Judith Sutton ABR CRS IDS PMN ASP IAHSP SRES GREEN
Judy@JudithSutton.com 908 803-0472
EXPECT MORE
STEPS TO CLOSLING ON YOUR HOME
There are Six Steps you need to know before you have the keys to your new home! Usually, these steps will take 60 days, but if everybody agrees, it is possible to close sooner. This is assuming it is not a complicated transaction with unexpected issues arising.
First, a physical home inspection is done to determine structural, environmental and safety issues. Home Inspectors must be licensed in our state to conduct the inspection. If problems arise, (such as cracks in the foundation, mold, leaky roofs), the buyer can ask the seller to remedy the problem, and if refused, the buyer can back out of the deal.
Deposit money is submitted within ten days of conclusion of attorney review. A percentage of the home loan amount (whatever the parties have agreed upon) will be held in escrow until closing.
The mortgage lender will then order the appraisal. It is the job of the appraiser to determine the house value based on comparable sales and current market conditions. This is done to insure that the borrower is not taking out a loan that exceeds the property’s value. The information goes directly to the lender.
Next, a title search is conducted. The title is a legal document that proves ownership of the home. Public records are examined to confirm who legally owns the property and see if any claims on the property could prevent a sale. Defects tied to the property could include: errors in the public records, unknown liens, illegal deeds, missing heirs, forgeries, undiscovered encumbrances, undisclosed easements, boundary disputes, and many other possibilities. If issues arise, they will need to be resolved before transfer of title to the buyer.
Now, all the final documents are prepared. The mortgage lender will assemble all the necessary documents and deliver them to the attorneys to assure all is accurate and ready for closing. The escrow agent (or attorney) also considers all fees and calculates the closing costs that need to be paid on the buyers’ side as well as the sellers’ side. The buyer then receives a disclosure statement that indicates the total amount due at closing. This arrives a day or two before closing, to be reviewed.
The final step is the closing itself. Here, both the buyer and seller will sign various documents relating to the sale, and the buyer will pay the costs due. The title will be updated to reflect the transfer of ownership. All signed documents go to the lender and the funds are released.
Finally, the keys and celebration!
Your trusted advisor, Judy, will be there every step of the way- advising and supporting you in each of these steps!
I invite you to take action based on my commitment to you! Call me!
For the love of a successful investment,
For the love of driving your investment forward,
COLDWELL BANKER is your trusted guide!
Adding value for my clients and loving where we live!
Judy@JudithSutton.com
COLDWELL BANKER...GUIDING PEOPLE HOME SINCE 1906
908 803-0472
"...the right relationship means everything..."
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