It would be nice to just move in and relax after finding your dream home, but its not over yet. You have to find an attorney, choose a mortgage, schedule an inspection, and contact the utility companies. Although the list seems endless, we are going to tell you how to complete the tasks effectively.
Getting an Attorney
It's recommended to get an attorney who specializes in real estate, preferably in the area where you bought. You can ask for referrals. Your agent should know some reliable real estate attorneys in the area. As soon as you choose an attorney, let your agent know. He or she will send a contract to the attorney directly.
After that, the attorney will review the contract. It usually takes 5 business days to make modifications. Sometimes the attorney will request a few language revisions to a standard contract. Within the first few days after receiving the contract, they will contact you if they need further information. After the home inspection the attorney will compose a letter detailing the inspection results.
The Mortgage Lender:
You might have been in touch with a couple of lenders prior to your purchase. It's best to include a "preapproval letter" to confirm your ability to be qualified for the purchase you are making. There are few things to consider when selecting a lender:
- Do they have competitive rates?
- Is your loan officer easily accessible and responsive?
- What is the processing time?
- Will you be given weekly status reports on the progress of your loan approval?
- Do you feel comfortable having this company handle this important investment?
Buyers are often required to apply for a mortgage within the first week after acceptance of the contract. It is recommended to find out what information your lender needs and provide all the documents at the initial meeting. This will save you much time. A lender will often ask you to "lock rate" or "float the rate".
A lock-in or rate lock on a mortgage loan means that your rate between the offer and closing will remain the same, as long as you close the deal within the specified time frame. A floating rate, on the other hand, means that the interest rate won't 't be fixed. Your lender should explain the pros and cons of both matters.
Inspection and Moving:
As a buyer, you have the right to get the house inspected prior to the closing. Check the walls, the floors, the ceilings, the kitchen, and bathrooms, and the water supply for any damage. Once the inspection is over, you are ready to move! You can hire a moving company to save time and energy. The moving company should tell you how many people will be there on the moving day, what time they will arrive, how long the move should take and any unforeseen expenses.
Don't Forget About Utilities
Call all the utility companies and ask them to transfer the services into your name prior to closing. Failure to do so may cause loss of service for an extended period of time.
The utilities to look after are:
You will need a paid insurance policy at closing. Chances are you have insurance and can call that provider for homeowner’s insurance. Referrals are the best source. In addition, make arrangements to change your address once you are sure that your sale will close. You don't want to miss your mails.
Congratulations! You are now ready to unpack, decorate and enjoy your new place. If you have other inquiries, contact Castles Unlimited at (617) 964-3300.