Closing on a home is a huge step when it comes to being a homeowner. In fact, the long journey of finding a home can be exhausting and extremely overwhelming. With so much to think about it can be hard to know what exactly needs to be done to actually finalize the closing process. Here are the steps that happen during closing and what every homebuyer needs to be prepared for.
Find A Closing Agent
Ideally, you will have a real estate agent who helped find the home for you. If that’s the case, the you can ask them to be your closing agent or see if they would recommend someone for you. In fact, the closing agent will usually be chosen by the real estate agent you worked with. The closing agent can sometimes be a title company, an escrow company or a settlement company.
Create An Escrow Agreement
It is essential to have an escrow agreement as soon as possible. In fact, the closing agent will always review and complete the escrow agreement and ensure that it is totally accurate. As a result, it’s the responsibility of the closing agent to put the deposit that you provided into an escrow account where all your funds will remain up until the actual day of closing.
A Title Search Must Be Done
One of the most important steps in the closing process is a title search. In fact, once the order for title insurance is placed, the title company immediately gets to work on a title search. The search will find any issues associated with the title like any liens against the property or any easements that may not have been known previously. As a result, if a problem happens to be discovered, it is at this stage that the title professionals will take care of it, so that homeowners can really end up with having their ownership rights protected. However, this only happens when homeowners plan on purchasing an owner’s title insurance policy.
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+.