Now that the contract has been signed by both parties and the title company has
received the contract, it's time to take care of all the details.
Mortgage: With a fully executed contract on a home,
you need to deliver a copy of it to your lender. If you haven't selected a lender
by now, it's time to do so. Refer to the section of our website on mortgage
process & costs for assistance.
Home inspection: Texas is one of only a few states
requiring home inspectors to be state licensed. To become a home inspector you must do an
internship and take an exam. This is not an easy process, therefore we have mostly
professional inspectors doing a good job. However, there are a few that cater their
inspections more towards the agents than the buyers. Some agents will refer the easiest
inspectors. I'm a firm believer that a buyer should get as thorough an inspector as
possible. After the inspection, you'll review the report with your agent. If there are
concerns about the home, a negotiating strategy is developed regarding repairs.
Title policy: Within a week or so of the contract
being receipted by the title company, you should receive a copy of the title search. This
outlines all the easements and restrictions on the property. It's important you review
this carefully. If you have questions, you should contact the title company immediately.
If they're not able to answer your questions, it's time to consult an attorney. This is a
legal document and we're precluded by law from giving opinions on the title policy.
Ten days before closing: At this point you want to
make sure you are prepared for closing.
- Obtain insurance for the home to be delivered and paid for at closing.
- Contact the utility companies and have the accounts transferred to your name the
day of closing.
- Contact your banking institutions and insure you have adequate funds in an
account for closing. The good faith estimate of closing cost should give you a good idea
of your cost. *Remember, you must bring a cashiers check to closing for the closing costs
and remaining down payment. If transferring funds or selling assets, make sure you allow
ample time for the money to be available.
- Check with your movers!
Day before closing: You should receive a copy of
the itemized closing costs from the title company. Review the itemized title costs
and any questions need to be directed to the title company or your agent. Also, it's wise
to visit the property to make sure everything is in good condition. Get a cashiers
check made out to the title company. Rest your arm because tomorrow you'll be signing
more papers than you will believe. If you are one of those people who read every word
before signing, request the title company send you a set of documents the day before.
Other than mistakes, most mortgage documents are nonnegotiable.
