The House Closing Checklist
When you are buying your first house, the one part of the process that you learn to love the most is the finishing line. Buying a new house is exciting, but it can also be stressful. You don’t want anything to go wrong, but this process can fall through at pretty much every angle. You want to ensure that the closing process of a new home goes off without a hitch, and with the list below, you can ensure that you have a checklist to work from. Ready? Let’s go!
- All Contingencies. This is something you need to square away as early as possible, and it’s everything that you need to square away before the transaction of the house is an official one. You want this home to officially be yours, and some of the most common ones include the home inspection, the appraisal and the financing. All of these things are vital to the process, and you want to ensure that you get this right at the beginning of the move so that you can tick them off just before the move is complete. You should make sure that you budget for them all, including the conveyancer! Your contingencies need to be squared away ASAP so that you can move ahead with the move.
- Take The Title. When you buy a new house, you can establish your legal ownership by taking the title of the house. It’s a process confirmed with the land records that you get from public records, and you can protect yourself from any legal claims to the house. This can come from anyone, and you want to ensure that it doesn’t get sold out from under you. With the title in your name, you won’t have to worry about this. You can choose the title company that you use to help you with this, too.
- Get Approval. You need final mortgage approval before you can take the house to the table at last. You don’t want to get this far in the process only for your home loan to fail at the underwriting process. The mortgage broker should be able to help you with this, so make sure that you’re not doing this wrong!
- Look Over The Disclosure. You want to make sure that you thoroughly review your disclosure. You will need to have an official document that outlines your commitment and payments to the mortgage finance you’ve taken, and a breakdown of what all of those payments refer to. This is important if you want to make sure that you can match your terms and your paperwork together.
Walk Through Once More. Lastly, you want to walk through the house one more time to ensure that your sales contract is signed off and the house is officially yours. During this stage, you have to ensure that the previous owner and their stuff has all vacated the building, but this house is now yours and you can celebrate the close of your home.
