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How to get ready to close on a home purchase

After your offer to purchase a Louisiana home is accepted, the closing process can begin. The closing process can take several days, several weeks or several months depending on the exact circumstances of a given transaction. For instance, it may take mere days to close if you’re paying in cash and the seller is ready to move immediately. However, the transaction may take up to 60 days to formally close if you need a mortgage or if the seller needs time to find a new place to live.

Do you have an obligation to your current landlord?

It’s important to note that buying a home doesn’t absolve you of any obligations that you may have to your current landlord. Therefore, it’s generally in your best interest to set a closing date that coincides with the end of your lease. Alternatively, you can ask your landlord to get out of a lease early so that you can take possession of your home in a timely manner.

Make sure to have the home inspected

It’s important to have the home inspected even if you agree to buy it in as-is condition. Doing so helps to ensure that you know about any mold, pest or structural problems that you might need to take care of. Depending on the type of financing that you receive, it may be possible to roll the cost of any needed repairs into your mortgage.

Have everything ready for closing day

On closing day, you’ll need to bring a check for the amount of any closing costs associated with the sale. It’s also a good idea to bring copies of any documents that you received as part of the closing process. Your real estate agent or attorney may provide more insight into what you’ll need to officially become a property owner.

Buying a home can be a great way to establish roots in a community and build wealth for yourself and your family. However, you’ll need to take the closing process seriously if you want to get the most from your new asset.