As a homebuyer, the closing is a fairly simple process. At this point, you will have assembled a team of professionals to support you in closing on your new house. Beyond your agent, you will also have been working with your attorney, your lender (if you are getting a mortgage) and maybe even a contractor, if you plan to do work on the house after closing. Just as when you selected your agent, these should be professionals that you trust and that make the process easier for you. Your agent will still be the person that helps coordinate this process and ensures that all pieces are in place for a smooth closing.
If you have any other questions about closing or the buying process - contact us!
Your Closing Team
The end is in sight! Having a great team in place is critical to ensure that your closing is a happy and stress-free day. Your key players include:
Your agent. You will be in touch with your agent throughout the entire process, even after the P&S has been signed. You should depend on your agent to coordinate between all parties, where needed, and to be a resource for all of your questions- big or small. In the week prior to closing, you will talk with your agent about transferring utilities in your new home into your name. You will also do a final “walk-through” of the house (typically the day before the closing) with your agent to make sure the house is empty, clean and in the same condition as when you made your offer.
Your lender. Once the P&S is signed, the lender will need a copy and will immediately schedule the home appraisal. Your agent will coordinate this process for you. At this point, you will be applying for your loan and need to make sure that all required documents are provided to the lender in a timely fashion. You will have set a date in your P&S for the commitment letter to be completed by the lender and need to ensure that you meet this timeline, to protect your deposit. Once the commitment letter is done, stay in touch with the lender to make sure that they are ready for closing.
Your attorney. Your attorney will prepare all the necessary documents (title search, plot plan, etc.) in the weeks leading up to the closing. You will discuss title insurance with your attorney and they will require that you purchase home insurance on your new property, prior to closing. Immediately prior to closing, your attorney will send you a HUD Statement. This will outline all of the costs associated with your purchase and will specify exactly how much money you will need to bring with you to the closing. Be sure to plan ahead, as you will need a certified bank check for closing.
For more information on the closing process or buying a home in the Winchester MA area, contact us. We are always happy to answer any questions you might have!
