A Sample Of The Buyer's Checklist

Once you have signed the Purchase and Sale Agreement (P&S), there will be many details for you to complete prior to the closing date (the date you pay for your home and the Seller passes the deed to you.)

This checklist is provided to you as an explanation and orderly method of completing these items.

We will provide you with a completed form with dates and telephone numbers appropriate to your property purchase.

1. Closing Facts (each to be confirmed later)

A. The planned closing date will be: _________________________

B. The closing time: _________________________

2. Financing the Home

When signing the Purchase and Sale Agreement (P&S Agreement) the standard escrow amount is 10% minus the $1,000 earnest money deposit made with your offer. You may be able to negotiate a 5% escrow deposit depending on market conditions.

It is your responsibility to make an application for a loan on the property as soon as possible in order to receive the approval of the loan on or before the contengency date (____________________.) Be sure the Bank has our contact information, as there are many details to be coordinate. After the application is filed with the Bank, they will make an inspection of the property, make a determination whether they will make the loan to you, and will notify you by letter in approximately 10-15 days.

3. Insurance (Homeowner’s Policy)

It is your responsibility to insure the property as of the closing date. This process should be started at least three weeks prior to the closing date. You will have to bring a copy of the insurance policy to the closing. Check with your mortgage bank for the amount of coverage they require.

4. Electric and Gas (if any)

At least two weeks before the closing date, you should contact the electric and gas (if any) company, informing them of the date you are going to take over the property and that you want service at that time. There may be a deposit required from these companies.

5. Water

You should notify the Water Department at least fourteen days before the closing. Usually there is no deposit required by the Water Department.

6. Fuel Oil - There are two methods of handling this item.

A. The day of the closing, the Seller can take a reading of the tank, the attorney will estimate the cost, using an agreed upon rate per gallon, and you will reimburse the Seller.
B. The Seller can fill the tank on the day before the closing, pay the fuel company and receive a receipt bill, then you will reimburse the Seller for the amount paid.

7. Attorney at the Closing

The attorney for the Bank granting you the mortgage will handle the closing and represents the Bank. The fee for this service will be charged to you. If you think it is necessary to have an attorney represent you personally, you should make this arrangement with the attorney at least twenty-one days before the closing.

8. Arrange for the Mover

This should be done 30 to 45 days before the closing date. Care should be taken not to make firm arrangements until all commitments of the Purchase and Sales Agreement are made, such as satisfactory home inspection and your receipt of a firm financial commitment.

9. Final Inspection of the Property

You inspect the property prior to closing “Final Walk-through”, probably one day before or the morning of the closing. The Seller must make arrangements to completely vacate the property prior to the closing date. The property must be ready and clear of all personal property for you to move into immediately following the closing

10. Bringing Payment to the Closing

You should make arrangements with the Bank to obtain a certified or bank check for the balance of the purchase price to bring to the closing. The check should be made out in your name. At the closing, you will endorse it in the manner prescribed by the closing attorney.

11. Items to bring to the closing

A. Certified check for the balance of the purchase amount.
B. Personal checks to cover miscellaneous items such as attorney fees, fuel, etc. The Bank’s attorney will give you an approximate amount a few days before the closing.
C. Insurance Policy
D. All parties necessary to sign the Mortgage and Note should be present.
E. Your personal attorney (if any)
F. Picture Identification (e.g., Driver’s License)

12. General