Countdown to the Final Closing
Congrats! Signing a contract on a new home is quite an accomplishment. You and one of our Sands Realty agents successfully negotiated a price and now you’re one step closer to having keys in hand. But we still have work to do until the final closing, which we’ll help guide you through with ease, using our thorough closing checklist.
1. Finalize Your Mortgage
Your contract will specify a set amount of time to secure a loan to purchase the home.
2. Schedule a Home Inspection
We strongly recommend this right away so you have time to address any issues with the home before you officially own it. To learn more about what a home inspection covers and your options should you find issues with the home, check out our page on Home Inspections. We also have a list of our trusted inspectors on our Preferred Vendors page.
THREE WEEKS BEFORE CLOSING
1. Schedule an appraisal
This is required by your lender (and part of your closing costs) to determine whether the seller’s asking price is higher or lower than the actual value of the home. The cost of the appraisal is typically part of your closing costs (rather than the seller’s cost). The results of the appraisal may require renegotiation of the contract, so it’s a good idea to have it done early.
2. Perform Title Research
Your title company will make sure there aren’t any issues with the property, like outstanding mortgages, unpaid taxes or additional restrictions that could affect your ownership
3. Schedule your move
You should schedule movers about three weeks before move-in date and start the long process of packing.
TWO WEEKS BEFOR E CLOSING
1. Buy homeowner’s insurance
Shop around and compare quotes before you decide on one policy; remember, flood insurance will have to be purchased separately. You will complete the purchase of your homeowner’s insurance at closing.
2. Buy a home warranty
The seller (or builder) typically sets an amount they will pay for a home warranty and you will select the home warranty company within that price range.
3. Schedule the closing
We’ll contact all parties involved in the sale to schedule the best day and time for the closing; it can take more than an hour.
ONE WEEK BEFORE CLOSING
1. Plan a final walk-through
This is an important final step about one or two days before closing to make sure all is in place before you move in.
2. Plan Your Move
During the complicated process of completing your home purchase, it can be easy to overlook the little details you will need to complete soon after closing, like changing your address and transferring utilities to your name. Be sure to review our New Homeowner’s Checklist and make a plan for moving in to your new home. If you have arranged for a seller lease back 3, you will have more time to complete these steps. Follow these five tips for a stress-free move on our blog.
3. Get certified checks
This is how you will pay for final closing costs to the title company and seller. It’s a good idea to also bring personal checks in case there’s any last-minute payments needed.
Bring to the final closing
Typically, both parties meet at the title company at different times to sign all required documents. As a buyer, you will have quite a bit of paperwork to sign – especially if you have taken out a loan to purchase the property. Bring a photo ID, certified checks from your bank, copy of homeowner’s insurance, and any documents related to the sale of your home (inspection reports, copy of contract).
- Photo ID
- Certified checks from the bank
- Copy of homeowner’s insurance
- All documents related to the sale of the home (inspection reports, copy of contract, etc.)
- Once both you and the seller complete the closing process and the title company has received the funds, you will receive keys to the property and the process is complete!
WANT TO LEARN MORE?
We’re here for you. If you’re ready to buy, sell or build a home, call Sands Companies now at 843.839.4634 and one of our top agents can sit down and discuss the best plan for you. Alternatively, complete the contact form and a buyer specialist will be in touch with you within 24 hours. We look forward to hearing from you!