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When it is time to close on the home, do a final
walk through one day beforehand to confirm that everything is in
order and any agreed upon items were left in the home. Also, make
sure mechanical systems are in working order. If there is an issue
that has not been repaired or is not in proper form, before closing
is the time to have it corrected.
Next, have all utilities transferred to your name, and get a cashier’s
check at your bank for the remaining balance of down payment and
any closing costs, if necessary.
Closing costs usually are equivalent to about 2
to 8 percent of the home’s selling price. Typically closing
costs are paid in cash, however, sometimes it is possible to pay
with a certified check or have closing costs added to your total
loan amount if your lender agrees. If you do have closing costs
added to your total loan amount, they become part of your mortgage
and are included as part of your monthly mortgage payments.
On the day of the closing you will: Meet with
your Realtor®, the seller, the seller’s Realtor®,
and a title company closer or lawyer to sign all of the documents,
Pay the remaining balance of the down payment and/or final closing
costs, if necessary, and Receive the keys to your new home. Once
you and the seller have signed the last document, ownership is transferred
into the buyer’s name and the buyer is now the legal owner
of the home!
Schedule Your “To Do” List
Do Week of Closing:
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Complete change of address forms.
You can find change of address forms at your local post office.
Remember to change your voter's registration as well.
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Call current utility companies.
Inform the company of your moving however, do not have the utilities
turned off until Inform the company you are moving, but do not
have the utilities turned off until you know the exact date
you will be closing and moving, in case there are any unforeseen
delays.
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Transfer utilities for new home into your name.
Find out from the seller which companies serve the home, and
call to have accounts transferred into your name.
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Schedule walk through inspection.
Make sure to walk through the home 24 hours prior to the closing.
If contingencies, such as repairs, have not been met, or if
anything has disappeared from the home that was agreed upon
to be left behind, the seller has broken the contract and you
do not have to close until the contract is made just.
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Collect cash for closing.
Before stepping into the closing, make sure that all monies
needed are in your bank account. If there are any discrepancies,
call your bank, because online deposits may not show up until
24 to 48 hours later.
Do Day of Closing:
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Bring cash for closing costs.
Closing costs may be accepted in different forms, but cash is
usually preferred.
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Bring certified check for down payment.
A certified check is required to pay any of the remaining balance
on your down payment.
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Get copies of important documents.
You should receive copies of all documents you've signed. You
will want to keep important documents, such as purchase agreements
and closing papers, etc., on file.
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Take your checkbook.
It is always a good idea to take your checkbook in case any
unexpected costs arise. They may be minimal, but they do pop
up occasionally.
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