Home Buying Process: Pre-Settlement Checklist for Home Buyers

Settlement (also referred to as closing) is a criticalgive you peace of mind. Final Walk-Through - A day
part of the home buying process.During settlement,or two before settlement, you will conduct a final
ownership of the home gets transferred from thewalk-through of the house. This is your last chance
seller to the buyer. This involves a lot of paperwork,to view the property before taking ownership of it.
a lot of signatures, and usually a lot of questions.As aMake sure everything is as you remember it (no new
home buyer, you can prepare for settlement bydamages, all conveyed items present, etc.). Also, if
understanding what you need to do before theyou made the contract contingent upon certain
actual day of settlement. This will make the entirerepairs (based on the home inspection), make sure
home buying process smoother and lessthose repairs have been completed. Settlement
stressful.Some of the items on this list may seemStatement - At least one business day before
obvious, but I've included them anyway to make thesettlement, you should receive a settlement
list as complete as possible. Keep in mind thatstatement (also referred to as a HUD-1 statement).
settlement laws and requirements may vary fromThis document will list all the costs you're required to
state to state.Pre-Settlement Checklist:pay at settlement. Review it carefully. If you find
Loan Approval - This is first and foremost, becauseerrors or items you don't understand, bring it up with
you can't proceed toward settlement / closing untilyour real estate agent, attorney or settlement agent.
you get approved for the loan. Once you'reDon't let your questions go unanswered!Certified
approved for the loan, the settlement process is inCheck - In most cases, you will need to bring a
motion.Truth-in-Lending Statement - Shortly aftercertified check with you to settlement to cover all
applying for the loan (usually within three businessthe closing costs. The amount of this check will be
days), the lender will give you a truth-in-lendingbased on the settlement statement. Be sure to bring
statement. This statement shows the total estimateda photo ID with you as well.
cost of the loan, including fees, interest rates andUnderstanding the settlement process will help
payment terms. Set the Date - The time and placeensure a smoother home buying process. Be
of settlement will usually be agreed upon betweenproactive about the items on this list. Don't just wait
the lender, the settlement company, and the buyerfor them to happen -- make them happen.*
and seller.Transfer Utilities - Call to transfer allCopyright 2006, Brandon Cornett. You may republish
applicable utilities (gas, electric, etc.) to your name,this article if you keep the byline and author's note,
effective on the settlement date.Hazard Insurance -and also leave the hyperlinks active.Learn more!
Most lenders will require hazard and liability insurance,To learn more about the home buying process visit
at least up to the loan amount. You need this toHomeBuyingInstitute.com, the Internet's largest library
satisfy their requirements, but you should alsoof home buying advice. Visit: today!
choose a policy that protects your investment and