Philadelphia, Bucks and Montgomery Counties Real Estate. Tips for home buyers, home sellers by Gita Bantwal,Realtor at Re/Max Centre Realtors.: Ten Steps to Buying a house in Pa this year. Step 10. Closing Escrow/ Settlement

Ten Steps to Buying a house in Pa this year. Step 10. Closing Escrow/ Settlement

Buyers often wonder what happens at settlement. This may vary from state to state. I am only familiar with what happens in my area.

Once the loan is approved and you receive the mortgage commitment you have to wait for closing.

Depending on what was agreed in your agreement of sale,  closing can take place in your Agent's office, at title company, attorney's office or a mutually agreed upon place. You will receive a settlement notice a few days prior to closing..

A few days before closing your agent, lender, attorney , or title company will prepare a preliminary closing disclosure statement . It is a form that has closing costs and all related charges for buyer and seller . This will give you an idea of how much money you have to bring to closing table.

Please bring a Certified check or Cashiers check . You agent will tell you the name of Payee. Do not bring a personal check for this amount. It is also a good idea to bring your checkbook incase you need  a few dollars more than the amount quoted.

IMPORTANT. If you receive email to wire funds it may be a scam. Call your agent or the title company directly to verify .

This practice varies in different states. Check with your agent.

You should have a final walk through of the house you are buying prior to settlement. Take a list of things the seller had agreed to repair and check to see if it was done. Inspect the entire house and make sure it is in same condition as it was when you made the offer to purchase except for the repairs made. Ask for receipts and permits if required. Check heater, air conditioner and other systems . ( May not apply for 'as is ' sales ), read your agreement of sale

Bring photo ID and anything else required by mortgage company. I had an experience where the husband drove the car so the wife did not have her pocketbook and we had to wait till she got it.

Few days before settlement call the utility companies and tell them to transfer to your name as of settlement date. The sellers will disconnect as of that date and if you forget you may not have heat or electric.

You will sign a lot of papers regarding the mortgage at settlement. The loan officer or title company agent will explain all the papers.

The final paper you sign will be the closing disclosure statement It has all the costs itemized. Save a copy of this form for the following year when you prepare your tax returns.

Some of the items are tax deductible.

The seller will give you the keys and remote openers for the garage, warranty papers for appliances .

You should however get a locksmith and change the locks.

CONGRATULATION.

 

When you read about events please check the year for the event as some people find information a year later and think it is for that year. . The posts remain online even after the event.

Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com

 

She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email gita01@aol.com

If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491

 Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others  in my post and comments is not to be construed to be  legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.

IF YOU WOULD LIKE TO SUBSCRIBE TO MY BLOG         CLICK HERE   OR EMAIL ME AT Gita01@aol.com

 

Comment balloon 14 commentsGita Bantwal • May 01 2018 03:25PM

Comments

Good morning Gita. In my area all closing agents require wired funds and the crooks have figured scams on that. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) about 2 months ago

Thanks, Gita.  This is good information for those unfamiliar with the closing process.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 2 months ago

Hi Gita... great post... but here in NC and SC, the settlement attorneys have not accepted certified or cashier's checks in years except for nominal amounts. It's wire transfer only.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (RE/MAX Executive | Charlotte, NC) about 2 months ago

Gita, closings do differ from state to state, and we accept cashier's checks here too, but don't use attorneys to close.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) about 2 months ago

This is one of the best parts of the transaction Gita...getting the keys!

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) about 2 months ago

Wayne, thank you for the comment

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 2 months ago

Gabe, thank you 

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 2 months ago

Nina, thank you for the comment

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 2 months ago

Joan, thank you for the comment.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 2 months ago

Sheila, I agree.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 2 months ago

This is very good information to share with prospective home buyers.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) about 2 months ago

Roy, thank you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 2 months ago

Gita Bantwal - This was an outstanding series and I especially liked how you made it clear, this is specific information for buyers in PA. Other states may do it differently. 

I'll have to go back and read the other parts of this series. You did an excellent job and all buyers need to know, so thank you!

Posted by Patricia Feager, Selling Homes Changing Lives (DFW FINE PROPERTIES) about 2 months ago

Patricia, thank you for reading

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 2 months ago

Participate