Getting Ready for the Move

A reminder of some of the things you will need prior to closing.

You can always call me if you have any questions about what needs to be done before your closing. I will be in touch to remind you about different items at the proper time. Please remember to bring your driver's license, check book, insurance binder and other state/federal issued identification as you head out for the closing. 

Before the closing the water company will be called by your attorney to provide a final meter reading.  The people below will stop or transfer service for you. 

Your Home Owners Insurance  

Before the closing you will call your insurance agent and have your policy started the date of the closing. Lenders typically want the first year’s premium be paid at or before closing. This is your dwelling coverage (which protects your actual house against fire, theft, weather damage, and other hazards).  Flood insurance may be required by your lender. Most homebuyers also purchase personal liability insurance (in case someone is injured on your property) and personal property coverage (which covers loss and damage to personal property due to theft and other events). Your lender may add the insurance cost to your monthly mortgage payments and keep this portion of your payments in an escrow account (or reserve). Then, the lender pays the insurance bill when it is due each year. At this time it might be helpful to also speak with your insurance agent about having the contents of your property insured during your move. 

The Pre-Closing Inspection  

As the buyer, you will want to do a walkthrough prior to closing. You will want to see if any repairs you previously agreed to have been completed by the seller and ensure the property is in the same general condition as when you first contracted to purchase the home.  As seller, you could pick a drawer in your kitchen for all those owner manuals, remotes, and other small items you'll be leaving for the new owner.

Your Attorney

Buyers and sellers should have their own attorneys from the beginning, not just at closing. In addition to reviewing the contract and assisting you with its contingencies your attorney will prepare the paper work for the closing.                                   

If there is need for further negotiations, it is easier if both the seller and buyer to have a lawyer. Remember it is also very hard to negotiate and represent yourself in emotional situations when you sell or buy a home.

At the closing, problems may arise concerning issues discovered at the final walk-through inspection. By having your own attorney, those issues can be immediately resolved and you will get the home which was promised to you.

Title search

You need to make sure a title search on the property has been made and you have obtained title insurance before the closing meeting. A title search is required to prevent fraudulent sales. Lenders want to be sure that the seller is indeed the owner of the property. The title search also attempts to uncover any liens (legal claims against a property on the title). Any claims against the property must be paid before (or often at) closing. Title insurance is required as further assurance the seller is giving you a “marketable title.” A lender’s policy protects the lender in the event a flaw in the title is detected after the property has been bought. The owner’s policy protects you. You may consider both types of policies.

At the closing

The Closing (or settlement) is the process that passes ownership of a property from seller to purchaser. Going to settlement on a new home can be bewildering. Homebuyers (the lucky sellers have slightly less paper work) are usually required to sign a seemingly endless pile of documents.

After the move -- Congratulations!!  As a new homeowner, now is the time to enjoy your home and the neighborhood.  Meet the neighbors and join the community activities which interest you. During your home inspection you may very well have discovered helpful information on caring and maintaining for your home. For most of us, real estate is our most precious and costly investment. 

Remember as you continue to maintain and improve your house, you will preserve and increase you home's future real estate value.