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