The End Is Near! What to Do?
As you prepare for closing, there are several things to keep in mind. Here are some of the things you'll need to think about:
Incidental Items - If you want anything included in the sale that isn't considered part of the physical property of the house (for example, if you want the refrigerator or window treatments to remain), you must specify it in writing.
Date of Closing - Make sure that all parties agree on the date of closing. The closing date should not extend beyond the 90-day relocation period.
Correct Purchase Price - Make sure the purchase price is correct. You don't want to pay more than you agreed to pay.
Termites - You'll need a certification that at the time of closing, the house is free of termites.
Additional Contingencies - Make sure any contingencies - such as specific repairs - and the time frame in which they are to be satisfied are clearly stated.
Especially for New Homes - Obtain a warranty from the builder that covers defects of workmanship or materials, being sure to specify the following: ceilings, doors and frames, roof, windows, septic system, foundation, furnace and heating system, well and plumbing system, and electrical wiring. You might also consider asking the builder to establish a sufficient amount for any work that has not been completed.
Items Required at Closing - Below are some things you might need to do prior to closing:
- Arrange a pre-closing inspection of the property
- Obtain a bank check or certified check made payable to the appropriate party (Do not bring a personal check as it will not be accepted)
- Bring the insurance policy
- If the purchase is a joint venture, find out whether all parties need to be present at the closing
- Find out whether you'll have to pay any extras at the closing, such as a prorated share of fuel, maintenance fees, or taxes
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