Closing Checklist

BUYER Closing Checklist

So your loan has been approved and your closing has been scheduled.  What’s next?

• PAID HOME INSURANCE POLICY – You will need a one year prepaid home insurance policy to close. Arrange insurance coverage to take effect on closing. Be sure the insurance agent provides your lawyer and your lender with written confirmation before closing, showing the name of the insuring company, the amount of coverage, its expiration date and the name of any lenders in the loss payable clause. Coverage should be for the full insurable value of the building only (not the land), on a replacement cost basis.
• UTILITIES –  Contact the water, electric, garbage and gas departments to set up your accounts.  I will send you a utility sheet to help you with this task once your closing is scheduled.
• FINANCES – the day before closing you will be given final numbers. This is the amount you will bring with you to the closing.
• FINAL WALK THROUGH – The day before or the morning of your closing we will do a final walk through of your new home.  This is to confirm that all items that were to be removed have been, that all items that were to stay are still there, and that nothing was damaged when the sellers were moving out.  If there is some problem I will photograph it and we will have your attorney address it at the closing table.
• CONGRATUALTIONS – The closing will take 1-2 hours.  When the closing is complete you will be given the keys – the home is yours!

EXTRA TIPS for MOVING

• Plan ahead, giving yourself time to de-clutter and pack up each room. One option would be to rent a pod for your driveway, in order to move things out of your home slowly.
• If you are moving out of state, the website protectyourmove.gov, will give you a list of licensed movers along with expert advice.
• There are many types of moving services out there, offering as little as a truck rental, to as full service as packing up everything for you, and setting it all up in your new home. The cost can range from $20/day for a truck rental plus gas, to at least $1000 for a full service move across town. You can save money by avoiding the summer months, or by moving in the middle of the month.
• The flyer below offers helpful questions to ask while interviewing moving companies.

Post-Closing Checklist

So now you have closed and the home is yours. What should you do first?

Change the locks or have a locksmith re-key them. Organize your closing papers – set aside the names and addresses, payment dates, account numbers and amounts you have to pay for your mortgage, taxes, condo maintenance and utility charges. You will receive payment books from most – but you may not receive them before your first payments are due. Create your change of address notification list, including: The post office Employers Doctor and dentist offices Benefit providers Magazine subscriptions Auto and home insurance Change your driver’s license and your registration information with the Department of Motor Vehicles. Failing to do so could incur a fine. Have a house warming party and invite your Realtor!