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Day of ClosingCongratulations!
You're about to become a homeowner. The "closing" is when the
finalized loan documents are signed, and the mortgage funds are disbursed.
Here are some
things you can do ahead of time to ensure a successful closing:
Resolve title
questions. If your title search turned up other liens on the property, these
will need to be resolved before closing can occur.
Conduct a final
walk-through of the home to ensure any agreed upon repairs have been completed
by the seller.
Review the final
estimates of your closing costs.
Prepare a
certified check or money order - not a personal check - to cover your down
payment and closing costs.
At the closing,
you'll receive and review some very important documents. This is not the time to
be shy! If you have questions about the paperwork, just ask. And if you spot an
error, say so - and don't sign the document until the issue is resolved.
Don’t forget to
arrange new service for all utilities, cable, garbage pick up for new home, turn
in change of address notification the local post office and notify all creditors
of you new address.
Congratulations and enjoy!!Buyer
Checklist
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Certified Funds – Georgia Wet
Funds Legislation requires “Good Funds.”
By law, a Closing Attorney can accept a maximum of $5,000.00 in personal
funds. Certified check can be made payable to the firm or to the borrower and
then endorsed to the closing firm.
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Picture Identification – Some
form of picture ID will be required – Drivers license or Passport is
acceptable. If neither of these is available, get prior ok from attorney.
ü
Original Hazard Insurance Policy,
usually in an amount not less than the loan amount. Must have proper Mortgagee
clause and be dated on or before the closing date.
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Condominium Certificate of
Insurance: If the property is a condominium, you will need to obtain the
insurance statement from the condominium association. Your lender should be
named as the lien-holder in the exact manner as indicated in the mortgagee
clause of your commitment letter.
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Condominium Lien Release: If the
property is a condominium, you will need to contact a statement from the
condominium association indicating that all condo fees and assessments are paid
to date.
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If executing Borrower documents by
Power of Attorney, the original must be brought to closing (it must be recorded
along with the Deed to Secure Debt). The form of Power of Attorney must be
approved prior to closing by the attorney and the lender.
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Any closing conditions required by
the lender, such as original tax returns, closing statement from sale of
previous home, pay stubs or gift letters.
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Original Termite Letter (typically
Seller brings, but lender will require) and if applicable septic and well water
inspections (which may also be brought by the Seller).
Seller
Checklist ü
Picture Identification – Some
form of picture ID will be required – Drivers license or Passport.
ü
If executing by Power of Attorney,
the original must be brought to closing (it must be recorded along with the
Warranty Deed). The form of Power of Attorney must be approved by the attorney
and the lender prior to closing.
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House keys and Garage Door openers.
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Original Termite Letter and, if
applicable, septic and well water inspections.
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Home Warranty Confirmation (if
applicable.)
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Repair Receipts and Warranties (if
applicable.)
Realtor
Checklist ü
Confirmed Date and Time
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Original Contract and All Addendums
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Original Termite Letter
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Septic Letter, if Applicable
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Copy of Receipts
ü Keys and Garage Door Openerü Home Warranty Confirmation if Applicable
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Disclosure
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