Real Estate Closing 101

We’re in the busiest time of year for closing on new houses, and even if you’ve done it a few times before, it’s a good idea to make sure you’ve got everything accounted for.  Our friends at Sanford’s Team Move/OVM Financial offer a comprehensive closing checklist worth taking a closer look at.

Among the checklist highlights are:

Finalizing insurance policies — You’ll want to do this far in advance.  In some cases, you may even be required to pay for the policy in advance, so it is active on closing day.

Know your numbers and bring your money — Your loan office can give you a detailed review of all the numbers, and tell you how much you’ll need to have at closing.  Make sure you also know how the settlement agents, attorneys and lenders want to be paid.  Usually it’s by certified funds or a certified check.

Make sure the right people show up — Buyers, borrowers and spouses are expected to be at closing, along with their state-issued photo ID.  If you are planning to use a Power of Attorney (POA), this needs to be approved by the lender and settlement company well in advance of the big day.

Take 1 final look — The final walk through of your new home is usually scheduled for first thing on closing day.  Don’t overlook this important step.

The Team Move blog post has even more practical information and the Sanford office is always happy to share more insights.  Feel free to contact them at 919-777-0114.

 

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