Buyer's Checklist for the Shared Equity Program
Financing:
Meet with loan officer and submit an official loan application and be APPROVED. Review the lender’s disclosure documents, which should include a Good Faith Estimate, Truth-in-Lending Statement and other legally required disclosures, if applicable. Provide a copy of the loan application and corresponding documents to ACCT.
Inspection:
You will need to get an inspection on the property. Review home inspector’s report and negotiate Health and Safety concerns with ACCT and Seller. An ACCT staff member needs to attend the inspection and will require a copy of the report.
Attorney:
Once your financing is in place, an attorney should be contacted to complete a title search on the property. Your attorney will do the following things for you:
· Interpret contracts and other legal documents
· Perform the Title Deed Search and set up Title insurance for you.
· Coordinates with you, the lender, and the seller’s attorneys
· Most likely will act as the Closing agent and review all documents and figures and prepare the closing documents.
Homebuyer Education:
Complete Home Buyer Education through NeighborWorks of Western Vermont Website
· http://www.nwwvt.org/homeownership/hbe/
· Cost $99.00
Legal Documents Meeting:
Meet with ACCT for a review of our legal documents before the closing.
Final Walk-Through:
Walk through the home before closing, if provided for in your purchase contract.
Other Items to Consider:
· Purchase homeowner’s insurance, send to loan officer prior to closing.
· Hire a moving company or reserve a truck and recruit friends and family to help you move.
· Notify the U.S. Postal Service of your new address.
· Contact utility companies to transfer water, electric and gas services into your name.
· Obtain a cashier’s check for the balance remaining on your down payment and for any additional closing costs to be paid at closing.
· Sign and obtain copies of your closing documents.
· Pick up the keys to your new home – Change your locks.
Please contact our front desk at 877-2626 x 100 with any questions.
Meet with loan officer and submit an official loan application and be APPROVED. Review the lender’s disclosure documents, which should include a Good Faith Estimate, Truth-in-Lending Statement and other legally required disclosures, if applicable. Provide a copy of the loan application and corresponding documents to ACCT.
Inspection:
You will need to get an inspection on the property. Review home inspector’s report and negotiate Health and Safety concerns with ACCT and Seller. An ACCT staff member needs to attend the inspection and will require a copy of the report.
Attorney:
Once your financing is in place, an attorney should be contacted to complete a title search on the property. Your attorney will do the following things for you:
· Interpret contracts and other legal documents
· Perform the Title Deed Search and set up Title insurance for you.
· Coordinates with you, the lender, and the seller’s attorneys
· Most likely will act as the Closing agent and review all documents and figures and prepare the closing documents.
Homebuyer Education:
Complete Home Buyer Education through NeighborWorks of Western Vermont Website
· http://www.nwwvt.org/homeownership/hbe/
· Cost $99.00
Legal Documents Meeting:
Meet with ACCT for a review of our legal documents before the closing.
Final Walk-Through:
Walk through the home before closing, if provided for in your purchase contract.
Other Items to Consider:
· Purchase homeowner’s insurance, send to loan officer prior to closing.
· Hire a moving company or reserve a truck and recruit friends and family to help you move.
· Notify the U.S. Postal Service of your new address.
· Contact utility companies to transfer water, electric and gas services into your name.
· Obtain a cashier’s check for the balance remaining on your down payment and for any additional closing costs to be paid at closing.
· Sign and obtain copies of your closing documents.
· Pick up the keys to your new home – Change your locks.
Please contact our front desk at 877-2626 x 100 with any questions.