Your Guide To Closing Escrow
Perhaps the most crucial part of the escrow process is closing, which occurs after the purchase agreement has been accepted by both parties and lasts until the buyer officially has possession of the home. To direct you through this important time so you can finalize your purchase, use this step-by-step guide.
- Get An Escrow Account:An escrow officer will collect the earnest money from you indicating that you are serious about the purchase and deposit it into the new escrow account.
- Get The Bank Appraisal:You will pay to have the bank appraise the property so that it can be assured of its interests as it offers the mortgage on the property.
- Get Your Mortgage:Finalize your home loan and its details with your mortgage lender.
- Get The Property Inspected:Secure the necessary home, environmental, pest, and other inspections.
- Get Insured:Take out the necessary level of homeowner’s insurance and other kinds of hazard insurance (e.g. flood or earthquake) to protect your new investment.
- Get The Title Report & Insurance:The title will ensure that no one other than the seller has claims to the property, and title insurance will ensure that even if title disputes arise down the road you will be protected.
- Get On The Property:Take the time to do a final walk through to ensure the seller has left you the promised appliances and that the property is in good shape.
- Get The HUD-1 Form:This form outlines the final, agreed-upon closing costs and loan terms. Review it by comparing it to your last good faith estimate.
- Get It Closed: Sign the necessary documents, pay your down payment and closing costs, and secure your new deed. Congratulations! You have closed escrow.
Have you been looking for a home lending expert to walk through the home buying process with you? If so, contact Andraya Coulter. As a mortgage expert in Northern California, I can help you get into your dream Bay Area home this year!