5 Common Myths About Home Closings Debunked

Myth #1

The Closing Process is Fast and Simple

While some may think closing is a quick, simple formality, it’s actually an involved process. There are plenty of legal documents, paperwork, and financial steps that need to be finalized before everything is official. Expect the closing process to take some time—more than just a few minutes—and be sure to review all documents thoroughly.

Myth #2

You Have to Pay All Closing Costs Upfront

Many first-time buyers worry about paying hefty fees upfront. While there are indeed closing costs, such as title insurance and appraisal fees, you don’t always have to pay everything out of pocket at once. In some cases, closing costs can be rolled into your mortgage, or you may negotiate with the seller to cover part of these expenses.

Myth #3

You Can’t Back Out of the Deal After Signing the Contract

It’s a big commitment, but the truth is, you *can* back out of the deal under certain circumstances—like if you find issues during the home inspection or if the appraisal doesn’t come in as expected. There are contingencies in place to protect buyers, so be sure to understand your rights before moving forward.

Myth #4

You Must Attend Closing in Person

The idea of spending hours in an office, signing stacks of papers in person, is intimidating to many. However, in today’s digital age, remote closings are becoming more common. Depending on the lender and state regulations, you might be able to complete the process online or at a remote location, making it much more convenient.

Did You Know?

Did you know that as a homebuyer, you have the legal right to choose your own closing attorney? Many buyers aren’t aware of this right, assuming the lender or realtor has control over who represents them during the closing process. However, selecting a trusted closing attorney is crucial for ensuring that your legal rights are protected, and that the transaction proceeds smoothly. A knowledgeable attorney helps manage critical tasks like reviewing closing documents, coordinating title insurance, and addressing any legal issues that may arise. By choosing the right attorney, you’re taking an active role in safeguarding your interests and ensuring a seamless home purchase experience. For more information on the closing attorney’s role and how it can impact your transaction, read our full article!