You’ve made it! You’ve found the perfect home, had your offer accepted, completed your inspection, and now it’s closing day and you’re ready to get the keys. One crucial thing to remember is that until you sign on the dotted line — anything can happen.
If you’re on the hunt for the perfect home, preparation — and patience — is key. On average, it takes anywhere from 30 days to 45 days to get to the closing table. However, this can vary drastically depending on whether you’re financing your purchase, your home location, and how smoothly the inspection and appraisal process goes. Once you get to your agreed closing date, you might think you’re in the clear, but there are still some important things to remember on closing day.
Set Up Your Utility Services Before Closing Day
No one wants to spend the first night in their new home with no power or water. On closing day, it’s important to contact your utility providers and make sure that the accounts have been transferred over. Although most sellers are courteous enough keep the utilities on until the day after closing, this isn’t always the case. Save yourself some hassle and be proactive when it comes to ensuring your new home has basic utilities.
Conduct Your Final Walkthrough On Closing Day
The final walkthrough is the last time you’ll get to ensure the home is in the same, or better, condition than it was when you agreed to buy it. Although you may be tempted to skip the final walkthrough, it’s crucial, and you should make every effort to attend it. Even if you respect and trust your real estate agent, it’s still a good idea to be there yourself and ensure everything is how you agreed it to be. This is especially important if you requested repairs to be completed by the seller. The final walkthrough allows you to inspect the repairs and make sure they’re what you asked for. If the seller has not completed the repairs to a standard you’re happy with, you shouldn’t go to the closing table.
Wire Your Closing Funds To Your Title Company
Most companies will ask you to wire your closing funds 24 hours before the days of closing. Giving the bank plenty of time to process the wire transfer, will help to ensure that the closing funds are ready for the sellers on the day of closing. If the funds haven’t cleared by the time it comes to transfer the deed, your closing will be held up. This can cause many additional problems, especially if you have movers on standby — which brings up to our next point!
Update Your Movers
If you’re coordinating movers to help transition into your new home, it’s crucial you communicate with them about new developments. Unfortunately, closings can sometimes be delayed. Because movers run a tight schedule, even a delay of just a few hours could be problematic. To avoid costing yourself any extra money, or worse — having to put your belongings in storage — it’s important that you keep your movers informed about your plans.
Ensure Your Paperwork Is In Order
When you get to the closing table, there are a few things you should have ready. The first vital documents you’ll need are two forms of photographic identification, such as your passport and driving license. If you’re financing your purchase, you’ll also need valid homeowners insurance for your lender. If you do not have valid home insurance, your lender will delay your loan until your home is adequately insured.
There are many moving parts that need to be coordinated to ensure a smooth closing. If there’s anything you’re unsure of or questions you have, be sure to ask your real estate agent or lender. Real estate professionals can help guide you through the sales process, so you can focus on your new adventure!