#10 From Accepted Offer to Closing
Home Inspections
Getting a home inspection is a very important part of the purchase of a home. There are many potential problems that can be discovered during this period. These include a leaky roof, termite damage, a foundation problem, and wall cracks, to name a few. These problems happen all the time. The difference between closing on your dream home and starting the process all over again is what occurs during the negotiations between you and the seller.
Your Klacik Real Estate professional can help make these discussions go more smoothly. You will also have the option of a walk-through before the closing. This is your last chance to make sure that all of the items that you have agreed upon were completed to your satisfaction.
Homeowner's Insurance
Protecting your new home with insurance is a must. How well you do that depends on the details of your policy. And while you are not legally required to have homeowners' insurance, mortgage lenders stipulate that you do.
A standard policy will suffice in most instances. It protects against several natural disasters and catastrophic events. However, it will not guard against earthquakes, floods, war, and nuclear accidents. The policy can be expanded to include these disasters as well as coverage for such things as workers' compensation. In fact, the lender may require that you purchase flood or earthquake insurance if the house is in a flood zone or a region susceptible to earthquakes. You also can increase coverage beyond the depreciated value of personal property such as televisions and furniture by purchasing a replacement-cost endorsement.
Home Buying Process - Timeline and Paperwork
The closing meeting is where ownership of the home is officially transferred from the seller to you. The closing is a formal meeting typically attended by the buyer, the buyer's agent, and the closing agent.
First, the closing agent reviews the settlement sheet with you and answers any questions you have prior to you signing the document.
Then the closing agent asks you to sign the other loan documents. Evidence of required insurance and inspections is also presented (if it wasn't previously given to the lender).
After that you submit payment to cover the closing. If the lender will be paying your annual property taxes and jomeowners' insurance for you, a new escrow account (or reserve) is established at this point.
After the meeting, the closing agent officially records the mortgage and deed at your local government clerk's office or registry of deeds. This legal transfer of the property may take a day or so depending on the time of day the closing takes place and whether the courthouse is open the following day. The closing agent usually will not disburse the funds to everyone who is owed money from the sale (including the seller, real estate professionals, and the lender) until the transaction has been recorded. It is at the point of deed recordation that you become the official owner of the home and get the keys.
The multiple listing information is provided by the CRIS Multiple Listing Service from a copyrighted compilation of listings. The compilation of listings and each individual listing are © 2011 the CRIS Multiple Listing Service all right reserved. The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified. Real Estate Data on this Web site come in part from the IDX program of CRIS. Listings presented may not be listed for sale by Klacik Real Estate, but by another brokerage firm. For such listings the listing brokerage firm will be indicated in detailed information about the property.