Things You Must Do Before Closing On Your Next Home And Moving-In

Buying a new home is exciting. However, before you prepare for a happily ever after, there are a few details to get in order. If you are buying a home in Dallas, here are five things you must do before moving.

1. Account for Contingencies

When looking at homes for sale in Dallas, you are probably envisioning your new life. This is fun to think about, but there are practical steps to take after you make an offer. In most cases, the purchase agreement includes standard contingencies. This includes a home inspection, an independent appraisal and financing. While the seller is responsible for complying with these contingencies, it is up to the buyer to move ahead with them. These contingencies are there for your protection.

2. Manage the Title

In order to legally own a home, you have to take the title. All homes have titles that indicate who is responsible for the property. If you neglect the title, then you will still not legally own the home. Usually, title exchanges are handled by a mortgage lender. Among other home buying tips, be sure to get title insurance. This will give your ownership a necessary legal safety net. Although your lender may recommend a title company, you should know you have the final say. You can shop around for the best options.

3. Finalize Your Finances

Most people buying a home in Dallas take out a loan. It is recommended to talk to your lender before home shopping to get preapproved. This will tell you how much you can expect to spend. However, after finding your perfect home, you have to finalize your finances. Your loan will be underwritten to guarantee you are a legitimate loan candidate. During underwriting, the lender will look at your credit score and the home’s appraisal. This happens near the closing date. If anything is amiss at this point, your purchase agreement may be void.

4. Do Last Minute Checks

As your closing date approaches, make sure the home and your finances are ready. Look over the closing disclosure in your loan. The HUD-1 settlement statement delineates the terms of the loan. This includes your monthly payments, closing costs, and other fees. You should also do a final walkthrough in your new home. Most contracts allow for this final walkthrough a day before closing. This gives you the chance to ensure that everything has been moved out and that the home is in the expected condition.

5. Have Your Closing Documents Ready

The last of the home buying tips is to be ready on closing day. Closing on your home is not just about signing papers. You also have to bring plenty of documents with you. Make sure you have proof of homeowners insurance, your contract with the seller, home inspection reports, bank paperwork, and a government-issued ID. It may seem overwhelming, but it is worthwhile. Once the paperwork is in order, you will finally be ready to move in for your happily ever after.