At closing, you and all other parties in the transaction sign the final set of documents. All Rights Reserved by the Wellington Home Team. Here's what to expect at a mortgage closing, who will be in attendance, what documents you need to have and how to prepare for closing. If you haven’t done so already, get a safe deposit box at your bank or purchase a fireproof safe. Do a Final Walkthrough of the Home . An experienced accountant can help a buyer understand any deductions, discounts, or implications of owning a home. After you buy a house, address any issues that were flagged on your home inspection report that the seller didn’t fix, Gonzalez says. Retain all seller disclosures as well as the purchase contract and the closing statement. Transfer utilities to your name. https://www.nerdwallet.com/blog/mortgages/closing-on-a-house Keep in mind, the process for removing them from the property is exactly the same as a landlord evicting a tenant. Closing on a house seems like a cumbersome task, but the toughest part of it is the waiting. Every area of the country is different,which can mean different protocols and rules to follow. Your email address will not be published. More. The former owners might have taken all the curtains and blinds with them. A few days before the closing, buyers can walk through the home one more time. But there some things you should do to make sure your transition from your old place to your new address goes as smoothly as possible. A few things need to happen in that in-between time first. You don’t know who has a key to your new home. Check out this list of after-closing responsibilities and to do’s. Provide any documentation and information requested by the lender in the loan underwriting process. 1. Sign up for our newsletter. I waited too long when I moved and got a ticket,” Records says. Once you have become a homeowner, you should consider focusing on some of the listed activities: 1. Ideally, your escrow officer or closing agent will hand you a complete package containing all these things at closing. So before your neighbors get to know you real well because they can see through your windows, purchase coverings to give yourself some privacy. The walk through usually takes about 30 to 45 minutes. If you are closing electronically on a house in another part of the country, there is a chance you won’t see the settlement statement in advance. No Closing Cost Refinance: The Complete Guide, How to Write a Letter of Explanation | Template and Examples. A locksmith can rekey your locks if they are expensive ones, and some stores can also rekey certain brand named locks, which can be done quite inexpensively. It all depends on your city or your county of what type of homestead credit is available.”. The 757 Home Guy talks about four things you should do after closing but before you move in to your new house! https://www.maxrealestateexposure.com/closing-checklist-home-sellers What’s next? Then it’s time to relax and enjoy the home of your dreams. You don’t want to be in the dark on moving day. You sign a lot of documents when buying a house. Records has moved to many states through the years including North Dakota, Minnesota, California and Florida. Also, don’t forget to reset a garage door keypad from the outside of your garage. Sometimes these documents get scattered. Either way, after you’ve received the Clear to Close (CTC), it’s important to know that you will not immediately close on the loan. There are lots of options out there when choosing air filters for different seasons. Whether you are buying, selling or renting I can assist you with all Real Estate needs. But no matter where you live, here are a few important things to do after you get possession of your house. I would recommend saving your listing sheet, seller’s statement of property condition, appraisal, along with all of your closing documents. During the closing process, buyers are typically required to: Make an “ earnest money ” deposit into an escrow account, where funds allocated for closing costs will be held by a third party until the closing date. What documents do you need for a successful home closing process? However, even though a cash purchase will reduce the amount of paperwork during closing, it won’t eliminate it altogether. Now, the question we could ask ourselves is what to do after closing on a house, and what are some problems that occur when closing on a house? One more big step: closing on your home. “You have to tell them you live there. You should have received a package of closing-related paperwork to pack away, along with a check for the proceeds of the sale (if applicable). It’s best if you make sure to replace furnace and air conditioner filters every three months. Insurance companies are picky about where you live, and prices do change from place to place. That's when the lender reviews your file, determines that all requirements for underwriting and auditing have been met, and … Once your home’s closing is complete, it’s time to wrap things up. After closing, it’s also important to contact the local municipalities and state about discounts that maybe available. There are great instructions online on how to do it, or call a garage door company for assistance. Get in touch with the utility companies well in advance of your closing day. With thumbs up from the expert, you can then enjoy cozy nights near the warmth of the fire. Some counties give other homestead exemptions like for senior citizens or returning veterans. Christopher Smith. Specifically, they sometimes wonder how long after appraisal it takes to close on a house. Buyers take the lion’s share of work during escrow, but the week before closing is usually the light at the end of the tunnel. The loan is approved, the contract is signed, the title is clean, the closing date is set, and everything seems on track to get that home. Waiting for a second time period can delay your closing. Your privacy is assured. Cash Out Refinance vs HELOC: What’s the difference? You never know when you will need to shut off the water because of a broken water pipe. Here’s a list of “must do’s” immediately after closing on your new home that most new homeowners oftentimes overlook. Hopefully, your real estate agent can help you with a list … Every area of the country is different,which can mean different protocols and rules to follow. If you take the time to enlist the help of good professionals at every stage of the process and you feel confident that you’ve done your research, you’ll look forward to the day when you get the keys and can cross the threshold to your new home. Your home closing may also be called the day of funding. What Home Buyers Do a Week Before Closing. “I got in trouble with this one. Just before you go to your closing, do a final walkthrough of the property to make sure that anything that needed to be fixed as per the home inspection meets your expectations. After months of planning, you will finally own your new home. REAL ESTATE MATTERS | It's best to make sure the sellers are out of the house before closing. At this point, a person called a closer will review all the final documents and coordinate information between the loan officer, underwriter, and title company. This includes your down payment and closing costs. Woo hoo! 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