For new homebuyers, purchasing a home can be exciting and scary. However, a great closing is certainly possible when you have the right team behind you. It’s good to know exactly what to expect in the process both from you and your team. The best experiences start with proper expectations of the market and a great Realtor to help you along the way. When it comes to closing on your new home, you want a Title Attorney West Palm Beach that can do more than just hold escrow and help you sign your name.
1. Set Your Closing Date
Pick a date that works best for you. But, also consider your current lease and when it ends. Also consider if there are any early payoff penalties though they will be a thing of the past by January of 2015. The end of the month is best as it’s good to make sure that you pay the least amount of interest at the closing table.
2. Gather Funds
Most Buyers will have to bring money to the closing table. So ask your title company what forms of payment it accepts. Most likely they will require a cashiers check.
You will want to make sure you don’t wait to the last minute to transfer funds and acquire your cashiers check. Transferring money a week in advance is safe, or check with the bank to see when the funds will be available.
3. Purchase Title Insurance
Mortgages require Title Insurance, however it does not protect the buyer, it protects the lender in case there are any title issues on the home due to the seller. You can buy a Home Owners Title Policy to protect yourself in addition to the required insurance for the mortgage.
4. Purchase Homeowners Insurance
This may be as easy as calling the same insurance company you have your car insurance with. You can also ask your Title Company or your Realtor for recommendations.
In West Palm Beach Florida, flood and wind disaster insurance is crucial for hurricane season. However, that is a separate policy and during certain times is unavailable. Get price quotes from different insurance companies and do your homework.
5. It’s Time to Review Your Good Faith Estimate and HUD-1 Settlement Sheet
Though you would have already received a Good Faith Estimate (GFE) with your estimated closing fees, it’s good to review as some fees can rise by 10%. Prior to closing, compare the numbers on your GFE with the numbers on your HUD-1 settlement statement. Some fees on your GFE are not subject to change. Raise questions to your loan officer should there be any increases.
6. Schedule a Final Walk-Through
Prior to your closing date, you will want to do one last walk through. any thing that was agreed upon prior to closing should be fulfilled at this point. Repairs, working electronics, any fixtures that were included, and test all appliances including the hot water heater.
The last and final step is resolving any issues from the final walk through and heading to your closing. It’s an exciting time for a home buyer and should be relatively pain free. With the right team at your side it can be!
The right title attorney West Palm Beach can help you achieve that successful closing!