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Purchasing a home is a great investment. The closing, or settlement as it’s called in some states, is one of the most important parts of the process. This is when you legally commit to your mortgage loan. Here’s a rundown of items to help you know what to expect and how to prepare.
A professional will search public records for debts, legal judgments and other homeownership issues to give you peace of mind in your investment. Some of the items reviewed include:
A title professional will also look for covenants, conditions and restrictions and other types of easements. When an issue is discovered, the title professional will take care of it—typically without you even knowing about it. If the problem is not easily resolved, you will be notified.
Did you know: Title searches reveal problems on more than a third of all residential real estate transactions.
Most lenders require you to pay a year of premiums up front for homeowner’s or property insurance. If your loan includes an escrow/impound account, the account will be set up for you to make monthly payments toward your future taxes and insurance on the property.
Don’t forget to make the smart choice and purchase an owner’s title insurance policy and protect your financial investment!
During the closing, or settlement as it may be called in your area, you will sign many documents. Some key documents that you will sign include:
This is the best part! A completed closing means we have received all closing documents and funds for your address, and the real estate transaction is officially closed.
To learn more about the closing process, check out Home Closing 101.