Home Sale Closing

Because of inspections, approvals, and appraisals taking place in the days before closing, many issues naturally surface during this stage. As a buyer, remain patient when these issues arise. In fact, some issues typically work to the buyer's advantage. For example, an inspection may reveals that significant roof repairs are needed. To keep from losing the sale the seller may repair or replace the roof, or provide a significant break in sales price. Here are some other steps you can take for a successful closing:

• Review the results of any property inspections to ensure all work is satisfactorily completed, and clearances for completed work provided. In addition to home inspections, this might include inspections for termites or lead-based paint.
• Two weeks before closing, contact the phone, water, trash, cable and electric companies to establish service in your new home. Consider using a utilities connection service to organize all your accounts.
• Arrange for proper insurance coverage for your property.
• If your new home does not have a warranty, consider a home warranty to protect your investment.
• Confirm arrangements, addresses, dates and estimates with your moving company. Request to see all loan documents in advance of closing and review them carefully to make sure you are getting the loan you agreed to. If you don't understand any part of the loan documents, consult an experienced attorney or title agent.
• Get a final estimate from the title or escrow company of the money required to cover the remainder of the down payment and closing costs. Be aware that you will need to bring proof of identity and a license or photo I.D. to the closing. Also be aware that fees are usually required to be paid by cashier's check.
• Once you receive your settlement statement, compare actual amounts with the estimates you were given. Be sure you understand all transaction fees and have an approximation of their total cost. Your total cost may include fees for origination, discount points, appraisal fees, credit reports, lender-required inspections, mortgage insurance application, flood insurance, document preparation, courier services and more. Some fees such as mortgage and flood insurance may be payable before closing.
• Carefully walk through the home you're buying before signing any loan documents. Make sure any repairs or improvements the seller agreed to are completed to your satisfaction.
• Be sure you receive all keys, alarm codes and remote controls at closing and consider having locks and security codes changed after you take possession of the property.