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16 Dec 2012 16:30
7 Steps to Closing a Home
FeedBack ( 0) Many people wonder what they can expect when closing a real estate transaction. What do we need to sign? What do we need to provide? What is the process like? The following is a step by step process of what you can expect when you are purchasing a home or piece of property.
1. Earnest Money: When your offer is accepted by the seller, you will need to write a check as a deposit to secure your offer. This check will be sent to the Title Company within 3 days of seller acceptance.
2. Preliminary Title Report: This report will confirm that the seller actually owns the home or land and will make sure that no other taxes, liens, or claims are part of it.
3. Homeowner's Insurance: If you are receiving a loan in order to purchase a home, you must have proof of Homeowners Insurance before your loan request will be accepted.
4. Inspections, Disclosures, and Contingencies: The seller is required to disclose any and all information regarding the home. It is between the buyer and seller to schedule all requested inspections within the inspection contingency period. Other contingencies also need to be addressed, specifically financial contingencies.
5. Loan Approval: Once your loan is approved, the agents and title company will be notified by the lender. The bank will then send the loan documents to the title company. Your title company will schedule separate appointments with the buyer and seller to sign off on the final paperwork.
6. Writing the Check: For your closing appointment, the title company will notify you the amount of money needed to close. A cashiers check or wire transfer are the preferred methods for this payment.
7. The Final Steps: You will need to sign the necessary title and loan papers as well as present your cashiers check or wire transfer for the closing amount. After this is complete, your documents will be forwarded to the county, then recorded, and finally, close escrow.
It just takes these simple 7 steps to own a home! What are you waiting for? Call Carol Murray now!