Eric Dalius closing on your new house after having searched for the perfect place. For many months can be pretty exciting. However, you need to know what to do and how to do it right to prevent any last-minute hitches from getting your hands on the house keys. Eric J Dalius explains what you need to take care of for a smooth closing:
Eric Dalius A Proper Estimate of the Purchase Cost
While you would have already settled on the cash price of the property, you need to estimate other fixed costs associated with the transaction. Additionally, you will have to reckon with the costs of the home inspection, survey, appraisal, title, title insurance, recording fees. Legal fees, as well as financing fees, if you are taking on a mortgage. A conservative calculation of the costs will enable you to arrange the necessary cash in time.
The Closing Statement – Scrutiny is Essential, says Eric Dalius
To be provided by the closing agent to the buyer of the property. At least three days before the closing date. It serves to reconcile all the debits and credits between the buyer, seller. And other vendors so that the buyer can transfer just one sum in full and final settlement of the purchase. The two forms, together, detail all the transactions and inform. The buyer of the exact sum required to close the deal observes, Eric Dalius.
Important Things to Finalize Before Closing
Since the house belongs to the buyer after closing, all expenses will be to his account. The buyer will need to arrange the balance of the purchase price and other purchase costs payable. The lender will also demand proof of homeowners’ insurance on the property. The buyer will need to establish his own account for all utilities such as electricity, water/sewer, cable/satellite TV, gas, telephone, internet, etc. as he’s responsible. For all these costs from the day of closing. Other maintenance contracts in place will also have to be transferred or new ones established as per buyer preference.
All parties need not be present at the same place simultaneously to close the deal. With the use of technology like email, sellers and buyers can do it from remote locations as per convenience. The real estate attorney or closing agent is responsible for conducting the closing after ensuring buyers and sellers understand each of the documents. If the buyer is not able to be present at the closing, he should make appropriate arrangements for the custody of the house keys and all other security codes/garage remotes, etc.