What can homeowners expect when they close the deal on their home purchase? This time can be very overwhelming, particularly for first-time homebuyers. However, there is something every homebuyer can learn when it comes to closing on a house. One of the critical things to remember is that getting an owner’s title insurance policy will allow the new homeowner to purchase the home confidently. Here is what homebuyers need to know in terms of the closing process and what to expect.
The Escrow Agreement
First and foremost, homebuyers should have a contract or escrow agreement in place as they plan to close on a home purchase. The closing agent will always put the initial deposit on the house into an escrow account where your funds will remain until the day of closing approaches.
Conducting A Title Search
An effective title search is key. Once the order for title insurance is finally placed, the title company shall begin conducting the title search. The title search will explore the public records associated with the home you are planning on purchasing and will identify any potential issues with the title. These issues could include a lien on the property or any utility easements that are not immediately known. If a problem is uncovered, then the title company can often take care of the issue before the day of closing. After the title search is complete, the title company can finally provide a title insurance policy to the home buyer before the actual closing.
Bottom Line for Home Closing
When it comes to closing on a home, there are a lot of things home buyers should take into consideration. Being aware of all the things associated with home closing can make the process of purchasing a home less stressful, more enjoyable, and a lot less nerve-wracking. When you know what to expect, you are not surprised by the process itself. However, if any potential title issues arise, having an owner’s title insurance policy can be hugely beneficial in helping you through any potential difficulties during the home closing process.
A Title Company You Can Trust: Colony Title
At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, LinkedIn, and Google+.