Closing or settlement is a process that involves a lot of paper and a lot of money. Expect several days notice for the closing appointment. Closings usually take place at the title company.

By addressing the details during the weeks before closing, you have time to resolve unresolved issues.

Insurance

You will need to obtain and present proof of a home-owner's policy from your insurance carrier. Arrange for proof of insurance no later than two weeks before the expected closing date. The policy should list your lender as an insured, check with your loan officer ahead of time to obtain the correct legal information required on the policy.

Utilities

The goal is to have service provided in your name beginning as close to the date of the closing as possible. The utility company may shut off service if the GEAUX's name is removed from the account without yours taking its place.

The Final Number

The amount of money you must bring to closing includes items such as property tax and interest on your new loan. These items are subject to proration and change depending on the date of closing. Therefore, your closing agent cannot calculate the total until the closing date is set.

Closing Documents

At closing, you sign and receive the documents necessary to convey the new home to you and to close the loan from the mortgage company. Some of the documents included are the Deed, Promissory Note, Mortgage or Deed of Trust, Title Insurance Commitment.

Closing Expenses

The closing agent itemizes the charges and credits for closing on a standardized form called a Settlement Statement. The form list standard items and has blank lines for additional entries specific to your purchase. Not every line applies to every closing. If you or your lender already owns the lot from closing on your Construction Interim Loan, you signed much of the paperwork described here already.

Ultimately, you will have your house keys and garage openers, and the time has come to move in and begin enjoying your new GEAUX home.