The Key to an Efficient Closing
Preparing for a smooth closing can be a piece of cake, as long as you follow a few suggestions. Every closing is unique, so stay in close contact with your
Realtor in order to get the best advice. Here are a few tips to keep in mind before you close on your home.
The Mortgage Commitment: Prior to the closing, you will receive a letter from the lending institution approving your loan and stating the terms of the loan. There will be directions in the letter regarding the commitment fee, if any. Certain lenders ask that you return the signed letter with the fee; others collect the fee at the closing. If you are not given instructions to the return the letter, it’s important that you contact the lender and accept or decline the commitment.
Power of Attorney: If one or both of the purchasers is/are unable to attend the closing, please notify your agent at least ten days before the closing. If there is a “Power of Attorney” document needed it is essential to bring the original document.
Closing Documents: We recommend that you have an attorney review the closing documents. Please provide your attorney’s contact information to your Realtor ten days prior to the closing. Your attorney will receive the closing documents as soon as they are available from your lender and the title insurance company.
Insurance: If you purchase a house, it is necessary for you to bring a homeowner’s insurance policy (fire and hazard) to the closing. The policy must be paid in full for one year. You must bring the policy itself and a paid receipt (most lending institutions do not accept a binder). They contain the names of everyone having an interest in the property. If you purchase a condominium the condo association will provide the master insurance policy. You should check with your lender to determine whether you need further coverage.
Utilities: Prior to closing, contact the appropriate companies to have all utilities transferred to your name as of the date of possession. Do not have them turned off, especially in the winter.
Final Closing Costs: Closing costs are obtained from the title insurance company before closing. Your agents will call you with the figures as soon as they are available and will tell you the amount of money to bring.
Funds to Close: Important! If you are transferring funds from one account to another, you must allow at least ten days for the checks to clear before being able to use those funds. Only cashier’s checks, certified checks and money orders are accepted at closing.
These are the important items to bring to closing:
1) Funds to Close
2) Proof of Insurance
3) Checkbook (just in case)
4) Driver’s License/I.D.
Purchasing a home is one of the largest investments that you will ever make. Be sure to prepare for the closing far in advance so that you can enjoy this exciting transaction!
For over two decades,
Edward Surovell Realtors has excelled in meeting and exceeding customer expectations. Satisfied returning customers and referrals have made us one of the largest real estate companies in southeast Michigan. Founded in 1982,
Surovell quickly became a leader in Ann Arbor Real Estate. Since then, we’ve expanded and now have offices in
Adrian,
Ann Arbor,
Carleton,
Chelsea,
Jackson,
Manchester,
Manitou Beach,
Monroe and
Tecumseh. We've worked hard at building a reputation for fairness, sound business ethics and first-rate service for buyers and sellers. If you are thinking of buying or selling, give us a call. We have 175 agents waiting to serve you.
2010 AAABoR President Alex Milshteyn has again been named one of the 50 finalists in the NAR 30 Under 30 program. The candidate with the most votes will win REALTOR® Magazine’s 2011 “30 Under 30” Web Choice Award, an honor to be presented at the Young Professionals Network reception during the 2011 REALTORS® Conference & Expo in Anaheim, California this November.
FEATURED OPEN HOUSE
Charles E. Chapell
For a few years now, buyers have held the cards when it comes to buying a home. With the economy slumping, foreclosures and short sales have dominated the market, allowing buyers to take advantage of great deals. While the pricing has not rebounded, buyers can still get a nice home for a great price. What has changed very quickly is the fact that buyers cannot bring “low-ball” offers to the table if they want to buy. The Seller's Market has become competitive, and it's time for home buyers to bring their highest and best offers.
