Closing Day on your new home can truly create apprehension. It’s almost like the nerves a groom feels on his wedding day.
After all the work of house hunting and mortgage negotiating, it all comes down to the final big day. All that is left are the signatures, the big check and high hopes that nothing will go wrong. It’s definitely a scary day.
If you are not a smoker, congratulations. And if you are a smoker, this is definitely a day that you will want to reach for a cigarette. Just remember. Palm State Mortgage will be at your side. Everyone wants this to be the perfect day for you.
Prepare in Advance for Closing Day
By this time, most of the legal requirements have accomplished. The negotiations are complete. The inspector has checked over your wiring and any improvements that you insisted on.
However, there always seems to be a few things you forgot to ask the previous owner or a few questions left unanswered. So, let’s face it. You will probably never see the owner again and you may have to find answers the hard way.
Suggestions to Save You Pain After Closing Day
These suggestions relate to questions you should have asked but forgot. Or they may be items that you must have completed before closing day. Also, if you concentrate on some of these and less crucial things, you won’t have time for a nerve attack.
Items Crucial to the Success of Closing Day
Crucial: Know the location and time of your closing.
The new husband says, “I thought I knew where it was, but it’s not there.” There is no panic like being late for closing unless it is like being late to your own wedding.
One of the first things you are asked to do is prove you are you. Bring your driver’s license and at least one other form of identification. Both you and your spouse will need ID. Plan how you will pay the down payment, closing and fee cost in advance.
The people you are dealing with don’t take stacks of cash or personal checks. Have a cashier’s check made out by your bank for the exact amount. (You should have received this information previous to closing, but it’s good to hear it again).
Less Crucial Items to Do Before Closing
As we mentioned there are less crucial, but still important items that add to your peace of mind.
- Set up a forwarding address with the post office in advance.
- Notify your utility companies to change over your gas, water, electricity, etc to your new home. Oh, don’t forget the TV cable.
This list brings to mind a young man who decided to move to Hollywood (California). Let’s call him Jack. Over the internet, Jack located and rented an apartment in downtown Hollywood. He set up all the utilities including a TV cable. Except for one telephone call to introduce himself to the new landlady, he completely set up an entire household by using the internet.
When he arrived, the real estate agent greeted him like a long lost friend and showed him to his apartment. It was almost like walking into a hotel. The lights were on, the apartment was warmed by a gas heater, and even his TV worked (when he plugged it in.) His apartment needed only him. Then, all he lacked was room service.
Don’t Let the Previous Owners Get Away Before…
There are questions you need to ask the previous owner before they leave. After all, you may never see them again.
- Is there a code to the garage door?
- Which mailbox is yours and did you get keys?
- What day is trash picked up?
- Are there keys for the pool gate?
Do You Still Feel Like a Nervous Groom?
At Palm State Mortgage Company we believe you will feel more confident about facing your closing procedure if you know about the people, documents, and paperwork involved.
Closing encompasses a number of serious is what this blog concerns today. So much happens in a house closing, too much for one blog post. Although we discussed the closing in previous years, we have more details to share with you in this update.
Additionally, we will be posting a Part II to our coverage of this important day in your life. For today, we will be focusing mostly on the people that we will meet and some of the paperwork involved.
A Test of Endurance and Patience
Closing day is a day to face the mysterious and formal appointment to close your deal for a house.
Did you eat before you came? You probably should have. The process of dealing with stacks of paper seems to go on forever. But be patient. For the day to be a smooth home closing, really does require a lot of patience and signatures. We wish we could promise the process was going to be fun. We wish we could say, it would be like a trip to Disney World. Unfortunately, we can’t.
As a matter of fact, by the time you’re finished, you might feel like you have signed away your life and a pint of life-blood from your first born son. blood of all your children. However, we can calm your nerves by explaining who the people in the meeting are and the paperwork that you are signing.
Who are All These Strange People?
When you meet to take ownership of your house, you will sit down at the conference table with a highly professional group of men and women. They will include:
A. The Closing Agent might work for the lender or the title company.
B. The Seller and his attorney.
C. You, also known as the mortgagor.
D. Your Real Estate Attorney if you have one. “It’s always a good idea to have an attorney present who represents you and only you.”
E. The Lender, also known as the mortgagee.
F. And possibly the lender’s attorney.
G. The Seller’s real estate agent.
H. The Title Company representative, who provides written evidence of the ownership of the property.
In spite of the fact that you are facing these people in a formal mahogany room with plush carpet and a carved table, you have nothing to fear. This is a natural conclusion. You know that Palm State Mortgage Company has helped you come this far and they won’t let you down.
Now, fears disappear and you can stay calm and cool because you know what is going to happen in your Closing. This Closing Day Scene will last for approximately 2 hours. But, be patient. Soon, the home will be yours.
In our next blog, Palm State Mortgage will describe all of the legal documents that you still have to face. Until then, stay cool and thank you for reading our blog.