Settlement Day

Settlement Day

Final Walkthrough for your Home Buyer

On settlement day, you actually own the property that morning, even though you will not have signed paperwork yet. At settlement, you need to bring a cashier’s check made payable to the settlement company and an extra blank check, in case of a small overage. At the table payment of your loan will be authorized, and you’ll be given the keys to your new home. But first you’ll need to do a walk-through of the house. The principal check is to see if everything is in working order and broom swept.  

Using the Walk thru checklist, everything should go smooth.  

  • Turn on all lights
  • Bring a nightlight to check all the sockets. ( light switch might work some)
  • Check fire detectors.
  • Run all faucets and check underneath for leaks and flush toilets for operational.
  • Make sure the oven and other major appliances function properly
  • Test heating and air conditioning units if applicable. ( in the off season you can only check one or the other.

In the week before your walkthrough, contact your utilities providers and make sure they will have everything turned on by the morning of settlement. 

In addition to the cashier’s check you’ll hand over on settlement day, unless you wired the money, you’ll likely need to pay any closing costs, unless they were paid by the seller as a seller subsidy. At settlement an ID will be required for all sellers and buyers.

When buying you need proof of payment for your homeowner’s insurance. You typically will get a paid receipt faxed to you, even though you haven’t paid yet.

Make sure you read all documents and understand what you are signing. If you have any questions be sure to ask the settlement agent, your lender or your Realtor®.

Finally, be careful to delay any major purchases until after you’ve closed. Even though you’ve already reached an agreement with your lender, the terms of those deals aren’t final until closing day. Any major purchases you make before closing day could affect the bank’s decision to lend you money or adversely affect your loan terms.