You have officially done everything. You have gone through all the steps, from looking at properties, extending an offer, obtaining financing, and closing the loan. You have a home to call your own. Is there anything else you need to do for the home buying process?
Whether this is your first time buying a home or you are an experienced buyer, there are several further steps you will want to complete.
Hold on to all the papers you received at settlement because each one is extremely valuable! Right away they can aid you in filing tax deductions for the year that the property was purchased. For future reference, the papers will remain important for tax purposes such as when the property is sold and in some instances, for determining estate taxes.
During closing, it is good to find out the status of the utilities required for the home. Such items include water, gas, sewage, oil, and electric service. Confirm that all the utility bills are paid in full by the owners as of closing. You also want to make sure the services are transferred over to your name to begin receiving the billing. In most instances you can transfer utilities over without turning anything off. Speak with your realtor to obtain any contact numbers or accompanying information you may need.
Approximately two weeks after your closing, get in touch with the local property records office and get confirmation that your deed was recorded officially. These documents are public notices that declare your interest in the property.
The general understanding is that sellers will leave the home “broom clean” when they move out. This term does not mean the property will be vacuumed or spotless. It simply means that the house is ready to be cleaned and painted, so expect to do a little work.
Protect your home and your money
For most people, their home is the largest single asset they have, so it makes no sense to not protect that asset.
Try making a video or photo record of your home and possessions for insurance purposes. Be sure to keep the records in a safety deposit box. For recommendations on what to photograph and how to secure it, contact your insurance provider.
Also, it is important to maintain theft, fire, and liability insurance. The coverage for these should rise as the value of your home rises. Once again, contact your insurance provider for further details. Last but not least, enjoy every piece of your home. The process of owning real estate can be tough to get through with all the contracts, taxes, and loans but it is very important that you have a great experience. Sit back and enjoy!
This article was brought to you by Oklahoma Mortgage Bank. Oklahoma Mortgage Bank offers a wide array of mortgage programs to eligible borrowers nationwide. Click here to visit our website.
If you or someone you know has questions about home financing in Oklahoma or nationwide, contact our Oklahoma mortgage team: (405) 358-3560 or (800) 308-8503.