After completing the pre-closing checklist and successfully closing and funding a real estate transaction, the buyer should take the following actions:
- Set up utilities/cable;
- Set up the alarm and security system for the property, including obtaining a city alarm permit;
- Arrange for and negotiate construction agreements for any construction services, including obtaining required permits;
- Change ownership of the property with the county appraisal district;
- For primary residences, apply for the homestead property tax exemption and any other relevant exemptions (i.e. over 65 tax exemption) at the appropriate time;
- If desired, apply for confidentiality in the public tax and voter registration records;
- Execute any leases related to the property;
- Interview and retain property managers;
- Notify third parties of the change of address, including the IRS, co-parties to important contracts and agreements, and customers and clients;
- Update address on social media and other online business profiles;
- Set up mail forwarding and submit a change of address to the US Postal Service;
- Update company internal documents and registered agent or address with the state;
- Notify any property managers and tenants;
- Store closing documents in a safe place after receipt from the title company.
While every property and transaction is unique, this list attempts to give buyers a guideline for some of the decisions and tasks to be completed after a successful real estate closing.
For questions about this, or any of your real estate or estate planning goals, don’t hesitate to reach out.