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Closing
Checklist
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You've come a long
way to get to this point. There are still a few
more items necessary to make this transaction a
done deal. Here's what to expect at the closing,
as well as some points you'll need to take care of
in advance.
Before Closing
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Provide a
signed sales contract to the title
company, and another copy to the mortgage
company. |
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Call the
mortgage loan officer and arrange to make
a loan application. Gather the necessary
documents. |
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Inspect the
property during the specified time limits
set forth in the earnest money contract. |
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Prior to
closing, request itemized lists of closing
costs and prepaid items from the loan
office for your review. |
At Closing
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Lender's
agent will ask for your paid home
insurance policy. |
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The agent
will list the adjustments. These
adjustments include money you owe the
seller (remaining down payment, any
pre-paid taxes) and money the seller owes
you (unpaid taxes, pre-paid rent). |
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You will
sign the mortgage, which gives the lender
legal rights to property if you fail to
make your payments. You will also sign the
mortgage note, which is the promise to
repay the loan in regular monthly
payments. |
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You will get
the title from the seller in the form of a
signed deed. |
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The lender's
agent will collect closing costs from you
and give you a settlement statement of all
the items you have paid for. |
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The deed and
mortgage will then be recorded in the
town's Registry of Deeds. |
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Ask for
keys, garage door opener, and any security
access codes. |
After Closing
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Put your
deed and other important paperwork from
the closing in a safe deposit box. |
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Have the
locks to your new house changed. |
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