Introduction
It’s closing day! Congratulations on closing the deal on your new home. As you complete the homebuying process, it is essential to prepare for potential post-closing issues that may arise. From unexpected repairs to paperwork discrepancies. Homes are a large financial investment, so it’s important to review everything for any potential issues. Here’s how to protect one of your most valuable investments and ensure a smooth transition.
Verify Final Walk-Through
Who Attends a Final Walk-Through?
The final walk-through is a critical step in the home-buying process, typically attended by the buyer, their real estate agent, and sometimes the seller or the seller’s agent. This inspection ensures that the property is in the agreed-upon condition and that all repairs have been completed based on the sale agreement.
Scheduling a Walk-Through
Scheduling the walk-through close to the closing date, ideally within 24 hours, is recommended. This timing allows for immediate verification that the property is as expected and that no new issues have arisen since the initial inspection appointment.
Final Walk-Through Checklist
To make the most of your final walk-through, use a comprehensive checklist:
- Verify that all agreed-upon repairs are completed.
- Ensure appliances and systems (HVAC, plumbing, electrical) are functioning correctly.
- Check for any new damages or issues.
- Review legal documents.
- Confirm that the seller’s personal belongings have been removed.
- Test all light fixtures, outlets, and switches.
- Inspect windows and doors for proper operation and security.
Things to Do After Buying a House
Document Everything
Keep a meticulous record of all documents related to the home purchase, including the sales contract, inspections reports, and closing documents. This organization will not only help you stay informed but also assist with any future legal matters that may arise.
Change All The Locks
One of the first tasks after acquiring a new home is changing the locks. This step is essential for security, as you can’t be certain how many people might have a copy of the existing keys. Consider rekeying all doors or installing new locks.
Confirm Home Inspection Fixes
Reviewing the home inspection report confirms that all identified issues have been addressed. If the seller agreed to make repairs, ensure these are completed to your satisfaction. For any unresolved issues, consult your real estate agent about possible solutions or compensation.
Review Closing Documents
Thoroughly review all of the closing documentation, including the settlement statement and title insurance policy, for accuracy and completeness. Look out for any discrepancies or errors that may require clarification or correction.
Understand Warranty Coverage
Familiarize yourself with any warranties that came with your home, including coverage details and limitations. Should you encounter issues that are covered by the warranty, initiate a claim promptly to ensure they are fixed within the warranty window.
Connecticut Law has established certain express and implied one-year warranties when a builder sells you a new single-family home or condo unit. These warranties protect the original purchaser, the structure itself and any fixture that is part of it. Should any issues arise with your brand-new home make sure to document and take pictures of EVERYTHING.
Update Address with Service Providers
Update your address with all relevant service providers, including:
- Utilities (electricity, gas, water)
- Internet and cable services
- Banking and financial institutions
- Title insurance company
- Postal service
- Subscriptions and deliveries
Notifying these entities promptly helps avoid service interruptions and ensures that important mail reaches you.
Review Closing Documents and Address Any Found Issues
Making Note of New Issues
After moving in, you might discover issues that were not apparent during the final walk-through. Document these problems with photos and detailed notes. Addressing them early can prevent small issues from becoming significant problems.
Review Disclosure Laws
Thoroughly review all of the closing documentation, including the settlement statement and title insurance policy, for accuracy and completeness. Look out for any discrepancies or errors that may require clarification or correction.
Understanding your state’s disclosure laws and closing process is vital. Sellers are generally required to disclose known issues with the property. If you discover any potential issues that were not disclosed, you may have legal recourse.
Seek Legal Advice
If you encounter significant post-closing issues that you cannot resolve on your own. Please give our office a call to set up your free consultation. We will be able to provide you with our expert guidance on your rights and options, helping you navigate any legal challenges you should face.
Communicating Problems with Seller or Agent
If post-closing issues arise, communicate promptly with your real estate attorney, the seller and their agent. A professional, documented approach can facilitate a resolution. In many cases, sellers are willing to address unforeseen problems to maintain goodwill and avoid potential legal disputes.
Conclusion
By proactively addressing post-closing issues and keeping all of your files organized, you can safeguard your investment and enjoy your new home with peace of mind. Remember, preparation is key to a smooth transition into homeownership. The attorneys at Romano Parker & Associates will act as your dedicated advocates. Feel free to contact us for a free consultation today.
