The Ultimate Closing Checklist for Buyers
You've spent weeks, even months looking for the perfect home or investment property and finally found "the one"! Your offer was accepted and the settlement date has been set, but you'll have to take a few more steps before the keys are yours. We have decades of experience in helping buyers get to the settlement table and take the guesswork out of the process. Here are a few tips for making settlement day as seamless as possible:
1. Get final mortgage approval
Before you go to the closing table your home loan must go through the underwriting process. Since underwriting typically happens shortly before closing, you don’t want to do anything that would change your current credit status like making a large purchase or changing jobs.
2. Attend the Inspection
It's wise to attend the inspection on your prospective new home. There is no turning back once the keys are yours– take your time at the final walk-through and be sure that all repairs that were agreed upon have been made.
3. Get Insurance
You'll need to have proof of home owners insurance prior to closing, so be sure to find an agent and secure insurance ASAP.
4. Complete paperwork
During the closing process, some additional documentation may be required. Respond as promptly as possible to these requests. The quicker we have the information in hand, the quicker we can get your title paperwork processed, ensuring no uneccessary delays.
5. Review your closing disclosure
If you're getting a loan, one of the best ways to prepare is to thoroughly review your closing disclosure, also known as a HUD-1 settlement statement. This official document outlines your exact mortgage payments, the loan's terms, and additional fees you'll pay, called closing costs (which total anywhere from 2% to 7% of your home's price).
6 Change mailing address
Let everyone know your new address! Submit a change-of-address form to the post office.
7. Change Utilities
Don't forget to have utilities like gas, electric, cable and internet switched over to your new address. Make the calls at least two weeks ahead of time.
8. Schedule your move
Moving and truck-rental companies can book up quickly, so once you have a settlement date, secure movers or a truck ASAP.
9. On settlement day bring proper I.D. and certified check
- Proof of homeowners insurance
- A copy of your contract with the seller
- Your home inspection reports
- Any paperwork the bank required to approve your loan
- A government-issued photo ID (Note to newlyweds who just changed their name: The ID needs to match the name that will appear on the propertys title and mortgage.)
10. Find a safe place for your title documents
Moving can be overwhelming so be sure to find a secure and safe place to house your new closing documents after settlement.
Now let the celebration begin! If you have any additional questions about the home closing process feel free to comment below, email us at email@example.com or call toll-free (866) 994-9980.
-You friends at National Integrity Title Agency