Your guide to buying a first home in Southern California Los Angeles Times
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Further, “clearing” the title could take weeks, if not months, depending on whether title claims are discovered. A property title search examines public records to confirm the seller is the property's legal owner — and has the right to transfer ownership to you. It also reveals if there are any claims, liens, easements, or restrictive covenants that could affect your purchase. Buying a home can be equal parts adventure and anxiety, hustle and hurry-up-and-wait. After all, you'll be eager to get into your new home — but home buying is a legal transaction that doesn't happen quickly.
Lock in Your Interest Rate
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Finally, you’ll end closing with the transfer of the home’s title into your name, making you the official new homeowner. A house title represents all the legal rights around ownership and use of a residential property. It’s important to note that various laws, easements, liens or homeowners association (HOA) rules can limit these rights.
Common closing day delays
If the inspector needs to refer you to a specialist for an additional inspection (for example, to focus on the wiring in an older home), you’ll have plenty of time to get that done. Scheduling early will also give the seller more time to complete any necessary repairs. If possible, you'll want to attend the inspection—it can be a great way to familiarize yourself with your new home. In any event, you'll receive a full report of the inspector's findings. Discuss any serious issues with the seller and either ask the seller to complete repairs or lower the sale price to account for the cost of repairs.
How Long Does It Take to Close a Mortgage? Timeline to Close
While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. On closing day, you’ll typically sit down with all parties involved — including sellers, lenders and real estate attorneys — to fill out a pile of paperwork and pay your closing costs. It involves a lot of reading fine print, initialing documents, writing checks and signing on the dotted line. If all goes smoothly, expect the process to take at least two hours. You'll usually sign closing documents in person, although some lenders allow you to close digitally.
In order for any real estate sale to close, the title must be clear — that is, free of any claims or doubts about ownership. That means if there is any sort of lien or claim to the property, the closing cannot proceed until that issue is cleared up. The Internal Revenue Service or the state government might place liens on a property if the seller owes back income or property taxes.
Valdes adds that it can also be helpful for the seller to work with the inspector to find out what they need to perform a smooth inspection. This might mean clearing out attics and crawl spaces or being prepared to make any necessary repairs. Once everything is signed and those keys are in your hand, congratulations — you are officially a homeowner. If you're willing to speak up and stand your ground, you can usually get junk fees and other charges reduced or eliminated before you go to closing. Wondering if matters whether you close on a house early or late in the month? Victoria Araj is a Section Editor for Rocket Mortgage and held roles in mortgage banking, public relations and more in her 15+ years with the company.
Even if you got a mortgage preapproval, you need to complete a final loan application and submit it to your lender. Be on the lookout for requests for additional information from the lender and respond as quickly and accurately as possible. "As soon as you go under contract, because appraisals are so backed up, your lender is already scheduling your appraisal," Ross says. "As soon as you're putting your earnest money down, the lender's going to ask for payment for the appraisal." After making the earnest money deposit, you are responsible for scheduling a home inspection.
Clear title: 15-30 days
Junk fees include administrative fees, application review fees, appraisal review fees, ancillary fees, processing fees, and settlement fees. An escrow account is held by a third party on behalf of the buyer and seller. Therefore, the best way to prevent either the seller or the buyer from being cheated is to bring in a neutral third party. This third party can hold all the money and documents related to the transaction until everything has been settled. Once all procedural formalities are over, the money and documents are moved from the escrow account to the seller and buyer, thus guaranteeing a secure transaction. Ideally, the closing process will go more smoothly than you expect, with no hiccups that cause delays or derail your closing.
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We’ll help you choose the best house-hunting apps, pick an agent, manage the swirl of open houses and make an offer you can afford. And we’ll walk you through escrow and what happens after you get your keys. If you’re buying a home, you’ll officially be able to move in once the property deeds are recorded with the county. Make sure the seller has left the property in the condition you agreed upon. They should also leave behind anything your contract says you get, like the washing machine or refrigerator.
Although closing costs can be expensive, some costs are negotiable. See if your lender is willing to lower the origination fee or waive an application fee. If lender’s title insurance is required, ask your mortgage company if you can shop around to find the best rate rather than paying a fixed fee from the insurance company of their choice. The escrow company will then disburse those funds to the appropriate parties. Those parties might include your existing mortgage lender (if you’re refinancing), the home seller and seller’s mortgage lender (if you’re buying), your homeowners insurance company and local property tax agency.
“The seller can choose to either accept, counter or reject your offer terms,” says Jen Horner, a Realtor with RE/MAX Masters in Salt Lake City, Utah. Most offer letters include an expiration date in them, but you can generally expect a response within three days or so. After making an offer, you may feel like you’re stuck in a holding pattern waiting for the seller’s reaction.
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