The Week Before Settlement
Ok, you have made it this far! Its one week before settlement and there are still a couple of things to take care of.
Utilities
As a buyer, you will need to set up the utilities in your name. Your agent should provide you the names of the utility companies and their phone numbers.
Settlement Statement- HUD
As you draw near to your closing date, it is recommended that you review a copy of your Settlement Statement (HUD-1). Ask your real estate professional, attorney or lender to request this document from the title company and review it with you. the HUD-1 provides the total amount of cash you'll need at closing and details how those funds will be disbursed. The HUD-1 must be given to the buyer at, if not before, closing.
Final Walk-Though
A final walk-through of the house should be done on the day prior to settlement or the morning of settlement. This final inspection gives you the opportunity to be sure the seller has moved out and completed any repairs agreed upon in the sales contract or as a result of the home inspection report. During the walk-through, make sure that all systems (for example, heating and cooling) are working properly and any appliances or other items the seller agreed to leaved behind are in the house and in good working order.
Closing
In New Jersey, most settlements, are done in a face-to-face meeting of the buyer, the seller, the real estate agents, the lawyers, the title clerk and the representative from the mortgage company. The closing can take place at the office of the attorney, real estate agent or title insurance company. At this time, the buyer will generally have to pay the balance of all monies owed to the seller and closing costs. This money could be disbursed either by your attorney or the closing agent.
After all of the papers are reviewed, explained, signed and exchanged and the seller is paid, you the buyer, will be handed the keys to your new property.
Remember: Don't forget to ask for the keys to the mailbox and shed and the remotes for the garage door opener, and the security codes, etc, if any.
