With the excitement of closing building and the idea of moving into your dream home becoming a reality, it would be easy for a buyer to become distracted. Don’t forget the reality of the situation, however. These are a few of the tasks that the home buyer must complete prior to closing to ensure the experience is positive.
Transfer The Utilities
You must contact the utility companies at least a week before the closing date. Request the transfer of service into your name on the closing date to ensure there is no interruption of services.
Proof Of Insurance
Before your lender approves you for a mortgage loan, it will require that you take out a homeowners insurance policy. This policy protects you in case your home is damaged or destroyed. Your insurance company will provide you with a payout to help cover the damages or rebuild.
Schedule A Walk-Through
Schedule a walk-through of the home prior to closing. This allows you and your agent to review that the agreed upon items from the inspection have been completed satisfactorily. The home should also be in good condition after the seller moves out. If there is damage, there will be financial ramifications for the seller.
Get Your Money In Line
Be sure to have your money in line for the closing. This means that if you need to cash in stock or transfer money from an investment account to your bank to close, you must make the request at least a 10 business days prior to the closing. This planning ensures that the money will be available on time. It does take time for the investment company to process financial transactions. A responsible buyer must plan in advance to make this transfer happen.
Contact your lender to confirm that you are on track to close on the scheduled date. The bank must have the funds available to transfer through a wire for the closing.
Review the closing statement. You will need to bring a certified check to the closing to pay for closing costs such as prepaid interest, property taxes and insurance during your closing. This is known as your cash to close, the total amount of money you’ll need to bring to cover the cost to close your mortgage loan.
Your agent can will recommend additional tasks to complete to ensure a smooth closing.
If you are thinking about purchasing a home in Carmel, Indiana or the surrounding areas, The Keith Albrecht Team is ready to assist you. Feel free to call 317-580-9955 with your questions or check us out at https://www.keithshomes.com/.