Buying a Home?
Step 8. Prepare for closing!
At closing you will legally purchase the home. You, the sellers, real estate agents, lender, and an attorney (if desired) will meet together to complete the transaction.
Prior to this meeting, there are a few things you still need to do:
1. Make sure that you have met all of the terms and conditions outlined in your loan commitment letter.
2. Review the title insurance commitment with your attorney or real estate agent. Title insurance guarantees that the seller is conveying ownership of the property to you free and clear, with no outstanding liens or encumbrances.
3. Obtain homeowner’s insurance coverage. This insurance protects you and your lender in the event of fire or other damage to your home. It is required that you show proof of coverage and a paid receipt for the first year’s premium several days prior to closing.
At the closing, you will sign your loan documents and bring certified funds to cover your down payment and closing costs. The seller will sign a deed, transferring the property to your name. You will obtain the keys, and can now move into your new home.
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