Checklist for New Buyers in Georgia

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Repairs:

Several weeks before closing, ask to make sure that the Seller is making the repairs that you both agreed. Don’t wait until the week of closing to begin inspecting repairs, as this may be too late for you to cause the Seller to get the repairs done in a timely manner.

Building Inspector:

When building a new house, it is a good idea to retain the services of a professional engineer or licensed general contractor to work as your home inspector, who can then periodically inspect the construction and advise you of the quality and progress of the work. This contractor should be a neutral party, not affiliated with your builder.

Lender’s Requirements:

Get a written list of all of the conditions that your Lender will require in order to close. Promptly obtain the needed documents and hand-deliver them to the lender’s representative. Keep a copy of all documents for your own file and also record the date and time that original documents were delivered to the lender’s representative.

Termite Report & Well/Septic Reports:

Make sure a termite report is ordered for any existing buildings and make sure that you have reviewed the report before closing. Additionally, if the property is in a rural area, have a well or septic tank report ordered and have those results reviewed prior to closing.

Homeowner’s Insurance:

This is also known as hazard insurance. It is a good idea when you are shopping for a new home to start thinking about what insurance company that you plan on using for your homeowner’s insurance. One week prior to closing, you should have delivered to your closing attorney, a copy of the homeowner’s policy for your property to be purchased. Make sure that you ask your lender representative how much coverage your loan will require and how the mortgagee clause of your policy should read. You will need to provide an original declarations page which shows that coverage is in effect for one year from the date of closing, that the coverage limits equal or exceed the amount of your mortgage and the lender is identified as a loss payee under the policy. You will need to provide a paid receipt at closing or an invoice that can be paid at closing.

Attendance at Closing:

If you or any co-borrower will not be able to physically attend the closing, please notify your closing attorney’s office as soon as possible or at least one week prior to closing. The individual or individuals who cannot attend the closing will need to execute power of attorney forms, which designates someone else who can attend the closing and sign on that borrower’s behalf.

Scheduling the Closing:

By popular demand, the majority of closings are scheduled for the end of the month. If you instead request another time, you may experience a closing less inhibited by the high volume of demand made by all wishing to close at this time upon the lender’s representatives, title searchers, inspectors and closing attorneys.