Pick a date
The best time to set a closing date is at the end of the month as interest at the table is at its lowest then, and you'll want to pick a closing date around the same time your current lease is set to lapse.
Take your time
The conclusion of the closing means you have committed 20-30 years of your life toward repaying a house loan. So take time to ensure you understand the full implications of the agreement you're signing. If you feel there's something unclear, don't hesitate to ask. Don't rush—you can even back out of the deal at that point. You can request the closing documents a few days before the date of closing so that you have time to go through them with a fine-tooth comb.
First, get title insurance. This kind of coverage offers your mortgage provider a measure of comfort in the event that the seller didn't really own the property they were offering you. What about you, the buyer? There is a similar policy available specifically for buyers. This insurance will give you some redress in the event there were some legal issues in previous sales on the property that have resulted in fraud claims against you or liens on the property.Also, begin arranging to have your new property insured. Before the closing date, start sourcing for home insurance quotes online or from the insurance companies you know. If you already have car insurance, getting a home insurance policy from the same provider might mean you'll pay lower premiums.
Inspect the new house
Conduct a thorough inspection of the property from top to bottom one more time asking yourself the following questions:
- Have any changes occurred to the house since you last viewed it?
- Have the repairs you requested on my last walk-through been done?
- Are amenities like water and electricity functioning as they should?
- Are the front and back yards as you left them or have some shrubs been removed or landscaping damaged?
- Has the seller removed all their belongings?
If the inspection raises some issues, delay the closing until they are resolved. Should you have already fixed a moving date, try to get cash compensation to compensate for outstanding work.
Ask your real estate agent any and everything you need to know before the closing.