The Closing.
Well we made it! Time to close the deal and own your Home.
Let's review and get things ready for the closing. Your mortgage should be approved and the funds wired to the Title Company handling the closing. You should get an estimate of the required funds from the Title clerk and in most cases, you need to wire the funds to the Title company's account.
You still have a few loose ends to take care of, you need your homeowners insurance policy in effect for the day of closing, paid in full. This includes wind, flood and liability riders that are required by your lender. Also, you need to have your utilities turned on, especially if you are closing on Friday, (it's not cool to have no electric or water over the weekend). You can have your cable and security system turned on after you move in, but it pays to schedule this ahead of time, (because it's not cool to have no Wi Fi or TV for any length of time).
OK, you have everything ready, what now? Well, you need to do a final inspection of the home to be sure you are happy with the condition. If something does come up, we can have the builder put it in writing, as to how the problem will be taken care of, in a timely manner. This can be as small as a paint touch up, or a garage door opener that was somehow overlooked. This is the best process for this, since you still get possession of the home, and the items are usually taken care of that day, or very quickly there after.
It is wise to have the closing papers reviewed by an attorney, this can be done in advance of the actual signing, if the closing documents are provided for review. Don't sign anything that concerns you, until it is explained to your satisfaction. At the closing, you will receive a Title policy binder, insuring the property is yours and insuring against all prior claims by others. You also receive your home warranty papers that insure against any defects in materials and workmanship. The deed will be recorded and you will get a copy of this and your Title policy in the mail, in 4 to 6 weeks. Only thing left, is to get your keys, and shake everyone's hand.
There, that wasn't so hard was it? Just kidding, it is one of the most stressful things you will ever do.
But remember, a buyers agent can keep everything in perspective, you can yell at them, use them as a buffer between you and the builder and they can help you find answers throughout the process. We've seen it all, and don't hold anything against you.
One last thing, although buying a home is essentially the same throughout the United States, this blog is written with Florida in mind. Some items may be different in your State, but, contact a local buyers agent and they can update you on local laws and customs. To find a buyers agent, Google your local Realtor association and check their membership list for an agent near you.
If you have any questions, feel free to contact me, and I will be glad to answer them for you.
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