NOW that we are through the inspection period, what happens now? Here’s what you need to do:
- Keep in contact with your lender – make sure that they have ALL documents they need from you. Remember that they may come BACK and ask for more, different documents, depending what the underwriting department asks for. Don’t worry – that’s normal. Just get them any documents they ask for as soon as you can. Email the lender to tell them you are THROUGH the inspection period and want to make sure they have all the documents that they need.
- Let your agent know what TIME of day you’d like to close so that they (I) can get you on the closing attorney’s calendar and make sure that the time is all right with the seller.
- Your agent will get you UTILITY INFORMATION. But it’s probably best to wait until the week before closing to make the calls and arrange the transfer. Sometimes companies won’t take your call until AFTER the seller has called to have the utilities taken OUT of their name (in other words, the seller must first call to have electricity turned OFF as of the day of closing – then you call to have it turned ON. In truth, the utility company never actually disconnects – they just change the name on the account.
- WATER is a special deal. The City will require a copy of the signed SETTLEMENT STATEMENT before they will switch water to your name. Go ahead and print out the application from online, fill it out and bring it with you to closing. The closing attorney will fax it along with the settlement statement to the water department FOR you from the closing table.
- PACK if you haven’t already. Arrange a moving company. Your agent can get you names/numbers if you want/need them.
- If the seller has agreed to make repairs as a result of your inspection, you will want to check to make sure those repairs are done. Hopefully you have requested that the seller provide receipts for any and all repairs either at closing, or preferably prior to closing. If they are major repairs and you feel more comfortable doing so, you can pay your inspector to come back and inspect the repairs.
- FINAL WALKTHROUGH – you will want to do one last walkthrough prior to closing. This can be done on your way to closing, or the day/evening before. You will be checking to be sure there has been no damage to the property and that all is in order. IF there is something amiss, the seller is given the opportunity to correct it. Obviously, if you do not discover it until right before closing, there’s not time for that. You can either delay closing or ask the seller to put some amount of money aside as surety until the problem is fixed.