Company Logo
Hoard Homes
Dan Hoard, Realtor , 864-884-5075
Exclusive Realtor for SunCrest Homes

Market Pros Buyer Closing Activities Checklist

After an offer has been accepted, it is time for your Realtor to manage that potentially stressful period called contract-to-closing. In addition to more tangible issues listed below, a full-service Realtor will help you manage the many personal issues that may come up before you are sitting at the settlement table.

A timely implementation of this list of closing activities will help make the entire process proceed more smoothly.

1. Select the closing attorney
As the buyer, it is generally your choice to select the closing attorney. However, some sellers such as banks and builders require that their attorneys take part in the closing. If that is the case, most buyers choose to use the same attorney in order to eliminate the cost of second attorney. In addition to reviewing the sales contract and preparing the settlement statement, the attorney typically orders the title search and title insurance. Someone in the attorney's office works with the lender to ensure that the funds needed from the lender are available for the closing.

  • We provide you with a list of attorneys that we recommend.
  • We deliver the sales contract and other relevant documents to the attorney and setup a tentative closing date and time.
  • We maintain communication with the attorney as the closing process proceeds.

2. Assist with property survey
The lender may require a survey, or plot plan, of the property. This is done to confirm that the property's boundaries are as described in the sales contract. Usually the buyer pays for the survey and the lender orders it. You may be able to save some money by requesting an "update" from a surveyor who has surveyed the property previously.

  • If required, we coordinate with the lender to schedule a survey.
  • If needed, we assist the surveyor in gaining access to the home.
  • If a survey is not required by the lender, we help you to check county records for the most recent survey data.

3. Assist lender with the appraisalAlmost always lenders require that the property be appraised by a licensed appraiser before issuing a Loan Commitment Letter. For cash deals, you may want an appraisal done before you execute the sales contract.

  • We coordinate with the lender (or you) to schedule an appraisal, and we assist the appraiser in gaining access to the home if necessary.
  • At your request, if the sales contract price is more than the appraised value, we negotiate with the seller's agent on your behalf to get an appropriate adjustment in the sales contract price.
  • We communicate to the lender any adjustments to the sales contract.
  • If necessary, we communicate in writing to the seller's agent that the appraisal contingency conditions have not been met.

4. Review the Loan Commitment LetterBefore you made an offer to purchase, you probably were given a pre-approval letter or at least a pre-qualification letter by a lender. Now that you have a contract, it is time to supply your chosen lender all the necessary documentation so that the lender can issue you a written Loan Commitment Letter. This document will typically state that your loan approval is subject to certain conditions. Typical conditions include a property appraisal, a survey, completion of requested repairs, and no significant changes to your credit worthiness.

  • We coordinate with the lender to schedule an appraisal if required, and we assist the appraiser in gaining access to the home if necessary.
  • We add these conditions to our list of activities to monitor.
  • We help you understand how to maintain your credit worthiness, and possibly how to improve it so you can qualify for better financing terms.
  • We send a copy of the Loan Commitment Letter to the seller's agent to lessen the seller's fear that the financing contingency will be applicable.

5. Order a general Property InspectionWe strongly recommend that you have the home inspected by an licensed home inspector that is working for you. This is true even if the home is new and the Builder offers a warranty. Since the sales contract probably includes the inspection as a contingency, it is best to get this done quickly. This allows time for repairs and allows the closing date and time to be set sooner and more accurately.

  • We provide you with a list of licensed home inspectors that we recommend.
  • We can schedule the inspection for you, if you wish.
  • We can be there with you when the inspection report is reviewed.
  • If the inspector recommends a follow-up inspection by a specialist, we help you schedule that inspection as well.
  • We communicate the list of repairs that you are requesting to the seller's agent, and help you make sure everything that is requested is completed.
  • We negotiate with the seller's agent on your behalf if the seller does not want to complete all requested repairs.
  • Once all requested repairs are complete or an appropriate adjustment has been made to the sales contract price, we help you to remove the inspection contingency in writing.
  • We communicate to your lender the results of the inspection.
  • If necessary, we communicate in writing to the seller's agent that the inspection contingency conditions have not been met.

6. Order a Termite InspectionLenders typically require homes in South Carolina be inspected for termites before they will finance a purchase. You need a certificate from a termite inspection firm that states that the property is free of both visible termite infestation and termite damage. Because we want the inspection company working for you, not the seller, we recommend that buyers order and pay for this inspection.

  • We provide you with a list of licensed termite inspectors that we recommend.
  • We can schedule the inspection for you, if you wish.
  • We can be there with you when the inspector reviews the report with you.
  • We communicate the list of repairs that you are requesting to the seller's agent, and help you make sure everything that is requested is completed.
  • We communicate to the lender the results of the inspection.
  • Once a satistfactory termite letter is received, we help you to remove the termite letter contingency.

7. Obtain Well and Septic Certifications
If your property is not served by public utilities, you will need local government certification of the private water source and sanitary sewer facility before closing. Usually the county government performs the certification.

  • We provide you with a list of licensed inspectors that we recommend.
  • We can schedule the inspection for you, if you wish.
  • We can be there with you when the inspector reviews the report with you.
  • We communicate the list of repairs that you are requesting to the seller's agent, and help you make sure everything that is requested is completed.
  • We communicate to the lender the results of the inspection.

8. Inquire about a Certificate of Occupancy
If you are buying a new house, a certificate of occupancy needs to be provided at closing. This certificate is legally required before you move into a newly constructed home. The builder obtains the certificate, usually from the city or county. An inspection may also be required to see if the property meets local building codes.

  • We work with Builder to make sure certificate of occupancy is issued.
  • We communicate to the lender when the certificate is issued.

9. Finalize the Closing Date An estimated closing date is normally specified in the sales contract. After inspections and requested repairs are complete, and after your mortgage loan is approved and the commitment letter is accepted, a firm closing date and time is set. You need to be sure that closing takes place before the lender's commitment expires and while the interest rate lock-in period, if there is one, remains valid.

  • We work with you, the Closing Attorney, the Lender, and the Seller determine the best date and time.
  • Once the date and time is set, we make sure you, the Lender, and the Seller have the necessary location, directions, date and time information.

10. Obtain Homeowner's Insurance
Your lender will require that you purchase homeowner's or "hazard" insurance, which protects you and the lender from loss in the event the house is damaged or destroyed. Coverage must be equal to at least the replacement costs of the property. Lenders typically want the first year's premium to be paid at or before closing. If your down payment is less than 20 percent, your lender may add the insurance cost to your monthly mortgage payments and keep this portion of your payments in an escrow account (or reserve). Then, the lender pays the insurance bill when it is due each year.

  • If requested, we help you find a local insurance agent.
  • We will make sure the insurance carrier has communicated the necessary closing related costs to the attorney's office.

11. Inquire about Private Mortgage Insurance
Private Mortgage Insurance (PMI) helps protect the lender in case of a foreclosure. Typically, the lender will require this insurance if your down payment is less than 20 percent of the purchase price of the property. The lender orders PMI from a mortgage insurance company after your loan is approved. Premiums are typically added to the monthly mortgage payments. According to the Home Owners Protection Act of 1998, lenders must cancel PMI on any loan originated on or after July 29, 1999 once the Loan-to-Value reaches 78%.

12. Schedule utilities and other services
Scheduling utilities and other services to be activated or installed is important to the success of your move to your new address.

  • We help by providing you with contact information.
  • We help you plan installation of these services based on our knowledge of the local providers.
  • If necessary, we can be there at your new home to give service installers access and monitor their work.

13. Review HUD-1 Settlement StatementThroughout the contract-to-closing period, the closing attorney is gathering information for the HUD-1 Settlement Statement. If requested, the law requires that you, the borrower, have access to the HUD-1 Settlement Statement for your review at least 24 hours before closing.

  • We make this request of the attorney's office for you and review it with you.
  • We communicate any issues that you or we identify as soon as possible in order to prevent a delay in the closing.

14. Final Walk-Through Inspection
Your sales contract may have a clause allowing you to examine the property within 24 hours before closing. This is your opportunity to make sure that the seller has vacated (or is vacating) the house and left behind whatever property was agreed upon. If the home is still being completed by the builder or repaired, this is your opportunity to make a final personal inspection. You will want to make sure that all conditions of the sales contract have been met. If you observe major problems, you have the right to delay the closing until they are corrected.

  • If you do a final walk-through, we will be there to help you and to make a record of any issues in writing and by photograph if appropriate.
  • We communicate the results of walk-through to the lender, seller's agent, and attorney as is appropriate.
Featured Properties
MLS 1380947
$228,000
125 Sleepy River Road
Simpsonville
3 bed/2.5 bath 2 story
2235 sq. ft. heated

Realtor: Dan Hoard
Call: 864.884.5075
No Photo Available
MLS 1380953
$199,900
120 Sleepy River Road
Simpsonville
3 bed/2 bath with bonus
1824 sq. ft. heated

Realtor: Dan Hoard
Call: 864.884.5075
No Photo Available
MLS 1378766
$249,900
153 DeYoung Meadows Dr
.68 acres
1829 sq. ft w/bonus room
3 bed/2 bath



Realtor: Dan Hoard
Call: 864.884.5075
No Photo Available
MLS 1377305
209,900
3879 Camp Road
Greer
1696 sq ft heated
.68 acre lot
no restrictions

Realtor: Dan Hoard
Call: 864.884.5075
No Photo Available

Independent Member Broker, Copyright © 2007-2019 Market Pros Realty Greer. All rights reserved.