Closing Process
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Transfer of ownership can commence when the county issues a Certificate of Occupancy (C.O.) A C.O. is issued once all final inspections have passed and all permit fees have been paid in full.
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You will do a final walk-through prior to closing where you check the home and make sure everything has been completed. Common things that are discovered at the walk through are here.
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It is ideal to have the punch list completed prior to closing, but a builder is not required by law to complete this to close. This is why it is advised to have a third-party inspection performed so your punch list is more thorough.
COMMON QUESTIONS ABOUT CLOSING
Closing can occur anytime after the Certificate of Occupancy is issued by the county.
Technically, the builder can close and transfer of ownership can happen after the C.O. is issued. There may be punch items to be completed before you want take ownership of the home as it may be an inconvenience to schedule this after closing.
Appliances are the last to be installed and if they are on back order, this could slow things down. Any open permit will slow the closing process down as the C.O. will not be issued until all permits are paid and closed.
If you know you will not be able to close in person, you can set up an appointment with a notary local to you and sign with them. The closing company will post mail all documents needed to be signed and will include an overnight return envelope.
If you are a cash buyer, then there are far fewer pages required. If there is a mortgage, then there is the lender's closing package in addition to the builder's closing package. The most important document will be signing the deed.
Depending on the contract, there may be a per diem penalty for not closing. The builder will provide you a few closing dates 60-90 days out from C.O. If you agree and then postpone, depending on the circumstances, the builder has language in the contract that addresses not closing on time.