The following guidelines will help assure a smooth closing:
□ Repairs - Several weeks before closing, check to see if the seller is making the repairs to which you both agreed. Don’t wait until the week of closing to begin inspecting repairs, as this may be too late for you to cause the seller to make the changes you require.
□ Building Inspector - If you are building a house, it is a good idea to retain the services of a professional engineer or licensed general contractor to work for you as a home inspector. This person should be in a neutral position (i.e., not affiliated with your builder) and periodically inspect the construction and advise you of the quality and the progress of the work.
□ Lender’s Conditions - Obtain a written list of all conditions your lender will require from you for loan approval. Promptly comply with all of your lender’s requirements and hand-deliver all documentation to your loan officer. Keep copies for your files with a record of the date and time the originals were delivered.
□ Termite Report - If you are buying an existing house, order a termite report of the subject property within three to four weeks of closing. Immediately after you receive the report, give a copy to this office and to your lender. If you are buying property in a rural area, your lender will probably require a well/septic report or a community water report.
□ Homeowner’s Insurance - One week before closing have your insurance agent deliver a homeowner’s (also known as hazard insurance) policy to this office. Ask your lender/loan officer how much coverage your loan will require and how the mortgagee clause of your policy should read.
□ Closing Services - You will not need to obtain a survey or title insurance as these are items that I will procure as part of my closing services to you.
□ Attendance at Closing - If you, or any of your co-borrowers or buyers cannot attend the closing, please advise this office and your lender at least one week prior to closing. The buyers who cannot attend a closing will be required to execute a power of attorney which designates someone who can attend the closing to sign on the absent buyer’s behalf. Closing with a power of attorney must be approved by your lender prior to closing.
□ Scheduling the Closing - Please be aware that most closings are, by popular demand, scheduled for the end of the month. Please be advised that if your closing is scheduled for the end of the month, our ability to serve you is inhibited by the high volume of demand made by all of those wishing to close at that time. We ask your patience and consideration of others at this peak time. We would be delighted if you would prefer to close at another time in the month. Please notify us if you would like to reschedule for another time.
Ready to buy your next home? Give us a call. We would love to work with you.
Amos & Amos, Attorneys at Law, PA, 919-900-7747
