After the contract has been successfully negotiated
and you are waiting to take possession of your new home, there are a
number of things you will need to be doing.
Contact your insurance carrier and make arrangements
to have a policy or insurance binder delivered to the Title Company
prior to closing. The title company will not finalize the closing
until hazard insurance has been placed on the property. In Texas
this is typically a Homeowner’s Insurance Policy. I strongly
encourage you to visit with your insurance agent regarding the
coverage provided by your policy.
Now is the time to contact all the utility companies
and arrange for the utilities to either be turned on or transferred
over to your name. This will be done on the day of closing. You
will find a list of utility providers for this area at Utility
Service Providers. Several of the utilities will waive the
deposit fee if you can provide a letter from your previous provider
showing you had a good payment record. An easy way to save several
hundred dollars!
I also encourage you to stay in close contact with
your Mortgage Banker during this period. The old saying “the
squeaky wheel gets the grease” is true in this business as well. Do
not take for granted the person who is handling your mortgage is as
interested in your purchase as you are. A phone call once a week to
check and see where things stand can really keep things moving.
This is also the time to have all your inspections
done. Termite inspections, building inspections, septic service
inspections and water wells are some of the items you may need to
have checked out. There is typically a time period in the contract
that allows you to have all of this done.