Buying A Home

Once You find Your Home: Inspection and Insurance Closing Preparations

Once you have your mortgage financing in place, you’ll proceed to the closing.  This is referred to as the "settlement" in some parts of the country.  The closing is a meeting that focuses on - among other things - finalizing your loan, issuing your mortgage, and getting the keys to your home.  We have compiled a Closing Process Checklist to help you prepare.

There is plenty of activity before the closing, and several important steps need to be taken in the final weeks before closing, including having a title search conducted and getting title insurance.  A survey of the property also occurs.

Additionally, you must arrange for a termite inspection (if required) and go on a final walk-through inspection before the closing meeting.

You should select a closing (or settlement) agent to coordinate closing-related activities such as preparing and recording the closing documents and disbursing funds.  The types of services provided will depend on the closing agent you choose and where you live. That's because closings are conducted differently across the country.  Some are conducted by insurance companies or escrow companies, others by real estate brokers, lending institutions, or attorneys for both the buyer and the seller.

If you don't know where to look for a closing agent, ask your real estate sales professional to recommend one.  Or, you can ask your friends or neighbors to provide the names of agents they've used in the past.

You may want to hire a real estate attorney to represent you in the upcoming legal transaction. Your attorney will review the sales contract before you sign it and represent you at closing.  The fees you pay your personal attorney are not part of your closing costs, so you will need to set aside money to pay for them separately.  Not everyone finds it necessary to hire an attorney; it depends on how comfortable you feel with the transaction and how much money you have available for attorney's fees.

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