When you close on a new home can be an exciting time but, before you get your hands on the keys, there are several important items that you need to take care of in order to better ensure that nothing in the process goes wrong.
In those last few days leading up to the closing, it may seem like there are a million and one things to do – but there are a few that should be moved directly up to the top of your list, such as:
Getting All of the Contingencies Cleared Up
In many cases, there are contingencies in the contract that will have to be squared away before the closing can take place. These will typically include a(n):
- Inspection Contingency – With an inspection contingency, you as the buyer have the right to have the home inspected – and, if there are any defects, you can either request that they be fixed, or you can even back out of the sale altogether.
- Financing Contingency – Having a financing contingency can allow you to sleep better at night, knowing that if your mortgage approval falls through, you can get out of the contract. (In this case, you will usually have a deadline for applying for your loan).
Clearing the Title of Any “Clouds”
Before you can take title to your new home, you need to make sure that there are not any claims to the property from contractors, ex-spouses, or anyone else. It is typically required that you purchase title insurance, just in case.
Doing a Final Walk-Through
You will also want to make sure that you do a final walk-through of the property in order to verify that any repairs have been made, and that the home is in the agreed-upon condition. The walk-through should ideally take place within 24 hours of closing.
If you’re in the process of finding a new home, we can help. We’ll work with you throughout every step – and we’ll also provide you with a valuation of your current residence. For more details, or to get started, just contact us.
