Once you and the seller have “signed on the dotted line,” there are a few more steps leading to the closing. Now, here’s what you can expect through the rest of the process.
- Lender Documents. Your lender will be receiving a copy of the purchase agreement and needing documents to be complete their file. Please contact your lender and find out what else they need from you. Get them these items as soon as possible.
- Inspections Period. As outlined in the purchase agreement, your inspection period begins NOW. Work with your agent on getting the inspections you wish complete, scheduled.
- Termite Inspection. Your lender or title company will be ordering this.
- Stop! You may be tempted at this point to start shopping for curtain, appliances, etc. Please don’t do it! Changing your finances or credit at this point could change the lenders ability to make you a loan.
- Insurance. Shop around for home owners insurance. Have your lender and agent’s names and phone number handy. Your insurance agent will likely need them.
- Make sure Funds needed to close are Liquid. If the money you plan to use to close is a 401K or a CD, make arrangement to get them liquid. It’s best not to wait until the last minute.
- Want to see the property again? It’s normal for excited buyers to want to show their new home to friends and family. Setting up an extra appointment for this is common. Please remember that the sellers are trying to pack at this time, and the home may not always be in a “show” condition.
- Utilities. A week or so before closing begin calling all the utility companies…water, electricity and gas being the most important. Get utilities set up to be in you name effective on the closing date.
- Closing time. A closing time will be set for you to actually sign the loan papers. Plan on 30-45 minutes for this. Talk to your employer ahead of time if you ‘ll be needing time off.
- Cashier’s Check. If you will be bringing money to the closing table, it will need to be in the form of a cashier’s check. Again, you’ll need to plan a little extra time to get this.