There are 10 Steps to Buying A Home in The Poconos of PA; Step 10 The Closing Process
Step 10: The Closing Process
The Day of ClosingThe final step in buying your home in the Poconos. You and your Realtor will do a final walk through of the home approximately 1-2 hours before the scheduled closing. You want to confirm that the home has been emptied out of all the Sellers possessions as well as the fact that the seller has left the home “broom swept” and in the same condition as it was when you agreed to make the purchase.
To prepare for The Closing:
First, remember to bring your Government Photo ID with you to the closing. One of the first things that the Title Company/Attorney will ask you for is your ID. It has to be a Photo ID and issued by a Government entity; your drivers license, etc.
Second, your proceeds due at closing should be in the form of a Certified check made out to the Closing Agency, usually the Title Company. The Title Company or your Realtor will have contacted you 24-48 hours before closing with the final number that is due from you at closing.
Next, the Closing Agent will then usually begin the closing by going over the HUD-1 Settlement Statement. This is the Statement of all the costs/items required to close on your new home. They will go over this Statement line by line, explaining each item to you as they go along. Be certain to verify these amounts and that they agree with your Contract and other items you have agreed upon while you were Under Contract, if applicable. (ie. A credit from the seller for an item that was agreed upon in the beginning or after inspections, etc) DO NOT BE AFRAID TO ASK QUESTIONS! That is what they are there for and it is very important for you to be able to understand exactly what is required from you over the next 30 years. The Title Company and Your Realtor want to be sure you understand all aspects and everything that you are signing.
For example, one couple did not understand that their taxes would be escrowed and become part of their mortgage payment. So when they received the tax bill they should submit the tax bill to the mortgage company for payment instead of paying the tax bill directly. It eventually got straightened out however they could have used that money for something else, I’m sure, if they had not forgotten this important point.
Once the Settlement Statement is reviewed with the Title Company by the Seller and the Buyer the Title Company will usually finish the closing documents with the seller (they usually have so few compared to you) and then funds will be dispursed and the Seller can then leave the Closing. That way the Title Company can go over all the mortgage documents with you a)uninterrupted by chatter in the room 2) in private with you, which is nice. Depending upon the Mortgage Company, be prepared for the closing to take at least one hour.
Pay attention to these details! Again, Do Not Be Afraid To Ask Questions. It is important for you to fully understand your obligations and responsibilities while you own this home.
You will receive a copy of everything that you have signed. KEEP THESE RECORDS. They are important documents. Some will be needed for tax purposes and The Deed and The Settlement Statement will be needed for you to take to the Community office (if applicable) to get your Gate passes, ID badges, etc. And also a way for you to remember to watch for the “Official” deed to come to you and to watch for the tax bills to come in for submitting to your mortgage company for payment (if applicable) and that you receive them on time.
Once all the documents are signed and CONGRATULATIONS are issued, you are good to go to your NEW HOME! WOOHOO!
Now is the time to contact (if you have not done so already) The Electric Company, The Cable Co., The Phone Co., etc. Most people will have contacted the utility companies around 48 hours before closing however I have known some who waited until they closed to do so. We normally recommend 48 hours in advance. Now is also the time to change the locks on the home, garage, shed, etc.
When looking for a Realtor© in the Poconos that will listen, assist and guide you without "pushing" you, contact Bobbie Smith. I would love to help.
Bobbie Smith, CRS
(Certified Residenial Specialist-CRS)
570-242-1891 Cell Best (Call or Text)
Email me now: firstname.lastname@example.org
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