Checklist for Buyers
Countdown to Closing! Three Weeks Before Closing Checklist for Buyers
- Certified check, Cashiers Check (or cash) for the difference between sale price of property and the amount of the mortgage (less any deposit already made), MADE OUT TO YOURSELVES (will be endorsed over at closing).
- In the adjustments at the passing, the bank may require 2-3 months tax payments (held in Escrow by the bank). The exact amount can be obtained prior to the closing (cash or check will be acceptable for these fees).
- Additional fees are the bank's legal fees, title search, lien certificate, and recording of the deed. This exact amount can be obtained from the bank prior to the closing (cash or check will be acceptable for these fees).
- Have an Insurance Binder or policy for insurance on the property being purchased. This must be in an amount at least equal to the amount of the mortgage. You should rely on your insurance agent for advice on this matter.
- Make arrangements for the transfer into your name, as of day of closing: Electric, Gas, Water and Telephone.
NOTE VERY IMPORTANT
If you (Buyers) cannot be at the closing, please be sure to consult with your Attorney and/or the Bank's Attorney. Papers must be signed and prepared in advance.