discuss the estimates and fix the issues as soon as possible.
#6. Ask for Title Search and Insurance 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 are paid for with monthly or annual premiums. A title insurance policy insures against past events for a one-time premium paid at the closing of the escrow. Title defects include another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements, and other items that are specified in the insurance policy. #7. Conduct a Home Appraisal A home appraisal determines the estimated market value of what is soon to be your property. The appraiser evaluates it based on general condition, geographic location, proximity to objects of interest, value of nearby houses, recent sales, and neighborhood growth and potential for growth, among other factors. Mortgage lenders use this information to make sure the amount you borrow is supported by the home’s value. There’s always a risk of a low appraisal. In that case, the lender won’t go through with the transaction at that price. This may slow or disrupt the closing process while further negotiations are conducted. #8. Set the Time and Date of the Closing The closing date is a negotiable factor during the offer and acceptance phase of a home sale transaction. When making an
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