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1.
Setting the Closing Date
Before you set a closing date, make sure you select one that's in your best
interest. Ask yourself:
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Does it
give me enough time to prepare my move?
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Is it
near the end of my lease so I won't pay unnecessary rent?
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Are
there tax implications? If it falls at year's end, would I be better off
pushing it to January? Consult your tax advisor for more details.
2.
Selecting a Closing Agent
A third party agent of your choosing is needed to prepare the required
documents, disburse the funds and activate the transfer of ownership. Your
attorney, the escrow agent, the title company or a professional closing
agent can act in your behalf.
3.
Title Search and Insurance
Title companies review the history of your new home's ownership to insure
that no one else has claims on your property. Title insurance is required
because it protects you and 123 Loan against loss resulting from a title
dispute.
4.
Property Survey
Sometimes title insurance companies require a survey of the property to
verify zoning location and boundaries.
5.
Homeowner's Insurance
Most lenders, including 123 Loan, require homeowner's insurance, because it
protects your home and its contents from fire, theft and most disasters.
Sometimes additional hazard and/or flood insurance is required.
6.
The Final Walk-Through
This is your last chance to inspect your new home and make sure that the
seller has completed all repairs and met the conditions specified in the
purchase contract. During the walk-through, you should bring a copy of your
inspection report and compare it to what you see.
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