When you purchase a home, there are many things that must be done. If you are a first time home buyer, you may want to use the list below to walk you through your transaction.
Before the Closing:
• Make sure your Realtor gave the executed purchase contract to the title company and your lender.
• Make sure your lender has a loan application from you.
• Inspections on the property must be performed during the Option Period.
What is Required at the Closing:
• Cashier’s check payable to the title company. The title company must have your mortgage company’s closing instructions to prepare the Settlement Statement (HUD) and cannot give you a figure prior to receiving the closing instructions.
• Bring your driver’s license or other picture identification with you to closing.
• Ask for keys, garage door opener controls, mail box keys, and other security cards or access cards.
Things That Can Cause Closing Delays:
• If you want to examine your loan documents, make sure to request that the mortgage company provide the documents to the title company at least one day early so that you may have a copy for review. The title company will send a title commitment to you prior to closing for your review.
• If you will not be present at closing to sign documents and intend to use a Power of Attorney, the following MUST occur:
o The title company must approve the Power of Attorney prior to closing;
o Your lender must approve it prior to closing;
o The original Power of Attorney must be delivered at closing for recording with the County Clerk;
o The title company must do an alive and well call on the day of closing to confirm you alive and agreeable to the transaction.