#5. Fix All the Issues after the Inspections
If inspections revealed any problems, you may want to ask for a closing cost credit to cover the cost of repair or ask the seller to fix the problems. Some inspectors advise to look deeper into the issue. They say you should ask for a second opinion, or evaluate it further with a specialist. It’s highly recommended to discuss the estimates and fix the issues as soon as possible.
#6. Ask for Title Search and Insurance
The attorney you have slected to work with will handle these 2 important steps. Title insurance is needed to eliminate the potential of loss by third-party ownership on the property that you’re buying. Title insurance protects real estate owners and lenders against loss or damage due to liens, encumbrances, or defects in the title. Each title insurance policy is subject to specific terms, conditions, and exclusions. Auto and homeowner’s insurance protect against potential future events, and is paid for with monthly or annual premiums. A title insurance policy insures against past events for a one-time premium paid at the close of the escrow. Title defects include another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements, and other items specified in the insurance policy.
#7. Conduct a Home Appraisal
A home appraisal determines the estimated market value of your soon-to-be property. The appraiser evaluates it based on general condition, geographic location, proximity to objects of interest, value of the nearby houses, recent sales, and neighborhood growth and potential, among other factors.
Mortgage lenders use this information to make sure the amount
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