While your loan is being underwritten between the lender and escrow, you will be required to order and pay for a title search on the property before closing can occur. The title search verifies that the property you are buying is free and clear of any liens or outside ownership.
If the title search comes up with any issues, such as unknown claim to the property, the seller will have to remedy the situation as soon as they can, or your deal may fall through. If this did happen, you would get your earnest money back as it would not be your responsibility.
Once the title is free and clear, the buyer will have to pay for title insurance for the lender. This usually costs around $500. The seller is expected to pay for the title insurance for the buyer and costs about three or four hundred dollars more.
Ready to start the home-buying process? Schedule an initial consultation with John P. Sharp today. Let's discuss your real estate goals and how we can help you achieve them.
Don't forget home insurance. You will want to start shopping for home insurance approximately three weeks to a month before you expect to close on your home. Most lenders require home insurance and will expect you to show proof of it anywhere from three to fifteen days before closing. You are almost near the end of the purchasing guide!
John P. Sharp, Premium Real Estate Broker with Skyline Properties, Inc.
19515 North Creek Parkway, STE 214, Bothell, Washington 98011, United States
Call us today at 425-230-2525
Copyright © 2021 John P. Sharp
Premium Real Estate Broker with Skyline Properties, Inc.
All Rights Reserved.
This site works best on Chrome and Mobile browsers