When you find a home

You have just found the home of your dreams, you are now under contract… what in the world happens next?

Now the work truly begins… below are the steps that need to occur before closing. Rely on your Realtor for guidance and referrals in order to ensure a smooth process:

  1. Make formal application for your loan if you will be getting a Mortgage.
  2. Arrange the Home, Pest, and Radon Inspection – these are Buyer’s expenses that are typically paid upfront. Ask your Realtor for help.
  3. Negotiate Repairs if any found on inspection – negotiations will occur through the Realtor on behalf of the Clients.
  4. Appraisal – this will be ordered by your Lender, and is a Buyer’s expense that is often paid upfront. If you are paying cash for your home, it is your option to get the appraisal. I support having properties appraised simply for peace of mind.
  5. TIME IS OF THE ESSENCE: the contract has several crucial dates that must be met; your Realtor will track these closely for you to make this a smooth process. Please be sure to respond to your Realtor in a timely fashion to meet these deadlines.
  6. Hire a Closing Attorney who will handle the title search, title insurance, deed transfer, the settlement statement and more… they will need a copy of Sales Contract.
  7. Purchase Home Owners Insurance – Closing Attorney and Lender will need a proof of insurance.
  8. Measure the fuel in the tank (if one is on premises) – Sellers responsibility, Buyer will pay Seller for the fuel at the closing.
  9. Property Taxes – these are prorated depending on the time of year. If the Seller has already paid the taxes, then the Buyer will owe the Seller the prorated amount at closing. If the taxes have not been paid then the Seller will pay the Buyer the prorated amount at closing, and then when the tax bill comes the Buyer will pay the entire bill.
  10. Before closing your Realtor will go over your settlement statement with you so you will have a full understanding of who pays what to whom.
  11. At the closing you will need a certified check, and your driver’s license and/or photo ID.
  12. If you can’t be at your closing you may appoint a Power of Attorney, or do a Mail Away Closing. Please consult your Realtor to help you though the process.