New Home Walk Through

As we approach the final days before closing you should understand how the process completes, what everyone’s role is and what is expected of you.
This article is written for buyers who will not be attending the walk through, if you are attending the only main difference is you will not be required to sign the authorization for walk through representation.

The walk through.
Usually 7-10 days prior to closing we will receive notification from the customer care coordinator that they are ready to schedule a walk through.
When we get notification we check with the construction manager to check the home is going to be ready for our home inspector.

When we get the go ahead from him we schedule the HI to do the punch list / walk through. This is usually 2-3 days prior to closing. The HI will deliver a list of items he feels needs to be addressed. We also schedule the walk through with your property manager. This is usually a day or two before closing.
The walk through consists of your Realtor, your property manager, the construction manager and the customer care coordinator.
At the start of the walk through we deliver the punch list to the construction manager and we go over any items on the list.

He can usually address most of the items, sometimes there are a few odds and ends that may take a little longer. Providing they are not serious we sign off with notations that the builder will address all outstanding items on the list.
We hand the list to the property manager who will provide access to the builder and will then be responsible to make sure all items are completed.
If for any reason we are not satisfied with the condition of the home we will not allow the sale to continue until we are.

If the home is satisfactory and we are comfortable with moving forward we will leave it in the hands of the construction manager and the property manager to complete. We will advise the title company we are good to close and providing they have the paperwork and funds from the lender and yourself they will move to close the sale.

Payment.
If financed we will let your lender know the closing date and they will work with you to prepare the package for the mortgage, you need to provide everything your lender requires so they are able to send the package to the title company. If cash then all the required documentation will be in the closing package from the title company including the cash to close amount.

You will receive by email the closing documents from the title company usually a day or so prior to closing. You will need to sign these and return them to the title company ASAP. The closing documents usually do not need to be notarized but the lenders documents do so you should be prepared to have a notary service available prior to close.

Included in the documents will be the settlement statement, the settlement statement will include the “cash to close” amount.
This is the amount you will need to wire to the title company to complete the sale.Please ensure you include any wire transfer fees with your cash to close. Banks may charge $50 to wire funds making your cash to close short and hold up the sale. It’s better to be over than under and  you will get any additional monies reimbursed.
Easiest way to avoid this and save money if you are an international buyer is to use a foreign exchange company.

Also included will be various documents including the deed and other closing docs. If you are financing the lenders package will also be included.
You should have this amount to the title company at least 24 hours prior to closing.

Please contact me direct if you have any additional questions.