Main
Insurance
Protecting your new home with insurance is a must. How well you do that depends on the details of your policy. And while you are not legally required to have homeowners’ insurance, mortgage lenders stipulate that you do.A standard policy will suffice in most instances. It protects against several natural disasters and catastrophic events. However, it will not guard against earthquakes, floods, war, and nuclear accidents. The policy can be expanded to include these disasters as well as coverage for such things as workers’ compensation. In fact, the lender may require that you purchase flood or earthquake insurance if the house is in a flood zone or a region susceptible to earthquakes. You also can increase coverage beyond the depreciated value of personal property such as televisions and furniture by purchasing a replacement-cost endorsement.
Timeline and Paperwork
The closing meeting is where ownership of the home is officially transferred from the seller to you. Most of the people involved with the purchase of your home will attend your loan closing. The closing is a formal meeting typically attended by the buyer and the seller, both real estate sales professionals, a representative of the lender, and the closing agent.First, the closing agent reviews the settlement sheet with you and the seller and answers any questions. Both you and the seller sign the settlement sheet.
Then, the closing agent asks you to sign the other loan documents. Evidence of required insurance and inspections is also presented (if it wasn’t previously given to the lender).
After that, if everyone agrees that the papers are in order, the buyer submits payment to cover the closing. If the lender will be paying your annual property taxes and homeowner’s insurance for you, a new escrow account (or reserve) is established at this point.
Finally (here’s the best part) you receive the keys to your new home!
After the meeting, the closing agent officially records the mortgage and deed at your local government clerk’s office or registry of deeds. This legal transfer of the property may take a few days after closing. The closing agent usually will not disburse the funds to everyone who is owed money from the sale (including the seller, real estate professionals, and the lender) until the transaction has been recorded. It is at the point of deed recordation that you become the official owner of the home.
Moving in
Six to Eight weeks prior:
- Purchase or rent moving supplies: tape, markers, scissors, pocketknife, newspaper, blankets, moving pads, plastic storage bins, rope and a hand truck. Free boxes can usually be obtained at a local supermarket, but consider purchasing wardrobe boxes for moving clothes.
- Have a garage sale to clear out unwanted items and plan accordingly. Consider donating unwanted items.
- Keep a detailed record of all moving expenses. Your costs may be tax deductible depending on the reasons for your move.
Two weeks prior:
- Hire a reputable mover or rent a moving truck. Be sure to get referrals or references, check with the Better Business Bureau, get estimates, purchase moving insurance.
- Two weeks before moving day, contact your telephone, electric, gas, cable/satellite, refuse and water companies to set a specific date when service will be discontinued. Contact utilities companies in your new town about service start dates, including Internet & long distance telephone services.
- Notify healthcare professionals (doctors, dentists, veterinarians) of your move and ask for referrals and record transfers.
- Register children for school and ask for school records to be transferred.
- Notify lawn service, cleaning and security companies when service should be terminated.
- Advise the post office, publications and correspondents of change of address and date of move.
- Check your homeowner’s insurance and make arrangements for new coverage.
Moving Day
- Have tools handy for breaking down beds and appliances.
- Move valuables (jewelry, legal documents, family photos & collections) yourself – don’t send them with the moving company. Make sure you have a complete Home Inventory of all your possessions.
- Give every room a final once over. Don’t forget to check the basement, yards, attic, garage and closets.
- Have the final payment for the movers and money for a tip
- Don’t forget to check in with your local CENTURY 21® Real Estate Professional – he or she may be able to provide useful local advice, and/or referrals.
