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So you've
signed the contract... what's next?
We provide real estate services to buyers
and sellers in Pennsylvania (Berks County, Chester County, Delaware County,
Montgomery County, Philadelphia, Drexel Hill, Haverford Township, Havertown and Upper Darby) as well as in
New Jersey (Brigantine, Atlantic City, Ocean City, Camden County and Gloucester
County).
You’ve signed the contract and are looking forward to moving into your new home,
but there are a few steps that cannot be overlooked. By following these easy
steps, you will ensure yourself a smooth move into your new home.
First, get the home inspected. Arrange a time to return to the property for the
inspection, typically a few days after the contract has been signed. A
professionally licensed inspector will accompany you through the home and point
out repairs or discrepancies if they exist. The seller will then be notified of
these problems and will usually agree to take on the repairs.
Set up an appointment with your mortgage consultant and be prepared with the
following financial statements: W-2 forms or signed tax forms for the past two
years, copies of your most recent bank statements (current and consecutive for
at least two months), copies of your most current pay stubs or proof of income
if self-employed. Be prepared to pay an appraisal fee at this time if you have
not already done so.
Work with your real estate agent to choose a title or settlement company for you
and provide them with the necessary paperwork. The settlement company has the
responsibility of making your transaction legal. They will do the title work,
examine the survey, prepare mortgage documents and all the necessary closing
paperwork. After the settlement, they will prepare packages for your mortgage
lenders, accounting and title insurance, life documents with the county, and
release escrow.
You will need to provide proof of homeowner’s insurance at this time. You have
the right to choose your own insurance company. If you have not selected one,
work with your real estate agent for a referral to a reputable company.
Obtain certified funds for the settlement. The title company will be able to
tell you a few days in advance the exact fees that will be due.
Conduct a final walk through of the home. Be sure to note any discrepancies
from the home inspection that has already been completed. By taking the time to
go through this process in a detailed and timely manner, your transition into
your new home will be easy and stress-free! Now is also the time to transfer all
the utilities into your name.
Choose your agent wisely. Working with a full-time real estate agent is a must.
Ask questions of your agent. Find out how knowledgeable he or she is about
houses currently for sale in your price range and also of houses that have
recently sold. Can your agent recommend a good lender that has the reputation
of excellent customer service and low rates? Does your agent ask questions of
you to have a full understanding of what you are looking for to help you get the
most home for the money?
To receive
your FREE copy of Homebuyer's Handbook or Homeseller's Handbook, click here.
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