A Buyer’s Checklist: Everything you need for closing

Closing on a new house is exciting. The more prepared you are for this critical moment, the less stressful it will be. This checklist will help you be ready for everything. The most crucial step is to review the house and ensure no surprises. You should also bear in mind how much money you will need at closing and when your mortgage payments will start. You need to know these things so you can put enough money aside for them before the closing date deadline arrives. Here is a checklist of what you should bring to closing day.

1. Professional Representation

You need to have the services of a real estate agent (or even two!), a lawyer, and a notary to help with the sale at closing. You can also use an inspector to check the house for any problems. If you don’t trust the buyer, you may want to bring your inspector or doctor along. Also, you want a witness for the closing so everyone can ensure everything was done correctly. This will require an appointment ahead of time.

2. Insurance Information

You must bring along any insurance policies that you have on the house. This will be used to calculate how much money you must put down for a down payment and how much of your mortgage payment will be covered by an insurance loan that goes with it. If you need more insurance, it could mean not being able to get a loan or having to pay extra to cover the amount you need. It could also mean that you will need more money at closing for your down payment, and if this is the case, the deal probably won’t go through.

3. Hand Money for the Deposit

Hand money is what you’ll need to cover your down payment, so you have enough money left to get a mortgage loan. You should bring cash or certified funds in the amount that you need for your down payment. The closing officer will ask how much you have with you, and if you don’t have enough money, they may ask to see some more. Don’t panic – keep calm and talk to your real estate agent or lawyer first. If your down payment is inadequate, the buyer will probably offer to add more to get a loan approved. If they don’t, then the deal may not go through.

4. Land Survey

If you bought the house in a subdivision, you need to bring your survey of the property because it will have to be approved by the corporation at closing. If you own property with no subdivision, don’t worry about this – only bring a survey if necessary.

5. Mortgage Information

You can only close on the house once you have an approved mortgage. At the closing, your lender or loan servicer will provide you with a written statement of the mortgage amount, interest rate, and monthly payments for the new loan. Be sure to bring this information to closing so everything can be closed on time.

6. Cash for Closing Costs

If any costs still need to be discussed or that have yet to be paid for at another time, tell your real estate agent or lawyer about payment arrangements, if necessary, before closing day. Be sure to give them all this information so they can ensure it will work out in advance.

Are you ready to close on your dream home? Make sure you have everything you need before the big day! Contact me today if you have any questions about the closing process.