Make Closing Time An Open & Shut Case

We’re headed into the busiest time of year in residential real estate and the market’s already on fire, so there’s a good chance that many of our readers will be closing on new home purchases in the ensuing months.  This Team Move OVM Financial Blog has a detailed Real Estate Closing Checklist that’s definitely worth bookmarking or printing off. Here are some of the highlights:

Prior Paperwork Prep — In the days leading up to closing, be extra responsive to your loan officer and realtor. If they request specific documents, deliver them asap so the closing isn’t unnecessarily delayed. Similarly, finalize your insurance policies in advance.  In some cases, the policies will even need to be paid for in advance and timed to the closing date.

Who’s Coming & How Much? — As a general rule, buyers, borrowers and spouses need to be present for closings.  If you’ve arranged for a Power of Attorney, make sure the lender and settlement companies are aware and approve. You can also find out from your loan officer, how much money you may need for closing.  Plan on getting that information at least 3 days in advance, so you have ample time to get the right funds in the right payment format.

Last Minute Steps — Your realtor can help you make arrangements for utilities and other services that need to transition to your account right around closing time.  It’s also a good idea to arrange for a final walk through of your new home on the morning of closing day, just to make sure things are still looking good.

Be Yourself — In a practical way, be sure to bring a state-issued photo ID, and a secondary form of ID, just to be on the safe side.  And allow yourself to enjoy the experience.  Yes, you will be signing a lot of papers … but you’ll also be on the verge on a new milestone in your life. Take a moment to soak it in, and make the best of this important transition.

 

 

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