December 2017 Magazines 89052 - Page 38

Money Matters Time to Move In! Tips for a Stress Free Home Closing You’ve spent countless hours searching for the perfect home, and you’ve finally found it. You made the offer, the seller accepted, and you’ve filled out all of the necessary paperwork. The day-to-day excitement of moving into your new home escalates, and finally the most important part of successful home own- ership arrives…THE CLOSE!!! RE/MAX Unlimited top producing agent Kendra Rich offers expert tips to guide you through the closing process. Her advice can prevent you from ending up with a “closing gone wrong” night- mare; instead allowing you to concentrate on making your new house, a home. What is closing? Closing is the final step in completing a real estate transaction. This is the date where the deed, note and several other documents are signed and money is exchanged, allowing for ownership of the property to be transferred to the buyer. The process is handled at an escrow company, a neutral, 3rd party entity respon- sible for facilitating funds and documentation between all parties to include the seller, buyer and mortgage company. What needs to be done before signing? One important decision to be made prior to closing is how you choose to hold title to the property. Common verbiage includes community property or community property with right of survivorship, but this may not be right for your situation and can be problematic when you re-sell the home. Ask questions on the best vesting verbiage for your situation. 38 You’ll also need to choose a title policy option, a form of insurance that protects real estate owners and lenders against repercussions of liens, encumbrances or defects associated with the property. You can choose from standard or extended, but I always recommend extended which covers the buyer if, after closing, they wish to transfer the property into a trust, or if something comes up to include non permitted structures that weren’t disclosed by the seller. A Homeowner’s insurance policy for fire and flooding (if in a flood zone), must also be in place prior to escrow. Do not confuse this with a home warranty plan; an optional policy that covers repair or replacement of your home systems and appliances should they fail. December/January 2018 SPONSORED CONTENT What to expect at escrow. Signing the documents is the first step towards closing, with prop- erly prepared documentation from the mortgage company being key. Many items need to be notarized so bring a valid driver’s license, passport, or green card! You’ll also be expected to transfer money, and should have already received a copy of the closing dis- closure fr H[\[\]]Z[[Y\ˈY\[Z[][\ܛ\[Y\ۛHX\\H[ٙ\܈^[Y[ [X[H[\]Z\H[\[Y[X[]]HH[ٙ\ZH\[ۜY\][ۈ[[[ˈH\ܛ\[B[H[[[H\[[X[ۜ[H[[[[HYY\H[\ܛ܈[ˈHYHY\[[[\\ܛٙKB\[\KXX[HX\XHو[[ܛX][ۋ\XX[BHX[\[x&]HY[[XY\HH[ۙ^H˂\H\Hܜ܈ܚY\X][ۙ^HZ[\YX[˜[\\X\[]]HXK۸&]]]\[[HBۘHH[\HYۙY [ۙ^H\[ٙ\Y[BYY\XܙY [x&[[[HXZ]HH^\[\]šYHH\\[Y][Y\ZH  \Y\[BYۈH[[ˈH\H]HYYYH][]HKB[Y\X][\[^H[[ٙ\[H[[\[YK[[]XYH[ݙH[HYHو[\X[\B[HX\Y[[Y[[H\Y\[^H܈ LYX\ˈHX\܈KPV[[Z]Y [X[HXZ][\\›X[K[HXX[^\\H\[[^Z[Y[ [[][ۜ[ܝ[\ˈH[›XZ\Hۘ][ۈ[[“Z\XH]ܚ[XXY[ ›[YH]]\HY[XB[ۋY[H\H[[܂^HHYH][Y[]][^\Yܙ\]H]YY\X\]ۛYH[YXKB[ۈ^\\H][Yܚ]K\][x&\ٙXH]Y]H\[YH Z]H LK[\ۋ\]\X]B]˚[\X K[XZ[\][P[\X B܈[ M ML