After Contract Retification

 Once the contract has been ratified, there is a significant amount of work that needs to be accomplished before you actually go to settlement and take possession of your new home. I will be working with you and other professionals to ensure that all requirements are met in a smooth and timely fashion.

 The contract requires that you make written application for the financing of your purchase within seven days of contract ratification. (At a minimum, you should have already been “preapproved” for your loan in order to make an offer on a property.) Throughout the mortgage loan process you will be assisted by various representatives of the lender who are responsible for compiling your personal financial information and for presenting that information in a manner that will best support your request for financing. It is important that you provide requested information in a timely fashion in order to expedite the loan approval process.  If you are purchasing a single-family house or townhouse, you will be required to secure hazard insurance, with evidence of a one year payment, to protect the lender’s interest in the property.

 If you have not already done so, you must choose your settlement agent. Your settlement agent will order and review the title abstract and survey, schedule settlement and prepare any required documents, contact the seller’s lender to obtain loan payoff amounts, prepare title insurance, obtain the lender’s loan documents and settlement sheet, conduct the settlement and complete a vast amount of post-settlement work.

 You should change all utilities to your name as of the day of settlement or occupancy, if prior to settlement. Also, the day prior to settlement, your settlement agent will provide you with the amount of money you will need.  You may have to provide these funds in the form of a cashier or certified check.

 For the protection of both the buyer and the seller, you will conduct a complete checkout (walk through) of the property prior to settlement.  This allows you the opportunity to be satisfied that all equipment, as addressed by the contract, is in operating condition.

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