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Make Preparations for Home Closing

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By : Sonia Smith    99 or more times read
Home closing is an essential phase in the process of buying a home. A single problem could jeopardize a smooth transfer of home ownership, thus it is necessary to prepare for closing on a home.

Make sure that your real estate agent or lawyer could represent you in the whole process. Plan the date of closing that is convenient for your. Furthermore, check on the details of the transaction and do not be afraid to ask questions.

Closing on a home means a sale completion and all the conditions and terms of the purchase agreement. The final days before home closing are both emotional and busy days for a seller and buyer alike. A homebuyer may be wondering if he or she is making the right choice and making payment on the new mortgage. The seller may be concerned about the paper works and moving to a new home.

Below is a guideline on how to prepare for the home closing:

  1. The seller or buyer may choose the closing date and they should both agree on it. It is the job of the real estate agent to inform the other parties involved, like the lender, broker and the closing agent. Setting the date of closing is important and preferably before the buyer moves into the home.

  2. Make sure you comprehend the loan offer conditions stated in the mortgage lender’s commitment letter. If the property you want to purchase has violated a certain building code, it should be corrected before the closing day. If the seller agrees on doing the repairs required by the lender, it should be done before the day of closing.

  3. Review all important documents with your lawyer for a smooth closing. Most probably, you have to check on three important documents such as the note, mortgage and settlement statement. Check these files to determine that what is written are items you agreed upon. Do not hesitate to ask questions on irregularities and have them corrected before signing anything.

  4. A title insurance makes certain that the seller is handing over a clean title of the property. The policies that a buyer can purchase are owner’s policy and lender’s policy.

  5. A lender requires a homeowner’s insurance that protects both buyer and lender in case the house is destroyed or damaged. Ask your lender or agent for quotes or get them on your own. If you are getting insurance on your own, make sure to bring the policy and the payment receipt on closing day.

  6. When buying a new home, consider purchasing a homeowner’s warranty, which serves as protection against home defects. If you are a first-time buyer or buying an older home, you would want to be covered for repairs on major systems like heating, plumbing and air-conditioning.

  7. The mortgage lender is required to give costs of closing estimate the moment the application has been filed. At this time, the buyer is required to pay the remainder of the down payment, including the closing costs and deposit. The closing costs could range from three to five percent of the whole loan amount.
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