Posted 6.30.12 @ 6:15
Closing your home with the minimum amount of drama possible is hard, but it is doable! You’ve found the house, you’ve submitted your bid and now all you have to do is close your home. You’ll need to pay the closing costs, sign all of the papers and hand over your down payment. Sounds so easy right? Here we’re going to have to go over everything you need to close your home without losing your mind.
Set Up the Closing Appointment
Before you can sign on that dotted line you’re going to need to set the date to close. Talk to the lender or mortgage broker who is handling your mortgage to give you an exact dollar amount of fees, down payment and more. You may have been given a GFE, or good faith estimate, before you bid on your house.
It’s good to keep in mind that this is just an estimate, a guess of what your Oakville real estate would actually be. It can pay to be shrewd about what your actual closing costs will be at the end of the deal. Make sure that you get your Final Settlement letter two to three days before the closing happens. This will help you know how much you’re actually going to pay. If you notice a discrepancy between what you were promised in the GFE and what is in the final settlement statement you need to contact your mortgage broker or loan officer immediately to be certain that no mistakes were made. If everything looks right, you can proceed.
Once you have the date, you’ll want to schedule a final walk through with the seller for the real estate you’re buying.
Inspect the House Before Closing
Before you sign the papers go through the house one more time and make sure it meets your standards. It’s good to do this about 3 hours before your scheduled closing occurs. Pay the home inspector to come back and walk through every room with you, decide if that $10 broken faucet is worth not closing the house over or if you want them to give you a credit to re-sod the lawn. Tread carefully before you hold up the sale over minutia.
Don’t Forget the Money
It would be terrible to show up without the cashier’s check made out for the final amount, so don’t do it! Also bring a copy of your driver’s license or ID to finalise the sale.
Sign the Paperwork
You’re going to be confronted with more paperwork that you’d ever dreamed of, but all you have to do is sign, sign and sign some more. You’re already done with the hard part; you’ve found the Oakville home for sale of your dreams, you submitted your bid and you won! Now you just have to sign all of your paperwork to make sure that all of your ducks are in a row. Remember your cashier’s check and ID. You’ve got a new home now!