Summary
The chapter has detailed the basic process of closing your home purchase. Closing doesn’t need to produce anxiety if you are well-prepared and know what to expect. We have described in detail the basic steps to get ready for closing. The closing meeting consists of the explanation and signing of the closing documents, the allocation and payment of closing costs, and receiving the keys to your new home. Following the closing meeting, your obligations, such as repaying the loan and maintaining your property have begun. In Chapter Six, we look at the joys and responsibilities you can expect as a homeowner.
Checklist
Ö Arrange pre-closing meeting.
Ö Review previous chapters and action plans.
Ö Establish necessary escrow accounts.
Ö Secure property insurance.
Ö Obtain probate court approvals (if applicable).
Ö Complete state certifications (if applicable).
Ö Secure commitment letters.
Ö Review long-term support plan.
Ö Set closing date.
Ö Give written notice to current landlord.
Ö Complete final house check inspection.
Ö Decide who to bring to closing.
Ö Review settlement statement.
Ö Be sure the seller has completed all agreed-upon repairs.
Ö Read Chapter Six.