Buyer Closing Checklist
- SIGNING DATE – You will need to make an appointment with the Title Company to sign the closing papers. Please coordinate your closing with me so I can plan to be there or if you would like me to set up the closing, I am happy to do so.
- CERTIFIED FUNDS FOR CLOSING- For your down payment and closing costs it is best to have a certified check or a cashier’s check for the amount. Or the funds could be wired in from your bank or financial institution. The Title Company will have your final figure the day before or the day of closing. Either the title closer or I will be communicating that amount to you.
- If the Title Company is unable to have a final amount, we will over- estimate the amount and you will acquire negotiable funds for that amount. At the closing, the closer will reimburse you for the difference.
- POSSESSION-As soon as the loan is funded by your mortgage company and the deed has been recorded at the Court House by the title company, you will get possession of the home, unless a specific date was agreed to by all parties on the Purchase Agreement. In that case, possession will occur at that time and date.
- You will not get the keys to your home until the time and date of the possession as stated on the purchase agreement. The Title Company will notify you when you can come by and pick up the keys. You will want to schedule your moving truck accordingly.
- UTILITIES-You will need to arrange to have the utilities transferred into your name on the possession date that is on the Purchase Agreement. You are able to order the transfer by phone up to 48 hours before you wish to have them put in your name.
- Water bills are sent to the address of the property. Be sure to keep your first water bill and mail it to the Title Closer. It will be prorated so that the seller will be paying their portion of the month’s bill if it wasn’t prorated at the time of closing.
CLOSING PROCEDURES –
- At closing you will be signing a packet of documents from the Mortgage Company. You will also be signing several HUD-1 Closing Statements provided by the title company. These statements outline your costs of sale combined with your down payment. The title closer will give you copies of everything you sign. You will need the HUD-1 Closing Statement when filing your taxes next year. Make a file for all of the paper work and put it in a safe place.
- Buyers and Sellers close separately. It does not matter who closes first, but the seller will not be at your closing.
- Several weeks after the signing date, you will receive your Owner’s Title Insurance Policy in the mail from the Title Company along with the Warranty Deed signed by the Seller. Both of these documents are important. Put these papers with you other closing documents.
- The Title Company will send you instructions on taking a copy of the warranty deed to the county courthouse tax assessors office to notify the city that you now own the property.
- If you got a mortgage to purchase the home, the Mortgage Company will set up an escrow account and will pay the part of your total mortgage payment identified for taxes and insurance into this account. When property taxes come due, the Mortgage Company will pay them on your behalf from your escrow account. If you do not have an escrow account with the Mortgage Company, you will be required to pay the taxes on the property.
- Property taxes are subject to reassessment and change. Thus your total monthly mortgage payment may change. The mortgage company will notify you of the change and why.
I hope these items will help alleviate some of your questions, concerns, and anxieties as we close escrow on your home. Please do not hesitate to call me if you have any concerns or questions. Contact Us