Hooray!! You’ve found the perfect house, and your amazing Realtor has negotiated an awesome deal for you. You officially have a ratified contract. So now what happens? Before you can sign on the dotted line, pick up your keys, and start moving in, there are many things that need to be completed. Here in my office, we’ve created a checklist to act as a guide until closing. Take a look and see what you might expect to be a part of your closing process.
1. Obtain a loan pre-approval letter from your lender. If your contract is contingent on financing, this will be your first order of business. Your lender will have a list of items that he will need from you in order to get the loan package started and keep your closing on time. More often than not, if there is a delay in closing, it’s due to this small but important first step. Click here to read our blog post about getting approved.
2. Choose a closing attorney. Real estate attorneys handle property closings in South Carolina. It’s important to find a trusted attorney to handle your closing documents and prepare the deed. Go ahead and schedule a time with his or her office for the day of closing. He or she will also need information from you early on, so keep in contact with them and their staff to ensure a timely closing.
3. Choose an inspector. If you haven’t heard yet why you should get a home inspection, click here. Based on the inspection, you may create a repair addendum with the help of your agent to present to the Seller.
4. Make arrangements for your insurance. Shop around to find the best rates. If you have an insurance company you already use, find out if they will be able to insure your new house. Also ask if the Seller’s current policy is transferable.
5. Get a pest inspection. Here in South Carolina, most lenders require you to obtain a CL 100 (aka a termite inspection.) These inspections are only good for 30 days, so schedule this closer to your closing date. We usually recommend to our clients that they get this done about 2 weeks prior to closing. That way if there are repairs that need to be made, the Seller will have enough time to do so before closing.
6. Notify the utility companies which date you’d like to begin service. Water, electric, and gas are all pretty important in our modern world. Make sure they know to keep everything running and that they have your new billing information so you can avoid an interruption in service.
7. Set up your mail to be transferred to your new address. This is often a missed step on both sides. You can do this online with the US Postal Service’s website.
8. Schedule a final walk-through with your agent. Usually this happens the day of closing or the day before. You’ll get a chance to walk through the house and see that repairs are finished and that the house has been cleaned.
9. Sign documents, get your keys, and start moving in! Congratulations on your new home!
