8 Point Checklist to Closing on a Property in [Profile.market2]. How to make the process go smoothly, by , [Profile.market2] Real Estate Expert

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February 8, 2009, by Kevin Wallace in Home Buying Process

The closing process is the last step to purchasing or selling a home. The process can often be intimidating because of how much legal paperwork there is involved. In this article Iíll walk you through the process so that the closing process will go much smoother for you.

1)    Homeownerís Insurance

Insurance is always necessary to get the mortgage. Remember to get homeowner's insurance about a week in advance of the closing date. The first year premium is usually paid directly to your insurance agent before the closing. They will provide a "binder" showing the coverage and the name of your mortgage company (the Mortgagee Clause) and will also provide a paid receipt. Your mortgage company or the title company or attorney will typically ask for these prior to closing.

2)    Gather All Your Paperwork

Make sure you have all your paperwork in place the day before closing. Review all your paperwork to make sure that everything is in order. Call your mortgage company (if they haven't called you) to make sure that all is in order and identify exactly what they expect you to bring to closing.

3)    Have Your Inspections Completed

There will typically be a "final walk through" of the property the day before or on the actual closing day. If there are any repairs that have been previously agreed to that will take place after closing, make sure that they are detailed in writing and typically an escrow account will be created to hold the funds for completion until the work is done. Review this with your real estate agent, title or mortgage company at least a few days in advance of closing.

4)    Have Title Insurance

It ís important to get title insurance for your home purchase. Title insurance insures that the title on your property is clean and may assist in addressing title issues that arise in the future. the title attorney or company will be able to confirm that you have chosen to obtain this optional insurance. There is usually a one time fee for this and it is very affordable insurance.

5)    Review your Mortgage Commitment Letter

At this point, your mortgage should be approved and there should be no outstanding conditions. Confirm this with your mortgage company a few days before closing.

6)    Bring Your Cashierís Check

The amount necessary for closing the on the property should always be in the form a cashier's or bank check. I suggest to clients that the check be made payable to "The Closing Company or Insert Your Name Here". This allows you to redeposit this bank check into your own account if there is any long delay in the closing or the closing is cancelled. Check with the title company or attorney to make sure that this is okay but it should be fine.

7)    Bring Your Picture ID

Make sure that you have current photo ID like a drivers license or passport as this is always required at a loan closing.

8)    Understand Your Closing Costs

Before closing, it ís important to have a good idea of what your closing costs are. It ís also important to know who will pay the closing costs. Unless otherwise stated, usually the buyer pays the closing costs. We review all costs and compare them to original estimates the day before closing with our clients. Your motrgage company should do the same and you should insist on this service to avoid any last minute frustration!

Following these tips should make the whole closing process go much smoother for you. Remember to talk to your real estate agent and your loan officer about the closing process, as they've both been through the process many times.

There is a lot of great information available to you about buying, selling or investing in [Profile.market2] real estate. For complete information about the [Profile.market2] real estate market including NH mortgage info, featured homes for sale, property values and more please visit the most complete website online dedicated to everything [Profile.market2] real estate at . Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at or email me at .