Tips For Buyer

Purchasing a home is probably the single biggest investment you will ever make. Before closing on the house, you'll want to know that no other individual or entity has a right, lien, or claim to the property.

Determining that your rights and interests in the property are clear is the business of a title insurance company.

For a modest, one-time title insurance premium, you will receive continuous title insurance protection in an amount equal to the purchase price of the property or its current market value. This premium typically includes your "owner" policy as well as the "lender" policy.

One of the marked advantages of title insurance is that prior to a policy being issued, the title insurance company completes extensive research into relevant public records, maps, and documents to trace the ownership of the property and determine if anyone other than you has an interest in the property. Through its research, the title insurance company can usually identify any title problems that may arise and have these problems cleared up prior to closing.

Your title insurance owner's policy will describe the property and outline any recorded limitations on your ownership. It will also set forth the title insurance company's responsibilities should any claim covered by the policy terms arise. Typically your title insurance will protect you from loss:

if someone contests your title in legal action (the title insurance company will defend the title at no expense to you),
or if there is a title defect that cannot be eliminated (the title insurance company will protect you from financial loss up to the amount of the policy).

 

Closing Costs

There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract.

As we negotiate the sales contract for you, We will not only work to get the sales price you want, We will also work to limit the number of closing costs for which you will be responsible.

We will walk you through the closing costs, answering any questions you may have explaining which costs are decreed by law to be yours and which are negotiable.

Good Faith Estimate

Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. We will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates we believe to be low.

Standard Closing Costs For Buyer

Loan-Related Costs

• Loan Origination Fee
• Points (optional)
• Appraisal Fee
• Credit Report
• Interest Payment
• Escrow Account

Taxes

• Property Taxes
• Transfer Taxes and Recording Fees

Insurance

• Homeowners Insurance
• Flood or Quake Insurance
• Private Mortgage Insurance (PMI)
• Title Insurance

Your decision to buy a home is both a sound financial decision and a commendable achievement.

As your real estate agent...

We will lead you through every single step of the exciting home-buying process.
We will help you define your "wish list" of features you want in your home, your neighborhood, and your ideal school district.
We will walk you through the mind-boggling financial details associated with buying a home, including the various mortgages and home-buying programs available to you.
We will monitor all new listings and alert you to new houses as soon as they are put on the market.
We will eliminate the stress involved with buying a home by putting my years of real estate experience to work for you.