Close the Sale
The title company will conduct a finalize title search and stratify closing conditions like; mortgage pay off, water payments and any other conditions of title policy.
The prior to closing the title company will conduct a title search to ensure the property is legitimate and find if there are any outstanding mortgages, liens, judgments, restrictions, easements, leases, unpaid taxes, or any other restrictions that would impact your ownership associated with the Property. It is at closing that these encumbrances have been cleared or will be cleared, like the seller’s mortgage.
Once the title is found to be “clear”, the title company will issue a title insurance policy that protects lenders or owners against claims or legal fees that may arise over ownership of the property. This is required when obtaining a mortgage and highly recommended even if you are paying cash. This will also be a part of your closing costs, and the fees are state regulated, which means every title company will charge the same amount for title insurance, making It easier for you because you don’t need to “shop around”!
components. This type of invasive inspection may also include testing of soil by a Geotechnical engineer, and/or examination of the property by a structural engineer. Examples of Comprehensive Property Inspection Scope Determine Code Compliance.
What are the final steps for you?
- Transfer all utilities into your name (gas, electric, cable, internet, etc.)
- Review the closing settlement statement a few days before closing to ensure you have the funds for closing costs.
- Closing Costs for buyers are the fees that are needed to close and get keys for your new home – such as lender fees, transfer tax, escrow fees including your taxes, and homeowner’s insurance.
- Closing costs typically range from $3500 to $4500 plus 1% of the loan amount, in addition to your down payment.
- Final walk-through
- Wire funds to the closing company or get a certified check from your bank
- Bring your driver’s license or passport to the closing table
- Closing day: Sign the paperwork, Get your keys- it’s all yours!