Once You Sign on the Dotted Line…
The Final Steps Between Contract to Closing.
Congratulations! You’ve made an offer on the
home of your dreams – and in a few short weeks,
you’ll be moving in. The following are a few things
that take place from contract to closing.
RIGHT TO INSPECTIONS
As the buyer, it’s important to know that any
inspections are at your expense. They must be
performed within the timeframe stated in the
contract unless otherwise agreed upon. You
and/or a representative may be present
at any inspections.
FINAL “WALK-THROUGH”
You are entitled to a final inspection of
the property, within 48 hours of closing,
arranged with the seller’s permission. This
is an opportunity for you to be assured the
property is in the same condition it was at the
time of the purchase contract and that any
required repairs have been completed.
CLOSING STATEMENTS
The attorneys will notify their respective
clients of the monies needed (if necessary)
for the closing and will provide a
breakdown of distribution of funds.
UTILITY ACTIVATION/TERMINATION
Once the closing date has been confirmed,
you must make arrangements for the
utilities to be transferred into your name,
effective on the closing date. These include
gas, electric, water, cable, etc.
ATTORNEY APPROVAL PERIOD
The signed contract is submitted to your
attorney, the seller’s attorney and/or the
seller for review. Approval or disapproval
must be in writing by the agreed
upon date.
MORTGAGE APPLICATION AND COMMITMENT
Upon contract acceptance, you must immediately
begin the mortgage process. You have until a
specified date to receive a written mortgage
commitment from your bank. The appraisal and
credit report will be ordered at application – and
your lender will advise you on any additional
paperwork you’ll need to supply. Timing is essential.
CLOSING DATE
The closing date specified in the contract
isn’t always definite due to scheduling with
banks and attorneys. Other delays may
happen, so a target closing date is an “on
or about” date. Please note that attorneys
set the closing date.
HOMEOWNERS INSURANCE
After mortgage commitment and prior to
closing, you should provide your insurance
agent/company with information about your
new property. Most lenders require a proof of
a one-year paid policy binder. Please refer to
your mortgage commitment
letter for details.
POSSESSION
You’ll receive keys to your new home
upon closing, unless other arrangements
have been made.
HAVE QUESTIONS? Please don’t hesitate to ask me!