Closing Expectations for The Buyer

Closing Expectations for The Buyer

The down low on what is expected of the buyer on or before closing...

First things first! Homeowner’s Insurance

You will need to obtain a homeowner’s insurance policy for the property you are purchasing. Your lender requires this insurance.

Cashier’s Check
A cashier’s check is required for any final closing cost amounts over $100 and should be payable to yourself.

Identification
At closing, you will be asked for a copy of your Driver’s License, or some other form of valid government issued identification that includes your picture and signature.

Contractual Obligations
The sales contract should contain all agreements between the buyer and seller and must be signed. Any changes must be initialed by both parties. The closing company will prepare and conduct your closing only according to the terms agreed upon in your contract. If you have any questions about any item in your contract, please discuss this with your real estate agent. If possible, it is always best to get any issues resolved before getting to the closing table.

Miscellaneous
If you or anyone that is a part of your transaction will not be available to attend the closing, you must notify your lender and closing company to ensure that  a “Specific Power of Attorney” to appoint someone to sign on his or her behalf to permit the closing to continue without that person being present. This procedure will also require the approval of your lender.

If you or anyone that is part of your transaction is in the process of bankruptcy, divorce or any other court proceedings, you must notify your lender and closing company as soon as possible. These issues could take time to resolve and need to be handled prior to closing.

A special “thank you” goes out to Theresa Wilson and the Williamson County Association of Realtors for providing this article.

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