Home closing checklist for buyers

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Home closing checklist for buyers

Home closings go smoothly for those who are prepared. Scan our checklist of to-dos to make sure your ready for a closing.

Walkthrough inspection

Possessions removed from property Ensure the former owner has removed all possessions from property. Removing large items can damage doors and hallways, so its essential washers, dryers, etc. have been removed.
Condition of property Ensure property is in the agreed-upon condition. Is everything in working order? Has anything been removed which should not have been?
Disclosure documents Has seller provided you with the necessary disclosure documents? Make sure any disclosed defects are as described.

Home warranty policy

Insure your new asset If desired, obtain/review a home warranty policy for future repairs.

Review closing documents

Correct documents Do the closing documents state the correct name, legal description (should be the same as in the title report) and manner in which property ownership is transferred? Are easements and rights-of-way stated correctly? Are names spelled correctly, including middle initials?
Check the dollar amounts Make sure the purchase price, loan amounts, interest rates, loan payment schedule, non-payment penalties and first scheduled payment are stated correctly.
Doublecheck the fees Make sure the lender's closing costs are the agreed upon ones. Be on the lookout for junk fees that have been added. Revisit the title fees being paid to the title insurance company, attorney or escrow agent.
Escrow amounts Make sure you're properly credited for any amount put into an escrow account or put into escrow on your behalf.
Prorated costs Closings usually have prorated costs, a typical one is annual property taxes. Are the prorated costs, amounts and dates what had been agreed upon?

Taking Ownership

Handing over the property Make sure paperwork is clear on when property is handed over to the new owner. This may be at closing or a later date.
Personal property If personal property was included in the sale, make sure records are kept on these possessions. You may consider a bill of sale to be necessary.

Miscellaneous

Property insurance Are you paying for property insurance through your escrow or outside of an escrow account. Make sure policies are in place and payment/terms are correct.
Homestead exemption If you want a Homestead exemption for your property, check to see how this exemption is handled in your state prior to closing!

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