Congratulations on buying your new home! Real Estate Closing Attorneys is thrilled to help guide you through the closing process and celebrate this exciting milestone. Below are some of the steps you need to take to prepare for your closing.
- Fill out our buyer’s questionnaire form.
- Unless you are paying cash, choose a lender and fulfill the application requirements for your loan.
- Remember to keep in contact with your lender and our offices as you go through the mortgage process.
- A home inspection is an opportunity for you to hire an expert to walk through the home and prepare a report that outlines the home’s major components, their current condition, what needs immediate attention and what will require maintenance after you move in. If you are purchasing a home, we highly recommend that you obtain a home inspection.
- Select a homeowner’s (hazard) insurance company and purchase coverage.
- Find out if your lender will hold homeowner’s insurance premiums in escrow and pay your insurance premiums directly.
- Provide proof of homeowner’s insurance coverage to our office before the closing date
- Bring your driver’s license and a second form of government photo identification, such as a passport, to the closing.
- Make arrangements for the transfer of funds you will need to close. We will provide you with a closing disclosure statement that will help you determine the funds you will need to close.
- Funds needed to close must be wired to our attorney trust account prior to the closing date through a secure platform called CertifID. Check with your banking institution well ahead of your closing date as some banks may take up to a week to complete a wire transfer. You will need to initiate your wire transfer so that your funds reach our account before the closing date.
- Lender’s title insurance protects the lender’s interest in your property until your loan is paid off or refinanced. Lender’s title insurance is required by lenders and the premium is paid at the closing.
- Owner’s Title Insurance protects an owner from defects in title existing at the time of closing that are not discovered through title examination. If you are purchasing a home, we highly recommend that you obtain owner’s title insurance.
- A survey is a certified map of your property from a licensed surveyor. The survey will provide the boundaries of your property, the exact location of the home, improvements and the existence and location of any easements. If you are purchasing a home, we highly recommend that you obtain a survey.
- If you are unable to attend your closing, please let us know whether you will be executing a Power of Attorney designating an Attorney-in-Fact to attend the closing and sign on your behalf.
- Let us know if your spouse will not be on the loan, but will be on the deed.