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ongratulations on having your home offer accepted! The next step, closing, can take anywhere from 30 to 45 days, but may sometimes drag on for several months. To reach this milestone, buyers must secure financing and ensure that all necessary funds are in place. This typically involves obtaining a mortgage, which lenders will scrutinize to verify the borrower's creditworthiness and the property's value.

    A home inspection is also required to assess the property's condition. Meanwhile, various parties involved in the transaction, including sellers, lenders, lawyers, and real estate brokers, must be paid their due amounts. It's highly recommended that buyers hire a real estate attorney to guarantee that no detail is overlooked during this process.

    On closing day, you'll need to bring essential documents and pay closing costs. The Consumer Financial Protection Bureau advises doing a final walk-through of the home before closing to identify any issues or problems that may require adjustments to the deal. Be sure to verify local regulations with your attorney, as rules regarding real estate closings can vary significantly from one place to another.

    As you prepare for closing, consider taking our quiz to test your knowledge on key aspects of the process, including who typically attends the closing, what it means to be preapproved for a mortgage, and more.