Building a New Home- Part 3, Closing

The final step in building your new home involves getting ready to move and "closing" on your new home. Here are a few tips:

Preparing for Closing
Once your home is nearing completion and you're busy packing and dreaming about your decorating plans, don't forget to set up your utilities! While your builder will physically connect most utilities during construction, it is your responsibility to arrange for service to be provided.
Here is a quick checklist of services you'll want to contact:

Electrical- Rocky Mountain Power: 1-888-221-7070 or City Government
Gas- Questar: 801-324-5111
Telephone- Qwest: 1-800-244-1111 or other local provider
Water- City Government (maybe included in HOA)
Garbage- City Government (maybe included in HOA)
Sewer- City Government (maybe included in HOA)
Local Cable or Satellite Company

At this time you should also touch base with your lender for permanent financing and make certain your lender is ready to close your loan.
Confirm that your lender:
1. Has all personal selection choices and that the total price is correct
2. Has all information from you required by underwriting
3. Has made contact with your title company

Closing
“Closing” (sometimes called settlement) actually refers to a variety of activities that must occur to transfer Ownership of the property to you. It involves the following:
1. Your lender prepares and delivers all necessary documents to your title company
2. Buyers (you) sign documents at title company office
3. Buyers (your) provide down payment to title company- this should be in the form of a Cashier's Check
4. Any lender insurance such as FHA may require paperwork to be completed. This is also coordinated by you through your lender.
5. Your lender must fund the loan; meaning the money must be sent to and received by your title company
6. Sellers (your builder) sign closing documents provided by title company
7. When all of the above are completed, your title company personnel will personally visit the County Recorder’s office and “record” the deed conveying title to you.

Only when all these have been completed, is the transfer of Ownership complete. Although you can sign all of the documents in just an hour or two, it usually takes until the next business day for the loan to fund and recording to occur. So if all goes smoothly, you will usually receive the keys to your new home the business day following your visit to the title company.

Now comes the fun work of moving in and setting up your new home! Congratulations!

For more details on the home closing process, visit McArthur Homes website by clicking here.