After completing the loan application, you need to deposit the balance of the down payment and various transaction document handling fees into Escrow before the transfer closing date. A week before signing the house contract, you need to contact different home insurance companies, such as Geico, State Farm, etc., to request a price list, compare prices, so as to finalize where to buy from and transfer the information before signing the house contract. Communicate to the loan company. Your real estate agent can also recommend good home insurance salespeople. Step 9 (last step): Sign the house transfer documents and pay the transfer fees The last step of buying a house is to go to the title company to sign the house transfer documents and pay the closing costs. 1 to 2 days before signing the transfer procedures, you will receive a transfer fee list (called HUD-1) from the loan company. This list clearly indicates that on the day of signing the house contract, you need to pay the cost. Transfer costs may include the following items: Loan Costs, also known as loan processing fees, which are related expenses incurred by the loan company to prepare for the loan; and Appraisal Fees, which are the fees the loan company hires to hire someone to appraise the house. The cost of conducting an appraisal; Flood certification fee, which is the loan company's fee to check whether the house is in a flood zone; Survey fee, which is the fee to determine the property line of the house. Title-related fees (Title Charges): That is, related service fees paid to the title company, and title insurance purchased for the loan company to avoid errors in previous title inspections; Government Registration and Tax Fees (Government Charges/Record Fees & Transfer Tax): The fees charged by the government vary greatly from state to state. You need to pay the above fees to the title company by bank check or bank transfer. After signing and paying the money, the property rights delivery procedure is completed. After completing the above nine steps, you can successfully get your keys and move in. Every aspect of buying a house It is necessary to take care of every detail. I wish you success in buying a house!
You can withdraw from the previously signed house contract, get back the house purchase deposit, and continue to choose and view houses. If there are minor problems during the house inspection, you can negotiate with the seller and ask the seller to repair it, or ask the seller to make some concessions on the price. Step 8: Determine Loans and Insurance If you are purchasing a house with a loan, you need to start submitting a loan application at this time. The lending bank will conduct a house appraisal to ensure that the house meets the market value and determine the loan amount. If the loan cannot be obtained for any reason during the period, it will be determined based on the contract signed between the buyer and the seller before, whether the contract can be canceled unconditionally and the full deposit returned. Usually, the contract will state that if the loan cannot be obtained, the buyer can unconditionally cancel the contract and get back the entire deposit. If there are no problems with the valuation and the loan is approved, the lending bank will send all the loan documents to the notary company (Escrow) for the buyer to sign. After signing, they will be sent back to the lending bank for review. Once confirmed, the loan will be released.
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