After days, months, or even years, the time has finally come to close on your Logan home purchase. Here is what you need to know about the closing process:
Final Walk Through
First, before you actually close, you will want to do a final walk through on the home. When you went through the negotiations on your contract, you probably required the seller to fix a few things, and you want the home to be presentable when you move in.
The final walk through allows you to make sure everything you asked for was done before you sign papers. If there are items that don’t meet the contract specifications, you can escrow money to cover what wasn’t done.
Bring The Money
At closing, you will need to make sure you have the money to cover any costs not incorporated into the loan. In today’s market, most sellers are willing to add closing costs into the selling price, but not all. If you have any extra due’s, you will need a Cashier’s Check, title companies will not accept a personal check or cash.
You can find these costs on the HUD or settlement statement. If you’ve never seen a settlement statement, it may be a little confusing so have your Realtor go over the charges with you.
Bring A Photo I.D.
The only way you can close on your purchase is if you can prove you are who you say you are. You will need a picture I.D. for anyone that is involved in the transaction. Funny story, a title company I work with had a couple get to closing and the “wife” didn’t have a photo I.D. They wouldn’t let them close until she verified she was the “wife”. They went out to the car to grab the I.D. and disappeared.
They later found out the real wife had no idea her husband was trying to sell their house. He and his girlfriend, who was pretending to be the wife, tried to sell the home and leave with the proceeds. If you’re going to try and scam the title companies, at least bring a fake I.D.!!
Insurance Documentation
In order to close, you have to have proof of your home owner’s insurance and, if applicable with your loan, proof of flood insurance. Some lenders will require the proof you paid these before they will allow you to close. Most the time, here in our state of Utah, we incorporate these costs into your payment and you won’t have to worry about it.
Get Ready To Sign A Lot Of Papers
When you finally get to the closing table, be prepared to sign a lot of papers. Some people will whiz right through this process, and others like to read every line of the contract. Here in Logan Utah we use title companies for this process, and they will explain to you the contract and what you’re signing. A closing typically takes between 1-2 hours depending on the amount of time you take to sign and read.
One thing to take note of, after you finish singing papers, you don’t fully own the Logan UT home yet. Here in Utah, there is a waiting period for the loan to fund. After you sign the papers, they are sent to the required parties, and this usually takes between 24-48 hours for transfer of title.
Once your title transfer is completed, the transaction will be recorded, and that is when you actually own the home. After recording your real estate agent should be able to give you the keys and you will be able to move in. Congratulations on your new Logan Utah home purchase!
No related posts.
