Buyer's Checklist . . .
To help you navigate the path toward Settlement.
So you've made the offer to purchase, successfully negotiated the sale, now what? You have a contract to perform, so watch the dates by which certain steps need to take place. Be sure your Realtor, if you have one, has the dates firmly in mind, too.
Here's a general list of what lies ahead here in Delaware as you check off the days until Settlement.
Buyer’s checklist for Settlement:
o Make Formal application for your mortgage. You’ll pay the application fee.
o Home Inspection (and related inspections, Wood Destroying Insect, Radon, Septic, Well, Pool, Stucco, etc.)
You’ll attend the Home Inspection, and I will at least be present for the end of the inspection. It will take approximately 2-3 hours.
You will pay for the Inspection at the time it is performed.
o Contact your homeowner’s insurance company and get binder issued for the new policy. They may charge for this now OR they may offset the cost of the binder until Settlement. When you have the binder, the attorney will need this information.
o Contact Delmarva Power & Light (800.375.7117) or the utility company for your area to get utilities turned on in your name at the new property, effective as of the date of Settlement.
o If oil or propane heat, contact a company to arrange a contract for fuel and possibly a related service plan for the heater.
o Contact the phone company for phone service and a phone book.
o Contact a cable company or verizon or direct tv or a satellite company to connect your television service, if desired.
o Contact Post Office for change of address kit.
o Contact a locksmith to have the locks changed.
o If you haven’t done so already, schedule an appointment with your tax advisor, personnel office or financial consultant, as your purchase affects your tax picture. They can advise strategies for your withholdings and taxes.
o Arrange for movers. The property is yours to move into as soon as settlement occurs, unless another agreement has been reached between you and the Seller.
o Arrange for a trash service, where applicable. Be aware that you are not able to put yard waste out with your regular trash in New Castle County, DE if your trash service dumps their trash at Cherry Island landfill. You have choices and options, including trash, yard waste and recycling. If you are buying in the City of Wilmington or other municipality, check with your town/city for their trash procedure.
In Delaware, your Settlement attorney will arrange for survey, will have water and sewer service turned over to your name, and will secure a title company. You are offered a choice of Owner’s or Lender’s Title Insurance. The difference in cost between the two policies is only about one dollar per thousand dollars of the price of the home. Consult your attorney, but Owner’s is the best protection for YOU personally.
If you need permanent stakes placed at the edges of the property, you will need to inform the attorney and... there will be an extra fee for that (approximately $75 per stake)
The attorney will inform you, based upon information in the survey, if there are any infringements upon the property (easements, sheds, fences, garages, etc.) that may adversely affect your ownership. The survey is generally not produced until a few days prior to Settlement. If you have any concerns or questions, please make sure the attorney is aware of them.
Monica Hill, Associate Broker
302.563.5637 cell phone MonicaHill@verizon.net