Escrow Details You Must Not Overlook

Congratulations, your real estate offer has been accepted by the seller. You are one step closer to home ownership. Think you can relax and wait for the keys to your new home to be delivered? Not yet. It is important to keep yourself involved in the home buying process in order to have a stress free experience. From inspections to closing documents there are numerous details which will need your attention during the next crucial weeks of your real estate transaction.

Inspections

A thorough home inspection will save you headaches and money. Plan to attend the inspection, follow the inspector during the inspection, and ask questions. A home inspector can explain home appliances and systems to you. The inspector can also suggest steps you can take to increase the energy efficiency of your new home. In addition, a home inspector can explain needed repairs and estimate repair costs. Be an active participant in your home inspection. You are paying for the inspection, get your money's worth.

Mortgage

Keep in touch with your mortgage broker or lender. Ask the mortgage broker to keep you updated on the process of your loan. If your broker requests paperwork, send it immediately. Don't risk delaying closing because your loan is not ready.

Title/Escrow

Some states do not require attorneys for closings. Instead, the title/escrow company will take care of the paperwork needed for the real estate transaction. The title/escrow company is a neutral third party who works for you and the home seller. Make sure that you give the title company all necessary information. They will need to know how you want title to the home to be held. In addition, make sure title has your correct name and spelling.

Review all Paperwork

The amount of paperwork involved in a real estate transaction can be overwhelming. It is tempting to shove it all into a moving box. Bad idea. Take the time to read everything that is sent to you. The inspection report will have to be reviewed for repair items. The mortgage paperwork will have to be reviewed for the terms and conditions of your loan. The title work will have to be reviewed to make sure there are no title issues. If you don't understand anything or if you find something that you did not agree to in your real estate contract then call your real estate agent, mortgage broker, or title officer to discuss the issue.

Down Payment and Closing Funds

A few days prior to closing the title company will send you a work up of the numbers involved in your real estate transaction. This sheet will detail all monies you have deposited with the escrow company and the amount you need to take to the closing table. Your real estate agent will probably review the work up sheet to make sure all the numbers conform to the agreement. However, you should also review the sheet and ask any questions regarding items you don't understand. After all, it is your money.

Moving

With all of the details involved in a real estate transaction it is easy to forget that you have to move. Get boxes, start packing, reserve your truck and/or set up the movers. Don't forget to transfer utilities into your name. If you are moving to a new area you should ask the sellers to leave you the names and numbers of the service providers (pest control, pool service, landscapers) they use for the home. Your real estate agent can also provide recommendations.

The final weeks of a even a simple real estate transaction can be hectic and stressful. You can reduce the stress by being actively involved in all aspects of the real estate closing process. Keep in touch with your real estate agent and ask questions if you don't understand anything concerning the home buying process. Stay focused and soon you will be unpacking boxes in your new home.