Closing Time: 3 Steps Every Maryland Homebuyer Needs to Expect

Finally, the long-awaited journey to becoming a homeowner is almost here. In fact, you found the perfect home, the seller accepted your offer, and now it’s time for the fateful day: closing. Of course, there is always something new that a new Maryland homebuyer is learning along the way, but the closing process is probably the most eye-opening.

Maryland homebuyer

Don’t be surprised by anything that may pop up during your homebuying process. With this helpful guide, we breakdown the steps that will lead you to a successful closing.

Find a Solid Closing Agent

If you are working with a real estate agent, with your permission, he or she may place an order with a closing agent as soon as your sales contract is actually accepted. In fact, the closing agent can be a title company, an escrow company or a settlement company. For the most part, homebuyers rely on their real estate agents to select the closing agent- someone they work with regularly and know to be professional, reliable, and efficient. As a result, the closing agent will oversee the entire closing process and make sure that everything happens in the right order and on time, without any unnecessary delays or glitches.

Draw Up a Proper Escrow Agreement

First, a proper contract or escrow agreement is drafted, which the closing agent subsequently reviews for completeness and accuracy. After that happens, the closing agent will also put your deposit into an escrow account, where the funds will remain until the actual closing.

Conduct a Title Search

Once the order for title insurance is placed, the title company conducts a title search of the public records. In fact, this is a critical step in the entire process. The search will identify any potential issues with the title such as liens against the property, utility easements and so much more.

A Title Insurance Company You Can Trust: Colony Title Associates

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 and sell 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+.

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