Pre Closing Details
Final walkthrough
Once the inspections issues have been taken care of and the closing has been scheduled, we will take the opportunity to go back to the home one more time (usually 1-2 days before closing) to make sure that you are satisfied with everything. There are a few things that we need to aware of, they are as follows;
· The Sellers have properly vacated and cleaned the home.
· The Sellers have made all repairs noted on the inspection response
· All utilities are still on and working properly
· Any last minute measurements that need to be taken
The Final Walkthrough should only take about 30 minute or so. Generally we can do the walkthrough 45 minutes before actual closing time.
Settlement statement
Your loan company will send the loan package with the final closing instructions to the title company immediately prior to closing. Hopefully this is at least a day before closing so that the title company can ‘massage the numbers’ and give us the exact amount of funds needed for closing. Unfortunately, the loan package often arrives the day of closing.
Examining final figures
Your lender and I will get a copy of the final “Settlement Statement” about a day or so in advance of the closing. The “Settlement Statement” will be a breakdown of all the fees, credits, and mortgage information, in regards to the purchase of your new home. This statement will also give you a final dollar figure of what you will need for closing or what dollar figure you will receive at closing. (Note: If you owe money at closing, you will need to bring a certified check from your bank.)
Either your lender or I will explain these figures to you in detail and let you know if there are any issues to be concerned with. Once we are good on the numbers, we should be ready to close!
Homeowner’s Insurance
Most of the time, the bank owns the majority of your home. They want to make sure that if anything were to happen to the home (a fire, etc), that their interests would be protected by insurance. So, they require that you have insurance on your home at all times. In fact, they go so far as to have you prepay for one year of insurance upfront, pay a couple of extra months at closing, and pay a month of insurance with each monthly mortgage payment. That makes sure that when the policy is due again a year after closing, there is enough money in your escrow account to make the payment. This portion of the transaction does take a little coordination. You will want to work with your lender to either send a paid receipt (for the first year) to them prior to closing or arrange for the first year of homeowner’s insurance to be paid on the closing statement.
Title Insurance
A copy of the proposed title insurance binder reflecting the legal status of the real estate parcel and the improvement location survey will be forwarded with your info and reviewed as soon as I receive them. Be sure to review them and give me a call if you have questions.
Approximately 6-8 weeks after closing the title company will send you the actual title policy guaranteeing title in your name. This policy should reflect the change of ownership, the elimination of the Seller’s mortgage and the notification of your new mortgage. Usually the original copy of the recorded deed is included. Please keep the title policy with the other closing documents in your Closing Booklet that I will provide you at closing. You may be eligible for future discounts on title insurance if you should sell or re-finance in the next few years.
Other Contingencies
Sometimes there may be a need to write in an additional contingency into the purchase agreement under further conditions. For example, if you really want to write an offer but you also want someone else to look at the home who isn’t available immediately (could be a contractor to provide a ballpark quote for an addition or even a loved one to offer their opinion). In these cases, we usually try to remove those contingencies within 24 – 72 hours of purchase agreement acceptance.
Utility Transfer
The Seller should keep the utilities on in their name until closing or possession is delivered. The final date will be discussed at closing unless the property is already vacant or if you are to receive possession at closing. You should contact the utility companies to begin your services simultaneously with the date the Seller obtains the final meter readings.
Alternately, you can have Tucker’s Home-Link service make the utility transfers for you. Please let me know if this is something you wish to consider. The next page goes into a little more detail about the Home-Link program.
Don’t forget to consider phone, cable, and security providers as these services sometimes have large lead times.
F. C. Tucker Home-Link
The F.C. Tucker Company has a service called Home-Link that can help you with your utilities as well as any other home-related tasks. They are located in the Corporate Tucker office and can be reached at: 317-472-2600. I can sign you up for this wonderful new service when we first start looking at new homes.
When buying or selling a home, no one can serve you better than home-link, F.C. Tucker’s home services network
Your dedicated PERSONAL SERVICE COORDINATOR will work with you to provide the information and services you need before, during and after you move!
Through F.C. Tuckers Home-Link, you will receive savings and a higher level of service for a variety of requests including:
Phone/Internet/TV Services Flooring
Roofing & Siding Plumbing
Moving Companies Carpentry
Security System Windows & Doors
General Contractor Electrician
Lawn Care/Landscaping Remodeling
Painter Window Treatments
Heating & Cooling Utility Transfers
Carpet Cleaners Over 200 Additional Services