Finish Line

The hard part is behind you, but there are a few more steps before you can move in to your new dream home.

Final Inspection. Shortly before settlement (usually the day before or the day of settlement), you and your agent will conduct one last inspection of the home, called a "Final Walk Through" to make sure everything in the home is in order. This includes making sure all systems and appliances are in working order, that any repairs the seller agreed to make have been made, and to ensure no damage has occurred to the house since you signed your contract. If all is as it should be, settlement will likely proceed smoothly. If issues are discovered, the parties will negotiate to find a mutually agreeable resolution to the issue, sometimes with the aid of the settlement agent acting as a neutral third party.

Settlement. The final step in the sales process is the actual settlement or "closing". You the buyer, your agent, the sellers, their agent, and the title company representative meet in order to review all of the financial components of the transaction (all documented on a form called a HUD-1, which details the buyer's closing costs, recording fees, escrows, credits and mortgage proceeds, and the seller's pay off figures, commission fees, and transfer taxes). The seller will sign a deed transferring ownership of the home to you. You will sign your mortgage documents in which you pledge to pay your mortgage as required by your lender. You will pay over any funds due. The seller will give you all of the keys and garage openers, etc. When everything is complete, the title company will record the transaction for you with the appropriate government agency. Time to pop the champagne cork - the home is now yours!

Moving In. Effective as of the date of settlement, you will be responsible for the home's utilities and expenses, even if you don‘t move in right away. So, shortly before settlement, you should arrange to change over the utilities (gas, electric, water, etc.) to your name. As your agent, I can assist you in this process. I can also help you with the move-in process by providing you with referrals for movers, painters, contractors, etc., so you can start making your new house into your new home.

For more information and for any additional questions about the home buying process, please feel free to contact me at any time.

© Nadia Nejaime, 2006