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Home Ownership Information

You did it! You researched properties, made an offer, obtained financing and gone to closing. Is there anything else you need to do? The answer is YES! There are a couple more steps you will want to take to ensure proper home ownership.

• Those papers you received at closing are extremely valuable, so hold on to them! In the short-term they can help establish tax deductions for the year in which the property was purchased. In the future, such papers will be important for tax purposes when the property is sold, and in some cases, for calculating estate taxes.
• At closing, determine the status of the utilities required by the home, items such as water, sewage, gas, electric and oil service. You want utility bills to be paid in full by owners as of closing and you also want services transferred to your name for billing. Usually such transfers can be done without turning off utilities.
• About two weeks after closing, contact your local property records office and confirm that your deed has been officially recorded. Such records are public notices that show your interest in the property.
• It is generally understood that sellers will leave homes "broom clean" when moving out. This expression does not mean "spotless." The phrase broom clean is used because it means the house is ready to be painted and cleaned.
• For most owners a home is the largest single asset they hold, so it makes sense to protect that asset. Many owners take photos or video record the home and their possessions for insurance purposes and then keep the records in a safety deposit box. Your insurance provider can recommend what to photograph and how to secure it.
• You want to maintain fire, theft and liability insurance. As the value of your property increases such coverage should also rise.
• Maintain a good payment history in case you want to refinance in the future.

Owning real estate involves contracts, loans, and taxes, but ultimately what's most important is that home ownership should be a wonderful experience. Enjoy!