APPRAISAL ORDERED
Now that your lender has an actual address, they will begin to move forward with processing your loan. Your lender (if applicable) will arrange for an appraiser to be dispatched to provide an independent estimate of value of the home/property you are purchasing. If the appraisal value is found to be at purchase price or higher, your file will continue to move through the underwriting process.
PROPERTY TITLE SEARCH ORDERED
A property title search is an essential step in the home-buying process that serves to verify the legal ownership and status of a property.
Confirms Legal Ownership: It ensures that the seller has the legal right to sell the property. This involves checking the current and past ownership records to ascertain that the seller is the rightful owner. Reveals Liens or Encumbrances: The search uncovers any existing liens, mortgages, or claims on the property that might affect a buyer's legal ownership. These must be cleared before the property can be transferred to the new owner. Identifies Easements or Restrictions: It discloses any easements (rights for others to use the property for specific purposes) or covenants (restrictions on how the property can be used) that might limit the buyer’s use of the property. Ensures Clear Title: The ultimate goal of a title search is to ensure that the property has a 'clear title' – free from legal questions about past ownerships and devoid of issues that could challenge your legal claim to the property in the future.
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