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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 pre-approval letter from your lender if required by the contract.Schedule home inspections (when the house is finished and utilities are on). The home inspection should occur prior to the builder's walkthrough. 3. Schedule home inspections (when the house is finished and utilities are on). The home inspection should occur prior to the builder's walkthrough. 4. Shop for homeowner’s insurance. You must bring/pay for a one-year policy to closing. 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 Joli or the closing attorney. 8. Discuss owner’s title insurance with Joli. 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. and to purchase owner’s title insurance. 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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