Buyer's Checklist (once you're under contract) - Delaware

By
Real Estate Agent with RE/Max Associates DE#R1-0003085 PA#RS347136
https://activerain.com/droplet/5bkr

Buyer’s checklist for Settlement (once you're under contract in Delaware):

If you’re purchasing real estate and you’re under contract, Congratulations!

This checklist is designed to help you successfully get to Settlement here in Delaware.

checklist

o  Make a list of the dates in the contract for all the things that need to be accomplished. It's your responsibility as the Buyer to do what you agreed to do.

o  Make Formal application for your mortgage within the time frame noted on the contract. You’ll pay the application fee which covers the cost of the appraisal.

oSecure the services of a Real Estate Attorney who will conduct the Settlement.

o  Inspections. Which inspections did you secure the right to perform on the property? Home, Wood Destroying Insect, Radon, Septic, Well, Pool, Stucco? Check with your REALTOR about the process to set these up and make sure they’re completed by the dates noted in the contract. You should attend the Home Inspection. Hopefully, your REALTOR will attend it with you. I always do. It will take approximately 2-3 hours, depending on the size of the property.  You will pay for the Inspections at the time they are performed.

oContact your homeowner’s insurance company and get a binder issued for the new policy. They may charge for this now OR they may offset the cost of the binder until Settlement. When you have the binder, furnish the information to your settlement attorney.

oContact the utility company for your area to get utilities turned on in your name at the new property, effective as of the date of Settlement.

oIf oil or propane heat, contact a company to arrange a contract for fuel and possibly a related service plan for the heater. Ask your home inspector about the benefits of service plans for your particular system.

oContact the phone company for phone service and a phone book.

oContact a cable company or verizon or direct tv or a satellite company to connect your television service, if desired.

oContact Post Office for change of address kit.

oContact a locksmith to have the locks changed after Settlement. You never know who has keys to your new house.

oIf you haven’t done so already, schedule an appointment with your tax advisor, personnel office or financial consultant, as your purchase affects your tax picture. Give your tax preparer/advisor a copy of your closing statement (HUD-1) after Settlement. They can advise strategies for your withholdings and taxes.

oArrange for movers. The property is yours to move into as soon as settlement occurs, unless another agreement has been reached between you and the Seller.

oArrange for a trash service, where applicable. Be aware that you are not able to put yard waste out with your regular trash in New Castle County, DE if your trash service dumps their trash at Cherry Island landfill. You have choices and options, including trash, yard waste and recycling. If you are buying in the City of Wilmington or other municipality, check with your town/city for their trash procedure.

o  In Delaware, your Settlement attorney will arrange for survey, will have water and sewer service turned over to your name, and will secure a title company. You are offered a choice of Owner’s or Lender’s Title Insurance. The difference in cost between the two policies is only about one dollar per thousand dollars of the price of the home. Consult your attorney, but Owner’s is the best protection for YOU personally.

If you need permanent stakes placed at the edges of the property, you will need to inform the attorney and... there will be an extra fee for that (approximately $75 per stake)

The attorney will inform you, based upon information in the survey, if there are any infringements upon the property (easements, sheds, fences, garages, etc.) that may adversely affect your ownership. The survey is generally not produced until a few days prior to Settlement. If you have any concerns or questions, please make sure the attorney is aware of them.

o  Contact the Settlement Attorney or your loan officer the week of Settlement to verify the amount of money you'll need to bring to Settlement. Bring the money in the form of certified funds, along with your Driver's License. 

Any questions as you go through the process... call your REALTOR. 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Delaware
Tags:
inspections
settlement
buyer checklist

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
912,600
John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

Monica, these are all must-do items, and great reasons to use your services when buying a home in Delaware.  This kind of knowledge saves a buyer from both headache and unpleasant surprises.

Jan 27, 2014 01:57 PM #1
Rainer
248,000
Gerard Gilbers
Higher Authority Markeing - Asheboro, NC
Your Marketing Master

This is a great list of items that must be done. Written out in a checklist form like this will help make sure everything gets done properly.

Jan 27, 2014 02:13 PM #2
Rainmaker
249,570
Monica Hill
RE/Max Associates - Wilmington, DE
the REALTOR to help you discover Delaware

John, thanks. I like to get ducks in a row.

Gerard, I'm a list girl. I find this helps to set expectations. I also have a list of Buyer's Rights that I got from our local Board that's really helpful. Thanks!

Jan 27, 2014 08:50 PM #3
Rainmaker
861,225
Gabrielle Kamahele Rhind
KGC Properties LLC, Tucson Property Management & Real Estate - Tucson, AZ
Broker/Owner

GOOD MORNING MONICA ... what a nice list!

Jan 28, 2014 11:31 PM #4
Rainmaker
249,570
Monica Hill
RE/Max Associates - Wilmington, DE
the REALTOR to help you discover Delaware

Gabrielle - If it helps, feel free to use it!

Jan 29, 2014 12:52 AM #5
Rainmaker
3,100,748
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

What a great check list, many buyer do not know much of the hard work comes after the home is under contract. Thank you for your comment today.

Jan 29, 2014 01:00 AM #6
Rainmaker
249,570
Monica Hill
RE/Max Associates - Wilmington, DE
the REALTOR to help you discover Delaware

Scott, Thanks! Feel free to use it if it helps. And... you're welcome.

Jan 29, 2014 01:02 AM #7
Rainer
118,804
Kaye Swain
Keller Williams Real Estate Roseville CA - Roseville, CA
Your Roseville Real Estate Agent

Great checklist. Thank you for sharing it. 

Oct 29, 2014 09:44 AM #8
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
249,570

Monica Hill

the REALTOR to help you discover Delaware
Discover the difference in Delaware!
*
*
*
*
Spam prevention