From Contract to Closing
You’ve done it! You have written an offer and it has been accepted. Now what? There are still several very important steps before you can call the house your home.
Meet With Your Lender
Now is the time to actually meet with your lender and fill out the paperwork for your loan. Make sure to call your lender in advance to see what documents they may require. You may have to pay for your appraisal and loan fee up front, but check with your lender. You Realtor® will make sure they have the necessary paperwork from the purchase as well as contact numbers for the other parties in the transaction.
Have a Home Inspection
For your own protection, have a thorough home inspection done by a licensed home inspector. They will scrutinize the house from top to bottom checking things like the roof, foundation, electrical systems, plumbing, HVAC, etc. This is different from an appraisal. An appraiser will look at the house for the bank to make sure it is worth the amount of the loan. A home inspector works for you to make sure the home has no major defects before you buy. If a defect is found, you have the right to request that the owners make certain repairs. Your Realtor® will be able to advise you on the procedure for writing up an inspection addendum requesting repairs.
Final Walkthrough
Either the day of closing or a few days before you should do a final walkthrough of the home to make sure any requested repairs have been done and that the home has been left in reasonable condition, as stated in your contract.
Utilities
Don’t forget to have the utilities transferred into your name before closing. You need to call about 2 weeks prior to closing and set the date to have them turned on.
Closing
The day of closing, the settlement office should call you with an amount of your closing costs. You will need to bring this with you in the form of a cashiers check or money order. Your closing agent will walk you through the necessary papers you need to sign and at the end you will be handed your new house keys!
Meet With Your Lender
Now is the time to actually meet with your lender and fill out the paperwork for your loan. Make sure to call your lender in advance to see what documents they may require. You may have to pay for your appraisal and loan fee up front, but check with your lender. You Realtor® will make sure they have the necessary paperwork from the purchase as well as contact numbers for the other parties in the transaction.
Have a Home Inspection
For your own protection, have a thorough home inspection done by a licensed home inspector. They will scrutinize the house from top to bottom checking things like the roof, foundation, electrical systems, plumbing, HVAC, etc. This is different from an appraisal. An appraiser will look at the house for the bank to make sure it is worth the amount of the loan. A home inspector works for you to make sure the home has no major defects before you buy. If a defect is found, you have the right to request that the owners make certain repairs. Your Realtor® will be able to advise you on the procedure for writing up an inspection addendum requesting repairs.
Final Walkthrough
Either the day of closing or a few days before you should do a final walkthrough of the home to make sure any requested repairs have been done and that the home has been left in reasonable condition, as stated in your contract.
Utilities
Don’t forget to have the utilities transferred into your name before closing. You need to call about 2 weeks prior to closing and set the date to have them turned on.
Closing
The day of closing, the settlement office should call you with an amount of your closing costs. You will need to bring this with you in the form of a cashiers check or money order. Your closing agent will walk you through the necessary papers you need to sign and at the end you will be handed your new house keys!