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Moving In Check List

 

The days leading up to your new home move-in is a thrilling time. But there are some things that can go wrong. The excitement may cloud your judgement and you may overlook some crucial elements. Here’s a check list to keep handy as you prepare to enter this exciting new chapter.

 

Wrap Up Your Contingencies:

 

Every purchase agreement has contingencies - things that buyers must do before the real estate transaction is official, explains Jimmy Branham, a Coral Springs, FL, real estate agent at the Keyes Company. As move-in day draws neigh, here are some bullet points you’ll want to knock out. 

  • Home inspection contingency: This gives buyers the right to have the home professionally inspected. If something is wrong, you can request that it be fixed—or you can back out of the sale. It’s rarely advisable to waive an inspection contingency. Although the average home inspection costs $300 to $500, it’s a drop in the bucket considering the costly home issues you might uncover, says Claude McGavic, executive director of the National Association of Home Inspectors.
  • Appraisal contingency: With this contingency, a third party hired by your mortgage lender evaluates the fair market value of the home. If the appraised value is less than the sale price, the contingency enables you to back out of the deal without forfeiting your earnest money deposit, says Bishoi Nageh, president of the Petra Cephas Team at Mortgage Network Solutions, in Somerset, NJ.
  • Financing contingency: This contingency gives you the right to back out of the deal if your mortgage approval falls through. You have a specified time period, as stated in the sales contract, during which you have to obtain a loan that will cover the mortgage.

 

Take Title:

 

The moment you purchase a home is the moment you “take title,” plant the flag and claim legal ownership. Whoever your mortgage lender is will demand a title search and you will then have to buy title insurance that will be your shield against legal claims of the house. But clearing title will ensure this doesn’t happen, says Marc Israel, president and chief counsel of MiT National Land Services, a title company in New York City.

 

Getting Your Mortgage Approved

 

So you’ve put down a nice down payment, but before the process can be finalized, the next step is ensuring your home loan has gone through the underwriting process. What is an underwriter? These individuals are something like real estate private eyes, who make sure you are being represented truthfully and that you aren’t lying about your claim. 

 

The underwriter who is employed by your mortgage company will check your credit score, review your home appraisal, and ensure that your financial portfolio has remained the same since you were pre-approved for the loan.

 

Bring Your Papers:

 

During this final step, you must be prepared. Do so with the following items at the closing table. 

 

  • Proof of homeowners insurance
  • A copy of your contract with the seller
  • Your home inspection reports
  • Any paperwork the bank required to approve your loan
  • A government-issued photo ID (Note to newlyweds who just changed their name: The ID needs to match the name that will appear on the property’s title and mortgage.)

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CONTACT

  • Lydia Eskenazi PA

    Director of Real Estate Sales
    Harding Realty, Inc.

  • TELEPHONE

    +1 (305) 785-0440 Direct
    (305) 682-9051 Fax

  • OUR LOCATION

    9473 Harding Avenue
    Surfside, FL 33154

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