What to Expect on Closing Day of Your First Home
Closing on your new construction home, also referred to as a settlement, is transferring ownership of a home from the builder to the buyer. It’s typically a brief yet essential process when you buy your new home. Since purchasing a new home can be exciting but stressful, we want to help you prepare for what to expect on closing day. So read on!
Make Plans 45 – 60 Days Before Close
Installing your countertops is usually the final step before starting the closing process. Once complete, your new home consultant will give you a tentative closing schedule along with details on your pre-delivery walkthrough. This is the time to check with your lender after you receive your closing schedule to ensure that the bank has everything needed to process the loan and secure a homeowner’s insurance policy.
Go Over the Details 30 days Before Close
One month before close, it’s a good idea to confirm your closing date, time, location, and title company who will perform your closing. Usually, title companies ask for the funds to be wired 24 hours before closing, so it’s good to familiarize yourself with the wiring instructions. Plus, you can start to set-up or transfer your utilities to your new home at this time.
Get Oriented 7 days Before Close
Now is the time for your pre-delivery inspection (PDI), one of your first chances to tour your completed home! Your builder will guide you through a comprehensive inspection and demonstrate how to operate your new home’s systems like ventilation, plumbing, and heating. This is your chance to learn how everything works, ask any questions you might have, and note on the builder’s PDI form any item that is damaged, incomplete, or missing so they can fix it before you move in.
This is also the perfect time to obtain final details from your title company about your closing day and your mortgage. This disclosure should include the loan terms, projected monthly payments, and any additional fees required to obtain your mortgage. It’s imperative to go over this document carefully to know precisely what you’ll owe, so you don’t have any surprises during closing.
What’s more, if you’ve haven’t contacted your electric company, cable company, and other utilities, now is the time to do so. You’ll want to set everything up as close to moving day as possible.
Closing Day
Today’s the day! It’s time to sign all the necessary documents and receive the community-related information and warranty documents you need. Make sure to bring your driver’s license or government-approved ID before you arrive at your closing. You can also arrange to do another quick walkthrough of your new home to make sure everything is ready for moving in. Once complete, you will meet your new home consultant and title agent to sign all the necessary documents. Keep in mind that any funds being wired from the mortgage lender or your bank must be received to make the closing official. Once you’ve dotted all the I’s and crossed all the T’s, it’s time to collect the keys to your beautiful new home!
There’s no need to worry about closing on your new construction house when you work with SkyHomes. As professionals, with over 40 years of experience, we make sure you’re taken care of at every stage of the process. For more information about our communities and neighbourhoods, don’t forget to read our blog.
