Phase 1: Thinking
Phase 2: Looking
Phase 3: Buying
Phase 4: Closing
Preparing For The Closing
There are a few steps that you should do to prepare for closing.
- Call utilities and schedule the ownership change for water/sewer, garbage, electricity, natural gas, cable, phone
- You should know the location of the closing. This will almost always take place at the Title Company that we chose together.
- Review the Closing Disclosure (CD). The CD statement is the “final bill of sale” accounting sheet that pulls together all the financials of the transaction into a 2 or 3 page summary. Make sure the bottom line $ is correct.
- Make sure your homeowners insurance is ordered and ready.
- (Optional) You can purchase a home warranty if you wish.
Things to bring to closing:
- Cashiers check (or wire transfer the funds a few days before closing)
- Photo ID
- Know your SSN if you do not have your SSN card
- Insurance policy
- Any additional documents required by lender
- List of past 10 years of residences for each buyer
- An energy bar, you’ll need it for all the paperwork you’ll be signing
Here is a list of closing costs and their explanation:
Closing Costs Explained