It isn’t over until that last contract is signed
You found the house of your dreams, your offer was accepted, your loan was approved…all you have left to do is close! Pretty simple, right? Not quite. The closing process has the ability to go smoothly but that doesn’t mean it always does. Review these guidelines to prepare for the final step before you unlock the door to your new home.
1. Read everything
Consult with both your lender and attorney and request the documents prior to closing. It will save time and further debate if you have these documents beforehand so you can review and make sure everything is correct. A typo or an inaccuracy could set back the entire process if discovered on the closing date. Double check everything and make sure your loan and mortgage documents are all in order.
2. Schedule a walkthrough
Before you finalize your home purchase, take one last look at the property. The purpose of the final walk-through is not to seek out anything wrong with the home (that should’ve already been done) but rather to ensure that the seller has held up their part of the deal. This could include making repairs to certain areas already specified, leaving any appliances or furniture behind, etc. To make the final walk through, ask your realtor to make the appointment with the seller’s agent. If you notice anything out of place, your realtor should notify the seller’s agent immediately in order to get it fixed prior to the closing date.
3. Transfer your utilities
Make sure you’ve arranged to have the home’s utilities accounts transferred into your name at the start of the closing date. Contact the individual utility companies yourself and makes your own arrangements. This step is typically required in order for the closing to take place.
4. Make sure you have the funds for your closing costs on hand
Unfortunately, this is a bit difficult since your closing costs aren’t calculated until the exact date of the closing. However, your lender should provide you with an estimate of closing costs to use as a guideline to ensure you have the money properly allocated. Generally, closing costs are between three and five percent of the total loan amount.
5. Bring a check
This isn’t grouped with the previous tip because it is so important on its own. You might be so eager to get to the closing table that you forget you’ll need a check. It is likely you will need to bring a certified check with you to seal the deal. You may be able to get away with a wire transfer, but it could delay your closing depending on when the transfer is made.
6. Take ownership
Before closing, a title company will make sure the deed, taxes and anything else that may affect the property are all in good standing. Once that is complete, the buyer and lender will need to approve it and – finally – you are ready to sign the closing documents, making you the proud owner of your new home.
The closing process will feel like a monumental occasion and serve as a turning point in your life. Make sure that remains more joyous than stressful by being prepared! Be sure to bring your ID and copies of your homeowner’s insurance policy and the GFE or the HUD-1. The more you have with you, the easier the process will be.
Your biggest asset during the closing process will be your trusted realtor. They know your needs and they are your biggest resource when dealing with the confusion and stress that comes from the home buying process. That’s exactly what Dante Disabato can do: be there for you. Learn more about how long it typically takes to buy a home in Naples, and why these tips will significantly help move the process along.
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