Closing For Home Buyers In Albuquerque
What Happens At Closing For Home Buyers In Albuquerque NM?
It is time to close on your dream home. You may be asking yourself, what happens at closing for home buyers in Albuquerque NM?
The title company escrow officer, your real estate agent, and possibly your loan officer will typically attend the closing. The sellers will have a separate closing than the buyers.
Closing For Home
Buyers In Albuquerque – Prior To Closing
Your lender will provide you with a Certificate of Disclosure (CD). Review the Certificate of Disclosure and talk to your lender if you have any questions.
Your real estate agent or Title Company should provide you with the settlement statement. This is a detailed accounting of all costs and credits involved in the transaction. The title company uses information from the CD to prepare the settlement statement. The amount you need to bring to closing should be the same on the CD and the settlement statement. Review this document in detail, talk to your real estate agent if you have questions. Your real estate agent may not be able to answer your questions, however, they will know where to get answers to your questions.
You will be expected to sign several documents at closing. You may want to request a copy of all documents you will be required to sign. This will give you time to review prior to closing.
Prior to closing, you will need to get a cashier’s check made out to the title company for the amount of your down payment and closing costs. Your lender or title company will provide the amount you need to bring to closing.
It is best practice to have the utilities transferred into your name prior to going into closing. It might take more than a phone call to have the utilities transferred to your name. You should call each utility and ask for their requirements to set up your new accounts. Request the effective transfer date as the funding date identified in the purchase agreement.
Closing For Home Buyers In Albuquerque – During Closing
You will need to provide a government issued photo identification to the escrow officer. This is required as part of the notary process. Many of the documents you sign will need to be notarized.
Bring your cashier’s check for your down payment and closing costs. Your lender will provide the amount you need to bring to closing.
The title company escrow officer will go over the settlement statement and the certificate of disclosure with you.
Get ready to sign a lot of documents if you are obtaining a mortgage to purchase your new home. The title company will provide an overview during closing of each document you are expected to sign. One of the most important document is the deed. This is the document that transfers ownership. Make sure to review this document and make sure it is correct. The title company will provide you a copy of all the documents you sign at closing.
Closing will take about 45 to 60 minutes depending on several factors.
You received a copy of the appraisal in an email from your lender. Find the appraisal and place it in the folder provided by the title company. You want to keep all your records in one place.
Closing For Home Buyers in Albuquerque – After Closing
The title company will send the appropriate documents to your lender for their review and approval. Your lender will give permission to the title company to record documents at the county c if the lender determines all documents were processed properly. Cash buyers will skip this step.
The lender will also authorize funding. Funding is the process of paying all parties involved with the transaction including existing mortgages. This is handled by the title company. Funding occurs after the appropriate documents are recorded at the county.
You received a copy of the appraisal in an email from your lender. Find the appraisal and place it in the folder provided by the title company. You want to keep all your records in one place.
You will receive your title policy insurance and your warranty deed in the mail sometime after closing. Place these documents in the folder provided by the title company at closing.
When Do I Get Keys To My New Home?
You will take ownership and get the keys to your new home after recording and funding occurs. If both the home buyer and seller close in the morning, you may get the keys to their new home the same day as closing. If the buyer or seller closes in the afternoon, you probably won’t get keys to your new home until the following business day. This is important to understand as you should plan to move into your new home on the funding date as detailed in the purchase agreement.
Closing For Home Buyers In Albuquerque – Beware Of Scams
Beware of any scams that come in the mail. One popular scam is you might receive a document stating you need to pay them and they will get you a copy of your deed. The title company will mail you a copy of your deed after recoding at no cost to you. There are other scams, beware of anyone asking for money from you.
Should I Re-Key My House After I Purchase It?
I recommend home buyers have the locks re-keyed or changed out as soon as possible for security purposes. You don’t know who might have keys to your new house.
Many homes in Albuquerque and Rio Rancho receive their mail at a cluster of mail boxes and each box has a lock. I recommend you request the post office to re-key your new mailbox. Take your settlement statement to the post office and they will re-key the mailbox.
Will My Mortgage Company Sell My Mortgage?
Most lenders will sell your mortgage before you make your first payment. Ask your lender if they plan on selling your mortgage. If your lender sells your mortgage, you should receive a letter from you lender informing you they have sold your mortgage to another company. You should receive a letter from your new servicer informing you of the change. Call the loan officer that helped you obtain the original mortgage before making your first payment. You want to be absolutely sure your payment goes to the correct lender. Set up automatic payment after you know who your servicer is.
Closing For Home Buyers in Albuquerque – Property Taxes
Call the County Assessor’s Office and request a head of household form if you this is your primary residence. Fill this out and return to the County Assessor’s office to get a reduction on the assessed value of your home.
Are you a veteran? Veterans are eligible for a reduction in the assessed value of their home. Any veteran who has been rated 100 percent “Permanent & Total” disabled by the U.S. Department of Veterans Affairs, and is a legal resident of New Mexico, qualifies for a complete property tax waiver on their primary residence. Contact the County Assessor’s Office to apply for these benefits.
Real Estate Agents
The real estate market is constantly changing and no two clients or transactions are the same. Achieving the real estate goals of our clients are the cornerstone to our business philosophy.
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Buyers Real Estate Agents
Our buyer’s real estate agents will help you find the perfect home for your needs and budget. We’ll make sure you find the right home, you don’t miss out on any homes that meet your goals, and we’ll help you negotiate the best price possible. Contact us today to get started on your home buying journey.
