This cheat sheet helps you do your homework, so you know what you’re signing when you close the sale of your Caribbean dream home in Punta Cana.
You’ve already cleared several hurdles by finding the right home, negotiating the best price, and getting approved for a mortgage. The last obstacle on your home buying track is the closing, which can be both tedious and tense. By knowing what to expect and doing some legwork, you can smoothly put your closing behind you. These five steps will guide you.
- Set a Closing Date
Don’t want to skip work? Ask for an evening or weekend closing. Tight on cash? Schedule your closing for the end of the month. That’s when you’ll pay the least amount of interest at the closing table. If you do not live in Punta Cana, ask your lawyer for a 30 to 60-day closing. This gives you time to secure a return flight at a reasonable price.
- Gather Your Funds
Buyers usually have to bring money to the closing. Chances are you can’t use a personal check. If you have to move money into your bank account to pay your closing costs, do so a week ahead to avoid last-minute problems. Make sure your lawyer has an escrow account you can use to transfer large sums from your country and have the funds clear on time.
- Line Up Homeowners Insurance
Get quotes and compare policies to be sure coverage will start by your closing date. An annual policy should run $500 to $1,000, depending on your home’s size, age, and amenities. To get a lower premium, opt for a high deductible.
- Do a Walk-Through
Schedule an appointment to walk through your Punta Cana property one last time just before your closing.
Look for major changes since you last viewed the property.
Check to see if the inventory is complete, appliances are working and if repairs you requested have been made.
- Resolve Issues Identified in Your Walk-Through
If your walk-through uncovers problems:
- Delay the closing until the seller corrects them- that’s often not feasible because you may have travel plans.
- Negotiate a discount to your sales price to cover the cost of the work needed.
- Have the lawyer hold a portion of the seller’s proceeds in escrow until the dispute is resolved. Once that happens, the funds will be released to you or the seller, depending on the outcome.