Homebuyer’s Closing Checklist
Close the right way with this helpful guide.
Euphoria tends to set in early when it comes to closing on your new home. Starting to plan what you’ll do with your new space, how you’ll decorate, and what your housewarming party will look like are all things we totally support you getting excited about. Take it from us though, we’ve seen closing situations go awry because the right plan wasn’t in place. This can be due to lack of knowledge from buyers, poor title company coordination, or even just human error. However, there’s a way to make sure closing goes smoothly! The first step is by using Universal; our dedicated team will make sure you reach the closing table without a hitch. Secondly, follow a good checklist to keep you aware of your transaction and prepare you for closing day.
Every transaction has three essential parts that are easy to break down: prior to closing, closing day, and after closing. Let’s dive in and learn more about having an effective closing, and then connect with Universal for your closing process.
Prior to Closing
A LOT happens before you even get to closing. There are forms to fill out, realtors to talk to, and sellers to negotiate with. Once that’s all over and done with, you will want to take some essential steps to prepare for closing day!
First, verify that all names and parties who will be listed on the deed and title commitment are spelled correctly. Basically, check for human error and make sure your name, spouse’s name, or anyone else on this paperwork is represented accurately! If this gets caught at the closing table, you can expect some added time and possible rescheduling.
Next, you will want to communicate with your bank regarding how they handle cashier’s checks or wired funds. This is important to consider as you want to be able to assure smooth transition of funds. This is even more important if your bank is a credit union or a non-local provider.
Finally, make sure you check for any special circumstances like Power of Attorney, a need to wire funds, or if you cannot physically attend closing. Preparing for these situations sooner rather than later will give all parties time to develop and implement accommodations for these matters. This will always help closing run more efficiently!
Extra Pro-tip: Things are just better when you prepare, ask questions, and engage with the process. Communication is key to a smooth closing!
Closing Day
Welcome to the BIG day! We hope you’re ready to sign your name and get into your new house. At this point, you’ve prepared with our suggestions above and should be good to go! When you are at the closing table, consider these few tips:
Make sure to have all cashier’s checks or fund information ready and in hand on closing day.
Identification is REQUIRED. The best course of action is to bring a valid driver's license or state photo identification card. Passports are legal forms of identification as well, so those can be used if state ID is unavailable. Some lenders require extra forms of identification, so make sure you have discussed closing day expectations with them ahead of time!
The signature that you sign must match how your name appears on the document. If the document includes your middle initial, then your signature should too.
If you will not be physically present for closing, you may consider a Power of Attorney (POA) to sign and close for you. This is something that would need to be accounted for PRIOR to closing.
Closing can be one of the most exciting days of your life. Believe us when we say it’s even more exciting when you feel confident, prepared, and set to close with no barriers or obstacles. Remember, our team are the closing experts—so when you want the best, partner with Universal!
After Closing
You might be thinking, “but, wait…I closed on my home. There’s nothing else to do or worry about. Right?” Well, yes—you can move into your new home and start living your dream life, but there are a few things to watch out for after closing:
You’ll first see a letter come to you requesting money for a copy of the deed. It will look really official and almost appear as a letter from the state. This is a scam and should be ignored.
Your original deed will be mailed to you by your closing company. Remember you can always choose who you close with.
You may receive tax benefit information such as a Homestead or Farmstead application. If you plan to use your purchase as your primary residence you can receive tax credits with these types of programs. These are always great to consider!
Confirm that your mailing address is accurate with your local tax collector as taxes will be due even if you do not receive a tax bill.
Right after closing is also an excellent time to connect with utility companies and confirm they have been set up correctly by your real estate company!
Don’t forget to update your address with your employer, voter registration, car insurance, etc.
It’s good to know what to expect, but we encourage you to continue to talk with your real estate agency or closing company if any additional letters or tax information shows up.
The Easy Life
Now, you’re ready to kick back and relax in your new home! They might just start calling you the closing champion because you prepared, closed, and followed up in all the right ways. We also have an extra present for you—click here to download this checklist to take with you as you close on your purchase. Even better, partner with our team to make closing a breeze on your new home. We wrote the checklist; we won’t let anything stop you from becoming the homeowner you’re meant to be!