What can I do to prepare for a smooth settlement?
Once you've decided on a new home and signed the sales contract, numerous details need attention before settlement. Here is a checklist to help you get ready.
- Choose an experienced and well-recommended settlement agent as soon as possible, and give their name to your agent. Find out about fees and overall closing expenses;
- Convey a copy of the contract and the names of all parties involved in the sale/purchase to the settlement agent;
- Check back to be sure the settlement agent orders a title examination, title insurance for the lender, survey of the property, and payoff notice of the seller's mortgage. Also be certain the seller has provided pest and any other needed inspections.
- Obtain from the settlement agent settlement-cost estimates, including pro-rated homeowner dues, utilities, etc.
- Provide the settlement agent with a paid receipt for a one-year hazard insurance policy, and get an estimate of cash needed at closing.
- Make a walk-through inspection of the property and notify the settlement agent if there are any major problems.
- Review all documents and sign. You'd be wise to buy homeowners title insurance.
- Receive recorded deed and title insurance policy, if bought.