Once you have found the home of your dreams, you certainly want everything to go smoothly at closing time. After all, you do don’t want anything else to stand between you and receiving those keys to your new home! Therefore, in order to make sure the closing process goes smoothly, be certain to follow these simple tips.
Bring the Right Paperwork
Although much of the paperwork will be brought to you at the time of the closing, there are certain documents that you will need to bring with you. One of these documents is the termite certification demonstrating that the home is free of termites.
Before the actual closing day, you will need to provide additional documents. For example, you will also need to bring any bills that you have acquired for repairs, inspections, and anything else that has to be paid. It is essential to bring this information prior to the closing so the closing officer can get the paperwork in proper order for the actual closing day.
If you won’t be able to attend the closing and will be utilizing Power of Attorney, you will also need to provide this paperwork to the closing officer prior to the closing day. Keep in mind that the lender will also need to approve the Power of Attorney and that you will need to provide a contact number that can be used to reach you on the closing day.
Understand the Paperwork
The more you know about the closing paperwork beforehand, the more smoothly the process will go. Keep in mind that you can request to see the paperwork prior to the closing day. This way, you can take the time to look through the paperwork thoroughly before you sign it at the closing.
It is also a good idea to know what the paperwork is about. For example, the first piece of paperwork to be discussed at your closing will probably be the HUD-1 Settlement Statement. One the first page of the HUD-1, you will find a summary of the transaction. This will include informant regarding the sale price of the property, the closing costs, the taxes, and any other expenses. It also summarizes the buyer’s credits, such as any new loan amounts, taxes, or earnest money. The next page provides more detailed information about the closing costs.
It is essential to make sure the HUD-1 and all other paperwork is in proper order. By doing so, the closing process will be completed as quickly and easily as possible – and, you will be enjoying that new home in no time!