Page 41 - KHovanian Homes - Pathway to Homeownership

Section 7 | Gold Key Closing Congratulations! The anticipation has been building and your home is almost complete. A great deal of effort and coordination has gone into building your new home. With a little more effort and coordination from everyone involved, closing will occur smoothly. If at any time during this process you have questions or concerns, contact your Sales and Closing Coordinator. GOLD KEY DELIVERY K. Hovnanian® Homes recognizes that timing is vitally important in planning your move and locking in your loan. However, we can only specify a closing day when construction reaches a point at which weather, material and labor shortages beyond our control, and any Change Orders are unlikely to affect the completion of your home. We typically try to provide notification regarding your approximate closing date forty five (45) days, prior to your closing. Keep in mind that some banks place a hold on monies moved from another account. Please make sure to bring a valid photo ID as well. Consult your title company for full details. Homeowner’s Insurance Your mortgage company will require that you provide proof of a homeowners insurance policy from your insurance company prepaid for one (1) year. If you are purchasing a condominium, you will need to contact the condominium management company to obtain proof of policy. Your insurance agent should know exactly what is needed. We suggest you arrange for this at least three (3) weeks before the expected Closing Date. The mortgage and title companies will need this information prior to your closing. Utilities You will need to notify all applicable utility companies of your move so that service is provided in your name as of closing. We suggest that you contact these companies a minimum of ten (10) business days prior to your Closing Date to avoid any interruption in service. If you ordered a security system for your home, you can arrange to activate that system by contacting the monitoring service for a connection appointment. Your Community Team will provide you with a document that lists your utility companies (electric, gas, water, sewer, cable, telephone) as applicable. THE FINAL NUMBER The Final Number is the amount of money you will bring to closing. Although a reasonable close estimate of your Final Number may be determined before the date of closing, the pro-ration of several included items is affected by the Closing Date, and cannot be calculated until that date is confirmed by all parties. The customary items pro-rated to the date of closing include things such as prepaid expenses or reserves required by your lender, Homeowner’s Association dues, taxes, and assessments. In addition, your Final Number will include overnight delivery charges, PREPARATION Preparation will ensure a smooth closing. There are several details that require your attention, most of which can be handled by phone. By addressing the details below during the weeks before closing, you can prevent last-minute delays. Title Three to four weeks prior to closing you and your lender will receive a title insurance commitment. This commitment will list the conditions under which title will be insured. The commitment may contain requirements that need to be satisfied prior to closing, therefore, please review it carefully. Within ninety (90) days after the closing, the title company mails the filed deed and the owner’s policy of title insurance policy, insuring you the title to your home in accordance with the commitment you received at closing. If applicable, you must wire funds, payable to the title insurance company to the closing. In your planning, be sure to allow time to arrange for and obtain these funds. Edition July 2019 | 27