Ultimate Buyer’s Checklist For a Quick Closing

Buying a home wether it is your first or third, is an exciting experience. However, there are many things you must do leading up to the official closing date in order for your transaction to happen smoothly. Below is a helpful list to help you with the process. 
INSURANCE

You must provide the closing attorney with an Insurance Binder on the property. When you receive the commitment  (loan approval- usually 2-3 weeks before closing) from the mortgage agency, this item is usually identified as a condition to loaning the money. Contact an insurance company to make arrangements and bring the Binder to the closing. It is helpful to shop around for different quotes in order to save money.

DEED

It is the Seller’s responsibility to provide you with a deed at closing. The Buyer needs to let the Seller know how you wish to hold title

EXPENSES

10 days prior to closing, contact the bank attorney regarding closing expenses. In most cases a certified check is appropriate. If you are moving from out of town, you may want to open a checking account at a local bank prior to closing. If for any reason, funds are being wired, make an early contact with the sending institution to determine how much advance notice is necessary to make sure funds are available at the closing.

UTILITIES

Final readings will be arranged by the Seller. Buyers should contact utilities at least 1 week before closing to make billing arrangements and to insure continuous service

Identification

A current and valid photo id is required at the closing. Expired or paper ids will not be accepted. 

TRASH PICK UP

Inquire what day and any requirements by individual town on weekly basis.

SCHOOLS

Arrange for transfer of records if appropriate.

OIL TANK

If applicable, you will reimburse the Seller for remaining oil in the tank. A personal check from the local bank is usually acceptable. 

WALK THROUGH

The Purchase and Sale Agreement usually provides for the Buyers to conduct a “review” of the property 24-48 hours prior to the closing.

HOUSE KEYS

The Seller will provide you with keys to the property at the closing.

CHANGE OF ADDRESS

Notify your local post office of your move. They have packets which can be used to notify magazines etc..

Important Dates/Deadlines for Your Purchase:

 ___________: Last day to terminate agreement (Offer to Purchase) due to unsatisfactory inspection. If you are uncomfortable with the inspection results and unable to work out an agreement with the sellers, you must notify the sellers in writing by 5:00pm on this date

 ___________: Last day to complete and submit mortgage application.

 ___________: Deadline for both parties to sign the P&S and buyer to submit second deposit. 

 ___________: Deadline for mortgage commitment letter. This is also the last day to terminate agreement if you are unable to obtain a clear financing commitment from your lender. Your commitment letter must be free of major contingencies (such as “subject to appraisal”)

Buyer’s Quick Checklist for Closing

□ Insurance Binder with Paid Receipt

 □ Certified Checks for remaining down payment

□ Personal Checks from a local bank for minor expenses

□ Driver’s License with Photograph