Verani Realty Publications Real Estate Buyers Guide | Page 17
Making Your Dream House Home
Here are some helpful things to consider for your home purchase:
Professional inspections can reveal structural, roof, termite and other conditions with a
property that may require attention. Earnest money deposits need to be given to your
agent on or before the deadlines specified in the Purchase Agreement. Escrow checks
are deposited and will clear through your bank. If escrow funds are paid within 5-10
business days of the scheduled closing, then the funds must be in the form of a certified
check or money order. Lock interest rate and loan terms with your chosen mortgage
lender. Satisfy remaining contract conditions on or before the deadlines specified in
the Purchase Agreement. Contingencies should be released in writing and signed by
both parties. A home warranty plan can give you peace of mind by providing repair-orreplace coverage of major home operating systems and appliances.
Communicate frequently with your
mortgage lender to ensure
appraisals, credit, income and asset
verifications, title search and other
loan conditions are completed in a
timely manner. Verify you can obtain
Hazard Insurance on the property
and arrange for a prepaid
homeowners insurance binder. If
possible, leave flexibility in moving
dates in case of unforeseen delays
with financing, title or other potential
issues. A financing commitment or
approval means that the borrower meets the lender's qualification requirements and
also its underwriting requirements. Review any conditions carefully with your mortgage
lender before you remove your financing contingency from the contract. A preliminary
title report informs you of any issues with the property’s title, and a policy of title
insurance protects your rights to the property.
A walk-through before closing allows you to make sure the property is being delivered
in an agreed upon condition. Verify with your mortgage lender what funds you need for
closing, what form of payment is acceptable and what funds you need to have in
reserves (savings) at closing. Final time and place for the settlement will be confirmed
by the lender and a designated title company once final contingencies, financing and title
policies are in place. Keys are customarily delivered once the settlement papers are
signed, the new deed is recorded and the closing has been fully funded.
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