Closing the Deal on Your New Home
September 10, 2015 By jenniferk
Get Prepared For Your Home Closing in Rocklin
If you’re fretting over the closing process of your home purchase transaction, don’t. I’m sure you’re perfectly capable of signing your name fifty times before your hand cramps up. When closing the deal on a house, have your realtor go through the documents before you go ahead and sign it. Assuming it’s all legit before checking it to be so can land you in some serious complications later on.
Open an Escrow
The first thing to do is put the agreed upon payment in an escrow account on behalf of both you and the seller. Due to the number of moving elements involved in home sale, escrowing the funds using a neutral third party is the best way to prevent the parties involved from getting ripped off.
Conduct Title Search and get Title Insurance
Doing a title search and applying for title insurance is the best way to ensure the much needed peace of mind. It provides a legal safeguard against anyone else claiming that the property you’ve purchased is theirs.
Even if the offer you’ve placed has already been accepted but the inspection you conducted reveals major problems to the house, you can renegotiate the price to account for the repairs or replacements.
The hallmarks of a good purchase offer drawn up by your real estate agent must be contingent on several crucial factors.
- Obtaining finance at a mortgage rate that doesn’t exceed a specified percentage
- Home inspection doesn’t reveal major issues with the house
- The seller thoroughly disclosing known issue with the house
- The seller complying to the agreed-upon repairs
- The aforementioned contingencies must be dealt with by specified dates, also specified in the purchase offer, for the deal to close.
When you reach this point the closing process is over and all you are left with is moving into your new home in Rocklin, California.