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Home Buying Process

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The Counseling Session is a free Consultation with a professional so that you can get an overview of the process and a detailed description of what a Buyer Agent can, or cannot do for you. 

Final Phases

We will assist you in making sure that all of your deadline dates are either met or extended in a timely manner 

Secure Home Owners Insurance

Arrange for utilities to be turned on (Start with the phone company it usually takes the longest.)

Other things to remember: gas, oil, electric, cable, garbage pick up

Locate local pizzeria for the first night... very important!

Closing Process

When your mortgage has been formally committed, you will receive written verification 

The closing process will then begin 

The Attorneys for both clients will make arrangements for a closing 'on or about' the date in the contract. Outstanding loan documents must be forwarded 

Homeowners insurance is provided to the lender 

Utilities will need to be called to setup accounts for you as the new owner Utilities 

• Buyer to contact electric, telephone, cable, fuel oil and/or propane gas  companies prior to closing to establish/transfer service

 Homeowner’s Insurance (sometimes called Hazard Insurance) 

•  Buyer to obtain prior to closing (to take effect day of closing)

• Buyer to pay first year’s insurance premium at or prior to closing

• Proof of insurance (binder or declarations page) and paid receipt for first  year’s premium to be provided to bank/mortgage company and Buyer’s attorney  prior to closing.

Pre- Closing Inspection

Prior to the closing, we will guide you through a Pre-Closing Inspection of the property 

It verifies that all fixtures detailed in the contract are still there and that the property is in relatively clean condition subject to normal wear and tear FINAL INSPECTION 

•  Buyer to schedule with realtor as close to closing time as possible  (if possible, do final inspection on your way to the closing)

• Confirm no changes to property condition and/or repairs satisfactorily completed 

The Closing

•   Execute mortgage documents

•   Exchange check(s) for Warranty Deed and keys to property

•   Additional documentation obtained and signed as necessary to complete  transfer of title and bank requirements for mortgage 

• Most closings will proceed without incident, however, as your Buyer Agent, I will be there or a Licensed Agent from our Company will attend just in case!

ADJUSTMENTS TO PURCHASE PRICE AT CLOSING: 

•  Property taxes

•  Assessments (if any)

•  Common charges (if condominium)

•  Association dues (if private community)

•  Fuel oil ($1.00 approx. price per gallon)

•  Water/sewer use tax (if town water and/or sewer)

•  Buyer’s and Seller’s attorneys confirm adjustments prior to closing CLOSING COSTS:

• Balance of purchase price (less net mortgage funds)

• Must be bank check (certified funds)

• Attorney’s fees

• Title search

• Title insurance

• Homeowner’s insurance (usually paid prior to closing)

• Recording fees

• Warranty Deed

• Mortgage Deed

• Assignment of Mortgage (if applicable)

• Taxes due (some banks require taxes due within two months of closing to be paid at closing)

• Courier fees 

• Bank fees

• Points

• Balance of appraisal and/or credit report

• Pre-paid interest (closing date to end of month)

• Escrows for insurance and/or taxes

• Document preparation fees

• Flood certification

• Miscellaneous fees 

  ---

   POST CLOSING

•  Buyer’s attorney to record Warranty Deed and Mortgage Deed on town   land   records as soon as  possible after closing
•  Original Warranty Deed to Buyer upon receipt from town clerk’s office (This may take a couple of weeks to a couple of months depending on the town)
•  Original Owner’s Title Insurance Policy to Buyer with original deed
• Original Mortgage will be forwarded directly to the bank by the town clerk

Escrow & Closing Costs (5)

Real Estate Guide - Answers to hundreds of common questions about buying, selling, investing and mortgages.