Finalizing documents after closing or signing is one of the most exciting and sometimes terrifying things in the buying process. However, there are some things you don’t want to miss when buying a home. Before grabbing the keys from your agent you want to make sure you do these five things, which most reputable real estate agents will verify ahead of time but it’s important to understand them on your own.
Here are 5 Things Buyers Must Do Before Moving In
#1. Make sure that all the contingencies have been satisfied.
Your agent, as long as they didn’t start yesterday, should walk you through all the different contingencies throughout the process. This means that your financing must go through, the sale of the previous house if applicable, your home inspection, and appraisal all need to be satisfied before you move in.
#2. Final walk-through.
If you had anything done during the home inspection, or even if you didn’t, a final walk-through is crucial to the buying process. The sellers legally have to leave the property similar to the last time you sought meeting they can’t trash the property when they move out. You also want to make sure that anything requested on the inspection report is completed. You need to verify that the home is in the condition agreed upon in the contract and if there are any issues that don’t match up with the contract, it’s better to take care of them now before you close on the property.
Related: How an Offer Gets Accepted
#3. Verify a clear title.
This is what title insurance is four and before you can take title to the property and establish legal ownership, your mortgage lender and title company will perform a title search. This means that they will cover everything from top to bottom to verify that the seller has the legal right to sell the property. While insurance covers any discrepancies if found later on, it’s important to get this cleared now.
#4. Final mortgage approval.
Before you can close you want to make sure that your mortgage has been finalized and approved. There are so many facets to a real estate transaction that we need to make sure everything lines up perfectly in order to close. This means your financing as well. The underwriter will check your final credit score, review the home appraisal, and ensure your financial legitimacy so that you can start making payments when your mortgage comes due.
#5. Gather items for final closing.
You’ll want to make sure that your closing disclosure or final settlement statement is accurate and everything is correct including your interest rates, loan terms, closing costs, how much you’re paying for the house, and any other details even including how your last name is spelled and that your address is correct. You’ll also need to bring certain documentation to closing such as proof of homeowners’ insurance, any home inspection reports, any additional documents that escrow is requesting and a government-issued photo ID.
Once all of these issues are satisfied you can sign the final documents and either that day or a couple of days later you will finally close and be handed the keys. You cannot get the keys and tell escrow closes the transaction and the deed is recorded with the county in which the property is located.
If you have other questions or would like to start the process of opening escrow on a new property in Tri-Valley area give me a call at any time.