Exit Realty Group
1610 West St Ste 100 Annapolis, MD 21401
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Settlement Information Closing The closing is the time when you receive title to the property. It maytake place at a title company, lending institution, realtor's office, or attorney's office. The lender will normally provide you ahead of time with an accounting of funds that you will need to bring to the closing. The lending institution may have difficulty in providing you with exactclosing figures well in advance. They normally do not prepare the figures until shortly before the closing. Ask the lender for a reliable estimate at the loan application interview. Then add a margin of safety to avoid any possible confusion. Because the law provides that any contract for the sale or purchase ofreal estate must be in writing, verbal promises or agreements not included in the contract are unenforceable. It is important to write into the contract all the gray area items such as appliances, window treatments, lighting fixtures, landscaping elements, etc. Just before the closing you will want to inspect the house again.Personal property, which is permanently attached to the house is normally left with the house. The purchase contract should include an itemized list of items which are specifically included or excluded. Check to see that all the items agreed upon in the purchase contract are in place and functional. By law you have a right only to those items specified in the purchase contract. What You Need to Bring First, you'll need a certified or cashier's check for the down payment and closing costs. You will also need an insurance policy for fire/hazard coveragenaming the lender as joint beneficiary. You will need to present the aid-in-full receipt for the policy's first-year premium. Property Survey Your lending institution requires a current land survey to determinethe boundaries of your property. Should you plan to construct fencing, driveways, sheds, etc. close to a property line, it is more cost effective to request a full-stake survey at the time of the initial survey. Sufficient time before closing should be allowed for review of the completed survey by the attorney, mortgage and/or title company. Title Search An attorney or title insurance company can research a title to makesure the property is free and clear of any liens, encumbrances, or taxes. Most title hazards will show up in a title search. This is an examination of public records which covers a preceding period of approximately sixty years. Even the most thorough search may not discover every title discrepancy.For this reason, title insurance can be purchased to provide protection for your claim to the property. Title Insurance Generally, there are two forms of title insurance. Lender's titleinsurance, required by most lending institutions, is normally written in the amount of the mortgage and protects the lending institution from losses resulting from title defects. Because lender's insurance expires when the mortgage is repaid, you maybenefit from the second form of title insurance known as an owner's title policy. It usually is written for the amount of the purchase price of the home. This protection starts the day of the closing and lasts as long as you or your heirs retain an interest in the property. Unlike other insurance premiums, your title insurance premium is paidonly once, at the closing. By purchasing owner's and lender's protection simultaneously, substantial savings in title insurance premiums can be realized. After all fees have been paid and documents signed and notarized at theclosing, you will receive a copy of each and, most importantly, title to your house.
