Now that you have a house under contract, or just looking ahead, here is list of things to keep in mind and what typically happens pre-closing.
Immediately Upon Acceptance of the Final Contract:
-
Order
a home inspection
- Consider also ordering wind mitigation report to save money on homeowner’s insurance.
- Order a Termite Clearance Letter (although no longer required, still recommended)
- Provide your lender with a copy of the contract and discuss locking in your interest rate (Remember: You will usually have five days from the date of the contract to apply for the mortgage loan, which is why it’s important to be pre-approved before you start looking for a home)
During the Home Inspection:
- Take any measurements for furniture, window treatments, appliances, etc. that you may need
- Take any photos of the house, if desired
- Ask the home inspector any questions you may have concerning the home’s condition or construction
One to Two weeks Following the Effective Date:
- Reserve a moving truck or schedule a moving service
- Schedule the closing date with the title company
- Notify lender to order appraisal
Two Weeks Before Closing Date:
- Contact insurance company to set up homeowner’s policy to be in effect day of closing
- Call lender and inquire if additional information is needed
- Get a change of address package from the post office and begin notification process
One Week Before Closing:
- Make contact with lender to ensure that closing date is on schedule
- Get directions to closing attorney’s office (Your agent will usually provide this information)
- Schedule utility transfers
Three Days Before Closing:
- Ask lender for final closing disclosure, new law requires that to be available 3 days before consummation, which is a new word for closing.
- Consider purchasing a Home Warranty and discuss benefits with your real estate agent
- Request all copies of the paperwork from the title company if you plan to read each one in detail, since there will not be time to read over everything at the closing itself
Day Before Closing:
- Conduct a walk-through to verify the condition of the house is the same as when placed under contract
- Be sure to double-check that inspection items have been addressed
- Get wire sent for closing
- Review the Closing Settlement to verify that the terms of the contract are correct
Day of Closing:
- Bring photo ID
- Bring copy of the wire receipt (recommended)
- Bring copy of insurance policy (recommended)
- Bring any additional documents requested by the lender