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NEW HOME PURCHASE CHECKLIST (PURCHASER) 1. Apply for the loan within the time limits of the contract. Make a note of when your locked in interest rate expires and be sure you allow a cushion in case the house is not ready on time. 2. Obtain a Good Faith Estimate from your lender so that you will know how much money will be needed at closing. 3. Schedule home inspections (when the house is finished and utilities are on). The home inspection should occur prior to the builder's walkthrough. You should also review the Covenants and By-laws, check out the Homeowner's Association or Property Management Company. 4. Shop for homeowner’s insurance. You must bring/pay for a one-year policy to closing. You can choose to pay for it at closing but you must have your insurance company send in the invoice and the "dec" page to the lender or attorney. 5. Schedule all the utilities (gas, power, phone, water, cable) no sooner than 2 weeks prior to closing. The electricity and gas cannot be turned on until the county inspector has called in the final inspection (issued a C.O. or Certificate of Occupancy). 6. Attend the walkthrough with the builder or his representative (punch list). You will want to do your own private building inspection prior to this walkthrough. 7. Call in the name of your insurance company, the annual premium and whether you will prepay for the policy or pay for it at closing. You can give this information to your Realtor, the lender or the closing attorney or have the insurance company send the information to the closing attorney or lender. 8. Discuss owner’s title insurance with your Realtor. You may purchase it at closing. It is optional, but highly recommended. 9. Bring a certified check to closing for the estimated amount your lender has calculated on your Good Faith Estimate. Have the check made out to yourself so that you can endorse it over to the attorney at closing. You will obtain this check from your bank. 10. Bring your drivers license and a one year homeowner’s insurance policy to closing along with your certified check. Bring your personal checkbook for any overages you may need to pay to the builder, lighting store, carpet/wallpaper, etc. 11. Attend the final walkthrough (if any is required) and attend the closing at the attorney’s office. The closing should take less than an hour. NOTE: You can only lock in your interest rate once you have a contract on a property. The lender cannot lock it in without your express permission. Get it in writing (via email or fax) to ensure that you actually have locked in. It is up to you to lock in your rate. For more information contact: Joli Tripp
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