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Step 6: The Closing

Pre-closing responsibilities can sneak up on you quickly. We consider a big part of our responsibility to you as your realtor to make sure you are prepared for all that could occur. Some areas of concern were reviewed in the due diligence page, but there are many more:

o Communication is the biggest key. Make sure you are in constant communication with your lender and us. Return all phone calls and reply to all emails as timely as possible. This cannot be stressed highly enough. Don’t ever assume something is done, make sure it is done or being worked on and will be addressed promptly.
o Control your purchases until closing. If you go spend significant money on things for your new house prior to closing, it could totally ruin your chance to purchase it. Check with your financial institution during this time before buying anything substantial.
o Make sure your homeowner’s insurance policy goes into effect on the date of closing.
o Schedule any utility transfers – electric, gas, water, sewer, etc. You don’t want any of these things to get shut off by the seller and not have them function properly for you after closing.
o Request certified funds from your bank that you will need to bring to the closing. Do this several days ahead of time.
o The bank will require you to purchase title insurance. Title insurance is defined as a policy issued by an insurance company guaranteeing that the title to a parcel of real property is clear and properly in the name of the title owner, and that the owner has the right to deed the property (convey or sell) to another. Should a problem later arise with the title (such as an inaccurate description), the insurance company will pay the damages to the new title holder or secured lender, or take steps to correct the problem.

If you have all the pre-closing items together, then on the day of closing you can use the following protocol:

o Conduct a walk-through with your realtor to verify the condition of the house is the same as when placed under contract.
o Know the location of the closing. You want to eliminate any dynamics. If it is a title company, have directions in hand.
o Please remember to bring photo identification, certified funds, a copy of your insurance policy, and any other documents requested by the lender when you arrive.
o Usually the title company rep will go through the entire closing document paperwork with you. Listen and pay attention, you are signing them and you need to understand what they require of you. Ask questions if you need to know more about a particular form.
o Get your keys and have a game plan on when you should move in.

Once you have closed on your home, it is now your investment and you need to pay special attention to maintaining it properly. We will be happy to provide advice and/or referrals for local businesses in your area to perform certain services you may require.

Congratulations on purchasing your property. There is great responsibility in owning your own home and with it comes rewards. The benefits include:

o Potential long-term appreciation of the property
o Each principle portion of the mortgage payment builds equity
o Certain tax deductions for property taxes and/or interest paid on the loan
o Freedom to make changes in your home such as remodeling, having things repaired by vendors of your choosing, or possibly even doing an addition onto your house

There are numerous issues that need to be addressed when purchasing a piece of real estate. Many points were covered in this step by step guide on our website. The most important thing to take from all of this information is that a licensed realtor from Win Win is ready, willing, and able to help you navigate through the entire process from start to finish.

Call us today to setup an appointment.

STEP 1: Buy vs. Rent

STEP 2: Price Point

STEP 3: The Search

STEP 4: The Offer

STEP 5: Due Diligence

STEP 6: The Closing

 Download full guide here

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