What's your strategy for coordinating with other professionals during closing and settlement?

2 Work with your lender

Your lender is the institution that provides you with the mortgage loan to finance your home purchase. They will also have a significant role in closing and settlement, as they will verify your income, assets, and credit, approve your final loan amount, and issue the closing disclosure. The closing disclosure is a document that summarizes the terms and costs of your loan and compares them to the initial loan estimate. You should review the closing disclosure carefully and ask your lender any questions or concerns you may have. You should also confirm with your lender the amount and method of your down payment and closing costs, and the date and time of your closing appointment.

3 Hire a home inspector

A home inspector is a professional who examines the condition and quality of the property you are buying. They will check the structure, systems, appliances, and safety features of the home and identify any defects, damages, or potential issues. A home inspection is usually done before you finalize the contract, but it can also be done after, depending on your contingency clauses. A home inspection can help you negotiate repairs or credits with the seller, or even back out of the deal if the problems are too serious. You should hire a licensed and qualified home inspector who has experience in your type of property and location. You should also attend the inspection and ask questions about the findings and recommendations.

5 Coordinate with the seller and their agent

The seller and their agent are the parties who are selling you the property. They will also be involved in closing and settlement, as they will sign the contract, provide the title, and hand over the keys. You should maintain a respectful and professional relationship with them throughout the process and avoid any unnecessary conflicts or delays. You should also coordinate with them on the following aspects: the final walk-through, the transfer of utilities, the delivery of personal property, and the possession date. The final walk-through is a visit to the property before closing to verify its condition and the completion of any repairs or agreements. The transfer of utilities is the process of switching the accounts for electricity, gas, water, and other services from the seller to you. The delivery of personal property is the removal of any items that are not included in the sale, such as furniture, appliances, or fixtures. The possession date is the date when you can legally occupy the property, which may be the same as the closing date or later, depending on the contract.

6 Stay organized and prepared

The last tip for coordinating with other professionals during closing and settlement is to stay organized and prepared. You should keep track of all the tasks, deadlines, and documents that are required for closing and settlement and follow up with the appropriate parties if necessary. You should also prepare for the closing appointment by bringing your identification, checkbook, and any other items that your closing agent or lender may request. You should also review the documents carefully before signing them and ask for clarification if you don't understand something. Finally, you should celebrate your achievement and enjoy your new home.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?