Keys – Consider changing the locks of your new home upon moving in.
Utilities-Contact local service providers and make arrangements for electric, gas/oil, water, phone and cable. Its best to give them at least a weeks notice.
Owners Title Insurance Policy-You will receive your owners policy in the mail within 4-6 weeks of closing.
Recorded Deed-Once recorded in the county registry of deeds, the original deed will be mailed directly to you, generally within 4-6 weeks.
Loan Payments –At the closing, information regarding how to make your first payment was given to you. You should receive a statement in the mail before your first payment is due. If you do not receive a t statement, or have questions, contact your loan officer.
Property Taxes -At the closing, taxes were prorated between you and the seller based on the number of days remaining in the tax period. Even if you are escrowing for your taxes, it is still YOUR obligation to make sure taxes are paid when due. Find out the process; how the lender receives the tax bill and if there is anything you need to do to make sure it is paid on time.
Address change- Contact your local Post Office and DMV to update your address as needed.
We are committed to conducting a professional and stress-free closing experience. Our knowledgeable professionals welcome your title and closing questions at every point in the real estate transaction.
In any situation, buyers and sellers need to seek the advice of their Realtors to find out how they can rectify the situation and how the particular issue may potentially affect the closing, financing and the ability to move. Notify the title company right away, especially if there is a discussion about holding back funds (an escrow hold-back) or a credit/change on the settlement statement. Allow the professionals to guide you to a stress-free solution to ensure you close as planned.
If you finance your new home, your lender requires that a Lenders Title Insurance Policy to be purchased; however, a Lenders Title Insurance Policy only protects the lender. An Owners Policy of title insurance fully protects you, the homeowner, from problems that are not uncovered during a title search, and pays for any legal fees involved in defending a claim against your title to the property. For a one-time premium fee, an Owners Policy provides this coverage for as long as you or your heirs own the home.
Along with your go-to Realtor, mortgage professional and title company, a good surveyor can be an invaluable asset in the home buying process.
A property survey offers peace of mind. Whether you are buying or selling, it is important to establish where the boundary lines are drawn. For example, it is possible that structures such as fences and decks are over the property line or encroaching on an easement.
All parties need to be aware of these situations and they will need to be addressed sooner rather than later. If they are not addressed, they will undoubtedly rear their heads at some future date – likely when the property is either being refinanced or put on the market for a future sale.
Another important reason to conduct a property survey is purchasing a home in a flood zone.
Lenders order flood certificates, regardless of the likelihood of flooding. If the home is found to be in a flood zone, it is incumbent on the buyer to prove that the home itself is unlikely to flood; otherwise he or she will have to purchase flood insurance.
In many cases, part of the land on which the home sits will flood, but the home itself is high enough that it is out of harm’s way. Hopefully, a survey will prove that the home is in a safe zone and that the (sometimes costly) flood insurance is not required.
Like insurance, a survey can be seen as a preventive measure and well worth the peace of mind.
Title insurance is necessary on a newly constructed home even though the home itself has no title history. Because your new home was built on unimproved land, there may have been many prior owners of the property and with those prior ownership comes the uncertainty of a clear chain of title. Additionally, obligations to contractors who worked on the home construction may be outstanding, jeopardizing clear title to the property.
Unlike home insurance and car insurance, which focus on possible future hazards, title insurance is a safeguard against loss from hazards and defects already existing in the past. An Owner’s Policy of title insurance from Signature Escrow & Title Services offers the best protection from the following types of risk exposure associated with the purchase of a new home:
- Transfer of title from the previous landowner to the builder was done improperly
- Mechanics liens filed by contractors or subcontractors
- Existing liens not uncovered in a search of the title
- Unpaid tax assessments
- Bankruptcy proceedings affecting the development
- Delinquent payments on the builder’s subdivision loan balance
If you SOLD a property recently, it would be prudent for you to forward a copy of the tax bill to the buyer/new owner of the property for prompt payment.
If you PURCHASED a property recently, do not assume the tax records have been changed with the town/city. Contact the tax collectors office and request a copy of the bill.
If you ESCROW for your taxes and this is the first bill to be paid out of your escrow account, contact your lender for instructions. Some lenders may contact the town directly to request a copy of the bill. If not, it will be your responsibility to forward a copy of the bill to the lender for prompt payment out of your escrow funds.
As a rule of thumb, please note that most lenders will require taxes due within 60 days of the closing date be paid at closing on the HUD. The same applies to refinances. In addition to collecting for taxes due on a refinance, a lender may require payment on the HUD for the annual premium of a Home Owner’s Insurance policy if due within 60 days.
- “Robin was amazing. She explained everything extremely well and was very patient with me!” – From a customer, Lauren Arcidi
- “Very knowledgeable and efficient. Quickest closing we’ve ever been involved with!” – From a customer, John Fijalkowski
- Our wonderful closers are just one of the many reasons to choose Signature!
A company called Property Transfer Service out of Washington, DC is sending out a “Deed Processing Notice” to new homeowners. This “service” would provide homeowners with a copy of their deed and a property profile for a fee of $83.00. Please be aware – this is a solicitation. New homeowners will receive the original deed after closing at NO CHARGE and the property profile information is data that can be found from public sources such as the registry of deeds or the town clerk’s office. Alert your buyers to disregard the notice they received and save their $83.