What Does The Closing Process Typically Look Like?
The purchase of property can be a complicated process, especially since it is not a frequent occurrence for many people. To help you complete your closing successfully, you may want to work with some professionals, like a real estate agent, mortgage lender, and title insurance company. If you are preparing to buy a home at the Lake of the Ozarks, a refresher course of the closing process may be helpful. Your trusted title insurance company in Lake Ozark is here to provide information on a typical closing process how at closing typically happens.
To begin the home buying process, a pre-approval from a mortgage lender is recommended. Once you find a home you wish to purchase, you or your real estate agent will put in a written offer on the home. After a price is negotiated between the buyer and seller, the closing process can proceed. At this point, your mortgage lender will work to finalize approval with the home you have selected and lock in your loan interest rate.
Create an Escrow Account
The establishment of an escrow account can help protect both the buyer or the seller, since both have likely invested time and money into the process. This account is held by a third party on behalf of both parties involved in the transfer of property, until all matters are handled.
Get Title Work Processed
A title search is performed during this step as a legal safeguard to help make sure there are no issues with the property as it transfers to a new owner. This can help ensure that there are no liens or other problems that could prevent a buyer from rightfully owning the property. Title insurance is also purchased at this point to help protect from an issue with the title search or title paperwork that could arise after the process is complete.
Have The Home Inspected
Although a home inspection is not required, it is highly recommended to ensure the property a buyer plans to purchase does not an unknown problem. Safety and structural features are looked over during an inspection to help ensure the home is in proper livable condition. An offer on a home usually will contain a contingency on the home inspection, if a major issue is found during the inspection, this gives the buyer a way out of the contract.
Complete a Final Walkthrough
Usually within forty-eight hours prior to signing of closing papers, a final walkthrough will be performed. A walkthrough offers the opportunity for the real estate agent and buyers to look over the home before signing for the purchase. This can help ensure that the sellers have vacated the premises and everything seems to be in the same condition as it was previously.
The most significant step of purchasing a home is signing the papers. Your mortgage lender and real estate agent will go over the paperwork to be signed. Be sure to read the papers to ensure you know exactly to what you are signing your name. Final purchase price, breakdown of costs, and loan percentage are important numbers to make sure are correct on the closing documents.
Once you find a home at the Lake of the Ozarks that you wish to purchase, we hope you keep Arrowhead Title, Inc. in mind for your title insurance needs. We would be pleased to help make your closing process smooth and painless. Accuracy is imperative when it comes to title paperwork for your home or land purchase. For more information about our services, visit our website at www.ArrowheadTitle.com. We look forward to helping you complete the purchase of your home.
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