Selecting a Title Company.  

 

The title company is a partner in most real estate transactions. They act as a neutral third party and they assist the brokers and the parties in a number of ways. The title company is selected by mutual agreement of the parties during the contract negotiation process. 

 

The title company will research the complete recorded history of the property, to insure that the title is free and clear of encumbrances by the date of closing and that all new encumbrances are properly added to the title.

 

The title search may reveal that a property is subject to restrictions which may limit various activities from out-buildings to parking restrictions. It would also reveal any recorded easements and encroachments (where others have limited rights to use your property) on the property.

 

The title company acts as a schrivner as they prepare instruments necessary to the sale, including loan documents on behalf of the lender, as well as preparation of the closing documents, closing facilitation and funding. 

 

​How to Hold Title.  

 

You may wish to consult with an attorney or tax advisor on the best way to hold title. Different methods of holding title have different legal, estate and tax implications, especially when selling or upon death of the title holder.

 

​Inspections. 

 

Once your offer is accepted by the seller, you’ll need to have professional inspectors evaluate your home’s major systems. Your agent may recommend other inspections, such as roof, property boundary survey, well, septic, pool/spa, pest or mold. 

 

Appraisal and Lending. 

 

When you decide on purchasing a new home you likely will need to obtain a mortgage loan. Your lender will work closely with you from your initial application and all the way through the underwriting process, loan approval, and the funding of your purchase.

 

Once preliminary underwriting allows, the lender will order an appraisal on the property. Appraisers are specialists in determining the value of properties, based on a combination of square footage measurements, building costs, and recent sales of comparable properties.

 

The fee for the appraisal is usually paid by the buyer and the appraiser can be paid at closing or at the time the appraisal is ordered.

 

The selection of an experienced lending partner is very important to the success of a purchase to contract. If you don't have a long relationship with a mortgage lender, it would be our pleasure to recommend one of our preferred lending partners to you!