Almost There… Pre-Closing Details for Buyers

The “Love Buying Your Home” series will take you step-by-step through the entire home-buying process — from finding a buyer’s agent to settlement day, and even to maintaining your home after you’re all moved in. Every first-time buyer will find this information-packed series easy to follow and understand. Make sure to tune in for the next few weeks!

You’re almost a homeowner but have a few more details to handle before the big day. As a buyer, ensuring a smooth transition to becoming a homeowner should be set in motion well before you sit down with the sellers that day.

Here’s a handy breakdown with your pre-closing to-do’s. That way you’re all prepared for when your settlement day arrives. 

Pre-Closing

You’re moving in to a new home so you want to make sure it’s all ready for you and your family. Now is a good time to get certain appointments booked and accounts set up.

• Connect your utilities— You don’t want to move in without any power turned on! Get in touch with the electric company (such as Rocky Mountain Power, Dominion Energy, your city..etc) to set up your new accounts. You can sometimes arrange a transfer prior to the sellers closing their account, and you will avoid a re-connect fee.

You’ll want to set up all of your accounts to start on the day of your settlement, no later, even if you aren’t moving in that day.  The seller will be turning off all the utilities in their name as of the day of settlement, so to avoid any connectivity issues or fees, it’s recommended to put all the utilities in your name on the same day.

You can get cable and internet service at a later date (if you can survive for a bit!).  However, you can schedule your appointments now for a convenient date.

• Contact your insurance company—I will make sure that your homeowners/hazard insurance begins on the date of settlement once you choose your insurance provider.  You pay for the first full year at settlement, so no need to pay anything prior.
• Consider a Home Warranty—You will typically decide this when we write your purchase offer.  The idea is that if something breaks, you would call the home warranty company to repair or replace it. You want to think of this like a supplement for your homeowner’s insurance policy. It can cover items like your HVAC or Water Heater, and even re-keying the home for example.

Get Ready for Closing Day

When the big day arrives, you want to make sure you have everything you need, including any necessary funds. Don’t be rushing around at the last minute, so read over the list below carefully.

• What to bring to settlement— Bring your driver’s license. Most title companies require you to wire your funds for closing. Wire fraud issues are common, so it is extremely important that you confirm the wiring instructions with the title company directly before sending any funds. You will get the wire instructions IN PERSON at closing, so don’t be wiring any money to anyone before closing.

Obtain a copy of your Closing Disclosure’s. This form lists all final terms of the loan you’ve selected, final closing costs, and the details of who pays and who receives money at closing. You will receive a copy of your Closing Disclosure at least three business days before closing.

• Final walk-through— You will meet your realtor at your new home for the walk-through. This is usually scheduled just prior to the actual closing. This is our opportunity to inspect the home and its condition right before taking ownership. It also enables you to confirm that any items that you and the seller have agreed to remain or convey are there.

This is an exciting time since you’re almost in your new home.  After these little details are done, you can put a big red check mark next to each item.  That always feels so good.  Then it’s time to head to settlement! 

Keep coming back here each and every week to learn more about the home buying process and reach out to me through email at mccall@youragentmccall.com anytime with questions about how what you are learning applies to YOUR specific situation.  Just like every real estate agent is unique, so is every buyer and I’d love to help you apply what you are learning in this series to YOUR home buying plans.