Congratulations! You’ve picked out your dream house! Your offer has been accepted and it’s time to head to the closing table and get the keys…right? 

An accepted offer is worth celebrating, but there’s a lot to do and still quite a bit of time is going to pass before you’re actually able to start moving your furniture in and make your new house a proper home. 

If you haven’t quite got an accepted offer yet, keep these six things in mind when you’re negotiating the deal.

How long from “Offer Accepted” to Closing Day? 

Depending on the type of loan getting the keys from your accepted offer can be anywhere from 30 to 60 days. Conventional mortgages with a 20% down payment is more likely to be closer to the 30 day mark, but it can often be up closer to 50 days. FHA and VA loans have a lot more moving parts and are more likely to push closer and closer to that 60 day mark. 

If you can’t wait for the closing to go all the way to the 60 day mark, one of the most effective ways of shortening that timeline is forgoing the mortgage and making a cash offer for the house. 

Closing day an be stressful to think about, if you’re not sure what costs to consider or what you’ll need to prepare, we’ve got your answers about that too.

How long does Closing Day take? 

The day of closing is much faster than you’d think. Usually you’ll have a final walk through of the house, making sure there hasn’t been any new damage, the previous owner’s removed all their property, and everything that was written into the offer is there. If suddenly the owner’s removed the fridge and toilet and they weren’t supposed to…the closing process is going to take longer again unfortunately. 

The paperwork signing portion is can reasonably take anywhere from 30 minutes to 90 minutes. If you’re going with a cash purchase where there is no mortgage involved it’s going to lean much closer to the 30 minute mark. However most people are going to be utilizing financing which is going to push it up much more reasonably to the 60-90 minute mark. 

Don’t forget! Once you close on your house it’s important to make sure you’re filling your Georgia Homestead Tax Exemption.

One Last Thing

The purchase of any home in Georgia requires a licensed real estate attorney present at closing. If you’re taking steps to close on your house in the next 30-60 days give us a call! Remote online authorization has been put into effect using real-time audio visual communication technology (“AVCT”) meaning your closing attorney (notary) can be present via videoconference (i.e. Zoom, MS Teams, Skype, etc.).  At Frank B. Pallotta Law we are licensed Real Estate Lawyers with 20 years of experience helping our clients in Georgia navigate the closing process. Reach out to us with your questions. We’re here to help.