5 Things You Must Do Before Closing And Moving Into Your New Home

You’re finally closing on your first home, and you couldn’t be happier! However, home buying is a complex process, and the following five home buying tips can help ensure that you don’t encounter any unpleasant surprises.

1. Make sure that all of your financing is in order!

This may sound obvious, but it’s very easy to miss a text or an email notifying you that you need additional documentation or another face-to-face with someone. A quick text or phone call to your lender can eliminate needless delays or disappointments, especially those that can cost you money, like missing a deadline. Mortgages must go through underwriters who will verify your credit rating, the appraisal on your home, the veracity of your claims, and your financial portfolio. Any of these can require additional proof, so it’s best to check on them periodically.

2. Check with the title company to verify that the title to your property is clear.

When you purchase a home, you take title to the building and land. A title company checks the property’s history to either uncover liens or other claims to the property or to ensure that the property is free of encumbrances. This is vital! Otherwise, after you take the title, you may be surprised to learn that someone is owed money on it or that you don’t have a clear title. The title company is similar to an insurance policy because they assume liability for items that they missed in their search.

3. Verify that all of your contingencies have been satisfied.

A contingency is an item that must be completed in order for the deal to be completed. Usually, contingencies include items such as a home inspection, an appraisal, or financing approval, but it can include other items. Make sure that all are completed before closing day.

4. Do a final walk-through on the property.

Things happen. The day before you’re scheduled to close, or as close to that date as possible, you and your realtor should do a final walk-through on the property. Be sure to have your phone or a camera so that you can provide documentation of issues, such as the seller still living in the house, vandalism by the seller or others, and so forth. You want to ensure that the home you thought you were buying is the home that you’ll be getting when escrow closes.

5. Make sure you have all closing documents and review their disclosures.

Your closing disclosure precisely details your mortgage payments, the term of the mortgage, the length and duration of the loan, and any fees that you’re paying. Fees can range from 2 to 7 percent of your loan, so be sure they’re accurate. If not, bring them to the attention of your lender before you sign the documents.

You’ll need to take the following documents to your appointment to close escrow.

• Government-issued ID
• Proof of insurance for your new home
• Your contract with the seller
• Home inspection reports
• Anyone who is on the mortgage with you, since they’ll be liable also
• Loan approval paperwork

If you’re interested in buying a home in Tampa, there are many homes for sale in Tampa, so contact your nearest realtor and get started on your journey to homeownership.