CLOSING ON YOUR HOME
Once inspections and repairs are completed, the closing process begins.
Here are some of the typical steps involved:
TITLE SEARCH This is a historical review of all legal documents relating to ownership of the property to ensure that there are no claims against the title of the property. It is also recommended that you purchase title insurance in case the records contain errors or there are mistakes in the review process. APPRAISAL As a standard part of the mortgage process, your lender will order an appraisal report to ensure that the loan will be guaranteed by the home's value. FINAL WALK-THROUGH If it's requested in the contract, you'll be given the chance to look at the home to make sure it's in the same condition as when you signed the sales agreement. CLOSING COSTS In addition to your deposit and down payment, there are a variety of other costs involved in closing including: • Loan origination fees, appraisals and reports • Surveys and inspections • Mortgage insurance • Hazard insurance • Taxes • Assessments • Title insurance, notary and escrow fees • Recording fees and stamps
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