What Happens After Closing?
I’ve done several posts leading up to closing day, but haven’t done one yet on what happens after closing. So once you sign all of the paperwork, finally get the keys in your little hot hand – then what?
1. About a week prior to closing, you’ll set up the utilities in your name. You should schedule your move with the condo/HOA board if there is one too. They may require advance notice along with a move-in fee, so you can coordinate that with your closing date.
2. At closing, they’ll collect your mortgage payment for the month (called “prepaid interest” and escrow accounts) along with any condo/hoa fee. So your condo and mortgage payments will start at the same time, not the 1st of the following month, but the 1st of the next month after that. For example, if you close April 25th, your first mortgage and condo payments won’t be due until June 1st (you pay your mortgage in arrears, so one June 1st you pay for the month of May).
3. Depending on the county in which you now own real estate, you’ll receive your Deed within a few months. Make sure you put this in a safe place, like a fireproof safe or at the bank. You’ll want to do that with all of your closing paperwork for that matter.
4. Once closing takes place, you’ll be able to enroll in Direct Debit for your mortgage payment and condo/HOA fees. Likely there will be some delay in communication if your loan is sold before you can sign up, but you should hear from the Condo or HOA management company shortly after closing with information on how to sign up.
5. Move in, paint, remodel, decorate, enjoy!! Whatever your plans are for the property, after closing you can finally take a deep breath and enjoy it!