If you’re planning to purchase a property, it’s important to know what steps to take after your offer is accepted. From submitting your escrow deposit to setting up your utilities, there are several tasks that need to be completed before you can officially close the deal. In this blog post, we’ll provide a comprehensive to-do list to ensure a smooth and successful home buying process.
1) Submit your Escrow Deposit:
Text me a photo of your filled out deposit check (personal check out of your account): addressed to {listing brokerage or escrow agent}
Mail or drop off at: {location listed for listing brokerage}
2) Schedule your home inspection:
Our deadline to complete the Inspection Contingency is ____. That means we have to have any negotiations resolved or terminate the contract on or before that date. Here are my Inspector Referrals
3) Fill out your Loan Application:
Sign all of the documents ASAP that your lender sends–I will send the fully signed contract to the lender (will cc you) & they will get you into their system. They will need updated bank statements, pay stubs, etc. Some of it can feel pretty redundant but if they request something please get it to them right away. If you have any large deposits ($500 or more–cash or check) they will need to know where that came from & be able to track it. If you have any side jobs that take cash I recommend that you don’t make additional deposits without first discussing with your lender. Do not make ANY changes to your current credit or payments without discussing with your lender. Do not buy anything that’s a large purchase ($1k or more) without discussing with your lender. Don’t make any changes to your employment without discussing with your lender….you get the picture 🙂
4) Select a Closing Attorney:
I recommend Hugh Barry as your closing attorney (or Title Attorney–each lender includes it differently). He is fantastic to work with. You’ll likely need to enter their contact info into the lender documents otherwise your lender will assign a random person to you which we don’t want.
[email protected]
400 Reservoir Ave Suite 1A Providence, RI
5) Set up your Home Owners Insurance:
Contact Insurance providers to get that moving, I especially prefer John LaPointe as his rates are great & his customer service is top notch. You can wait until after the home inspection to do this if you prefer.
6) Set up your Utilities:
For gas & electric you’ll call National Grid a few days prior to your closing to set up the service in your name (it’s easier to call than to set it up online). In most towns the water & sewer will be set up in your name once the deed is recorded—you don’t need to do anything for that. However, in some communities–like those in Bristol County (ex Warren & Bristol)–you’ll need to call Bristol County Water Authority to set up your service about one week prior to your closing.
7) Scheduled Closing & Final Walk-through:
Once we have your mortgage commitment we will be waiting for the lender to issue “Clear To Close” & issue the final closing disclosure. Once the attorneys have this info & are satisfied with what they need on their end (final Title & Deed, seller Mortgage payoff, all liens are discharged, final water & sewer bills, etc) they will schedule the closing. There are SO MANY moving parts behind the scenes that you don’t see! All of these moving parts have to come together–ideally on the target closing date that we put on the contract but many times there are delays. They will reach out to you with a closing date & time once they are able. You may even get that info before I do! If you have any scheduling conflicts please let me & the attorney know upfront (ex. A planned vacation or job responsibility). You’ll need to bring a certified bank check for the amount that the attorney informs you of—your down payment & closing costs based upon the final closing disclosure. Once we have the closing date & time we can schedule the final walk through at the property. Often this happens an hour before the closing.
In conclusion, while the real estate buying process may seem overwhelming, having a clear checklist of what needs to be done can make it much more manageable. By following these steps, you can ensure that you are on track to a successful closing. Remember to communicate with your agent and ask questions along the way. With their guidance and support, you can navigate the process with confidence and ease. Happy home buying!