Ensuring a Smooth Closing Day
Your Ultimate Guide: Home Buying Series – Week 12
Throughout our ‘Mastering the Art of Homebuying series, we have broken down the complex home-buying process, providing first-time buyers with an easy-to-understand, step-by-step guide. Our series concludes with today’s article, but next week, don’t miss our bonus feature on how to maintain your new home!
As you stand on the brink of homeownership, your focus should now be on ensuring a smooth and successful closing day – a day with no surprises or delays, and certainly, a day that ends with the keys to your new home in your hands.
There’s much to be done leading up to your closing and settlement. Being prepared and knowing what to expect will keep you on top of things. We discussed some pre-closing tasks in last week’s article, “Navigating the Final Stage: Pre-Closing Details for Buyers”. Today, we’ll revisit some of those tasks, delve into what happens during settlement, and ensure you’re equipped to face it with calm and understanding.
Here’s your detailed guide on what to do at each stage of the process:
Pre-Closing Tasks: What You Need to Do
Pre-Closing Tasks Checklist:
1. Homeowner’s Insurance: Ensure it commences on the day of closing, even if you plan to move in later.
2. Protect Your Credit: Avoid making changes to your financial circumstances such as opening a new credit card account, acquiring a new auto loan, or making significant purchases on your current credit cards. These actions could potentially delay or cancel your mortgage. Hold off on the shopping sprees for your new home!
3. Utilities Connection: Schedule for the day of closing, even if you’re moving in later. The seller will disconnect utilities in their name on the closing day, so arranging your services for the same day will help avoid reconnection fees.
4. Move Funds in Time: Banks usually hold large transfers for at least three days. If you prefer to wire your funds directly to the title company instead of bringing a certified check, seek instructions from your agent.
What Happens on Closing Day: An Inside Look
Your Final Walk-Through:
Conduct a final walk-through of your new home before closing. Schedule it early to complete it before the actual closing. This is your chance to check for any new damage, confirm agreed repairs have been made, and verify that everything is as it was when you made the offer.
What to Bring to Closing:
Bring a form of photo ID, a certified check for the amount calculated by the title company, your checkbook for any minor last-minute corrections, all crucial documents collected during the home-buying process, and a copy of the Closing Disclosure form.
The Closing Process:
Set aside ample time for the closing meeting, which could take over an hour. The title company oversees the transaction, ensuring the legal transfer of the property and that all parties involved can properly supervise the process.
Your part includes signing a lot of documents, so make sure you understand what you’re signing. Don’t hesitate to ask questions and confirm amounts if necessary.
Congratulations on Your New Home!
With the successful closing, you are now ready to move into your new home and celebrate. Remember, being a homeowner means taking care of your property. So stay tuned for next week’s bonus article, “Maintaining and Loving Your New Home”.
If you’ve found this series beneficial, I’d be delighted to assist you further in your homeownership journey. We could arrange a 30-minute meeting to discuss the home-buying process, your criteria, and possible first-time home-buyer loans that could save you money.
Even if you’re not ready to buy for years, I’m here to help you formulate a plan for when you are ready. My goal is to support you in your timing, not to pressure you. So, let’s start this journey together, and email me to discuss your specific situation and get your plan rolling for when you’re ready to take the homeownership plunge.”
If you’ve enjoyed this series, I’d love the opportunity to help you become a homeowner.
So, email me melissa@nextstopdfw.com, and let’s set up a time to talk more about your specific situation and put together a list of things you can do between now and when you are ready to become a homeowner. That way you’ll have all your ducks in a row when the time comes.
