How to Close on Your Home
As a Trusted Advisor for Fox 17, the Eastbrook Homes team loves to share information that helps our buyers and builders with all the ins and outs of building a new home. Recently, the Eastbrook Team discussed the final step when purchasing a home, the Closing.
There are a lot of steps involved in building or buying a home and the process can seem confusing or challenging. But, like many projects, it’s easier to see the path forward by taking things one step at a time.
When purchasing a home, the very last step is the Closing, which transfers ownership of the home from the seller to the buyer. Once the closing is complete, the buyer follows what was agreed to in the purchase agreement.
Like any other step in your building journey, different situations can arrive before or during closing. However, you can take steps to be better prepared before your closing date and avoid those trouble spots.
Here are some of the things to prepare for when it’s time to close on your new home.
Prepare for the big move
After the closing, it will be time to move from your old residence to your new home. You can make the process easier by researching movers, packing ahead of time, and even getting rid of unwanted belongings by having a yard sale or donating those items.
The more you can do ahead of time, the less time it will take to move once the closing is complete.
Get ready to change your address
You can forward your mail to the new address for a certain amount of time, but eventually, you’ll want to inform your friends and family of your new home address. You may also need to change mailing addresses for things like credit cards, bank statements, and mobile phone bills, so start making a list so you can easily follow up with each.
Get things ready for your change of address so you don’t miss any important mail or important visitors.
Prepare to transfer the utilities
It’s important to ask the seller about the utilities connected with the home. You’ll want to know what gas, cable, or water companies are currently in use so you can switch them over to your name. You may also want to research any options you may have, such as alternative Internet or TV providers, in case you prefer something other than what’s currently in use.
Make a list of utilities to switch over to avoid disruptions in service and put your preferred options in place.
Get any required documents ready
There are several important documents you’ll need to have with you when you go to the closing. You’ll need to discuss the closing procedure with your loan officer, your real estate agent, and the title company to ensure you have all of the necessary documents prepared and ready when on the closing date.
Missing documents can delay the closing or even cause it to be rescheduled so ask plenty of questions to ensure you are prepared.
Do the final walkthrough
Within a day or so of the closing, you’ll want to do a final walkthrough of your new home to ensure the house is in the condition agreed upon by both buyer and seller. You need to make sure nothing is broken or missing and everything you paid for is there.
If things are not as expected, the closing could be delayed, but it’s probably better to take a few extra days and make sure everything is right with your new home.
Review Closing Documents
There are a lot of documents included in the closing. It’s important to understand what documents you’ll receive and what they mean. If you are not sure what any closing, mortgage, loan, or title documentation means, you may want to have it reviewed by a qualified attorney or professional.
Don’t leave anything to chance – be sure you understand what you are signing before you put pen to paper.
There are other considerations when preparing to close on the purchase of a new home so be sure to ask the professionals involved for help when it’s needed to make sure the closing process goes smoothly and happens on time.
Make a checklist of preparations and do what’s needed to get ready for the big day. Once the closing is complete and everything is good to go, you’ll receive the keys to your new home and it’s time to celebrate!
If you are thinking about building a new home in the coming year, give us a call or stop in to see one of our expert sales agents, and let’s get the conversation started. At Eastbrook Homes, we would love to help you close on the home of your dreams!
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