PRE-CLOSING
Once all contingencies are met on your purchase agreement, it is time to get the closing paperwork completed so that you can head to the closing table and move into your new home.
1. Title Insurance. Title insurance is required on all homes and protects you in the case that someone stakes a claim to the property. It will also let you know if there are any easements, encroachments or liens against the property. The Seller or the Seller's Realtor is responsible for ordering the title
insurance and it is usually the Seller's expense. It is a one-time cost at closing and will cover you the entire time that you own the home.
2. Deed Preparation. A deed is an instrument of conveyance given to pass fee title to property upon sale. The Seller or the Seller's Realtor is responsible for ordering the deed preparation from an attorney of the Seller's choice and it is usually the Seller's expense. It is a one-time cost at closing and will cover you the entire time that you own the home.
3. Termite Inspection. If applicable, a termite inspection will be ordered by the Seller or the Seller's Realtor within 30 days of the closing. It is usually the Seller's expense, unless otherwise stated on the purchase agreement. If termites are found, the Seller is asked to have the property treated
by a professional termite company. If the Seller refuses, you may have the option to null and void the purchase contract.
4. Homeowner's Insurance. For home purchases, your lender will require that you purchase and prepay for insurance prior to closing.
You will need to provide proof the insurance, such as a receipt, prior to or at closing.
Once all contingencies are met on your purchase agreement, it is time to get the closing paperwork completed so that you can head to the closing table and move into your new home.
1. Title Insurance. Title insurance is required on all homes and protects you in the case that someone stakes a claim to the property. It will also let you know if there are any easements, encroachments or liens against the property. The Seller or the Seller's Realtor is responsible for ordering the title
insurance and it is usually the Seller's expense. It is a one-time cost at closing and will cover you the entire time that you own the home.
2. Deed Preparation. A deed is an instrument of conveyance given to pass fee title to property upon sale. The Seller or the Seller's Realtor is responsible for ordering the deed preparation from an attorney of the Seller's choice and it is usually the Seller's expense. It is a one-time cost at closing and will cover you the entire time that you own the home.
3. Termite Inspection. If applicable, a termite inspection will be ordered by the Seller or the Seller's Realtor within 30 days of the closing. It is usually the Seller's expense, unless otherwise stated on the purchase agreement. If termites are found, the Seller is asked to have the property treated
by a professional termite company. If the Seller refuses, you may have the option to null and void the purchase contract.
4. Homeowner's Insurance. For home purchases, your lender will require that you purchase and prepay for insurance prior to closing.
You will need to provide proof the insurance, such as a receipt, prior to or at closing.