is a clear title property, and you won’t have to face any hassles in the future.
One more important aspect is title insurance. Just like any other insurance, this offers you and the seller protection against any title defects or ownership disputes. The cost for title insurance is usually included in the closing cost.
3. Finalise your home loan
If you are taking a home loan to own a 2 BHK in Talegaon Dabhade, the closing process will also involve reviewing your home loan agreement. Your bank or the financing company will conduct a final review of all the documents, following which you will receive a closing disclosure statement. This includes the terms of your loan, the interest rate, EMIs, and any additional fees.
You need to review this document carefully, and compare it to the Loan Estimate you must have received when you had applied for the loan. Feel free to ask questions and clear your doubts if you find any discrepancies.
4. Review the closing costs of your 2 BHK in Talegaon Dabhade
Closing costs are the expenses associated with the closing process. They typically include:
Loan origination fees: Fees charged by the lender for processing your mortgage application.
Appraisal fees: The cost of appraising the property.
Title search and insurance fees: Costs associated with verifying the property's title.
Escrow fees: The cost of managing the financial aspects of the transaction.
In addition to these expenses, you will also need to arrange the funds required for the down payment of your 2 BHK in Talegaon Dabhade or 1 BHK flat in Talegaon Dabhade.
5. The final step and possession of your 2 BHK in Talegaon Dabhade
On the closing day, which is the final step in your home buying process, the following will happen -
Sign the necessary documents - You'll need to sign a lot of documents such as the sales deed, mortgage note, and other legal and financial papers. Make sure you don’t sign these documents in a rush and take your own time to go through each and every point.
Down payment: You will have to make the down payment and also pay the closing cost. Your lender will transfer the loan amount to the seller of your 2 BHK in Talegaon Dabhade.
Handing Over the Keys: Once all documents are signed, and funds are exchanged, the keys to your new home will be handed over to you.
Sales deed and registration: The deed and mortgage documents will be recorded with the appropriate government office, finalising the legal transfer of the property into your name.
Possession: Depending on the terms of your purchase agreement, you may take immediate possession of the property on the closing day.
Once you finish the closing process of your 2 BHK in Talegaon Dabhade, make sure you store all the documents in a secure place to avoid any hassles in the future.
(MahaRERA No.: P52100032485)
If you are looking for a 2 BHK in Talegaon Dabhade or a 1 BHK flat in Talegaon Dabhade, just to be in the vicinity of nature and soothing surroundings, you must take a look at Abhimaan Homes Shirgaon Pune. Kohinoor Abhimaan Homes Phase 3 not only offers you scenic environs, it also offers you quick connectivity to Hinjewadi and an array of amenities to indulge in an exciting lifestyle. In addition, Kohinoor Abhimaan Homes Phase 3 is in the vicinity of Prati Shirdi Temple, offering you a divine ambience.