We have provided you with the following guidelines to help ensure a smooth closing. Our goal is to give you plenty of time to handle all the matters listed below. Your purchase of a home is too important to relegate it to last minute decisions and reports; please plan ahead and help us to assist you in having a smooth and efficient closing. We look forward to working with you on this!
Inspect the property
If you are buying an existing house and you negotiated for the seller to make repairs to the house prior to settlement, you and your agent should inspect the property to confirm the seller has made said repairs to your satisfaction. We suggest you communicate with your real estate agent prior to closing to confirm that he/she is working with the listing agent (who represents the seller) to confirm the seller is on target to complete the repairs prior to settlement so there so you are satisfied the work is done timely.
Complete all reports
If you are buying an existing house, you should order a termite report of the property within three to four weeks of closing. Immediately after you receive the termite report, submit it to our office and your lender. If you are buying property in a rural area, you will likely need a well/septic report or a community water report from your lender. You should order this report at the time you order the termite report. Please send these reports together with the bills for these services to our office at your earliest convenience.
If you are building a house, you are encouraged to retain the services of a professional engineer or licensed general contractor who will work for you as a home inspector. This person should be in a neutral position (i.e., not affiliated with your builder) who can periodically inspect the construction and advise you of the quality and the progress of the work. Preferably, you will have advised your builder/seller at the time of contracting of your intention to retain such an inspector.
Comply with the lender
If you have not already done so, obtain a written list of all conditions your lender will require from you for loan approval. Promptly comply with all of your lender’s requirements and hand-deliver all documentation to your loan officer. Keep copies of all that you deliver to your loan officer as well as a cover sheet that documents the date and the items delivered.
One week before closing, have your insurance agent deliver a homeowner’s (also known as hazard insurance) policy to this office. Ask your lender/loan officer how much coverage your loan will require and how the mortgage clause of your policy should read.
Give advanced notice
If you or any of your co-borrowers or buyers cannot attend closing, please advise this office and your lender at least one week prior to closing. The buyers who cannot attend a closing will be required to execute a power of attorney which designates someone who can attend closing to sign on the absent buyer’s behalf.
For end of the month closings
Please be aware that most closings are, by popular demand, scheduled for the end of the month. Please be advised that if your closing is scheduled for the end of the month, our ability to serve you is inhibited by the high volume of demand made by all of those wishing to close at that time. We ask your patience and consideration of others at this peak time. We would be delighted if you would prefer to close at another time in the month. Please notify us if you would like to reschedule for another time.