After you’ve successfully put in an offer for your home and the closing day is set, you are now at the final steps of your home buying journey! You’ll want to be prepared for the additional costs, and steps that will be required for a successful and smooth home purchase. Let us guide you with some information, tips, and more about what to expect on your big day!
Pre-Closing Day Checklist
To ensure a smooth process for your home transaction, you’ll still have a few steps to go through before you get your keys. Here are 6 steps to check off your list before closing day:
o Review your contract
o Complete a final walkthrough
o Talk with your lawyer
o Purchase home insurance
o Know how much cash is required at closing
o Secure cash required at closing
Cash Required At Closing
Understanding the costs that will be required at closing day is important to know even before you start your home search. Not only will you be prepared for what to expect, but this can help you with budgeting your costs.
Some examples to include in your calculation:
o Down Payment
o Title Insurance
o Legal Fees
o Land Transfer Tax
Statement of Adjustments
Another important document is your statement of adjustments, which will display any credits to both the buyer or seller as well as the final amount payable by the buyer on closing day. You can expect the following to be listed in the statement:
o Purchase Price
o Your Deposit
o Prepaid property taxes, utilities or fuel
o Prepaid rents
o Appraisal Fee
o Land Survey Fee