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by David B. Zwiefelhofer
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escrow company, attorney, lender or real estate professional to conduct the closing.
3. Set the Closing Date (Buyer, Seller, Closing Agent).
4. Select an Attorney (Buyer and/or Seller) — if you want personal representation in the closing process.
5. Secure Title Services (Buyer) — to conduct a title search and obtain title insurance and to find any liens on the property. You should get both a lender’s and buyer’s title insurance policy. You can probably get a break on the title search from the company that conducted the title search for the seller when he/she bought it.
6. Order a Property Survey (Buyer) — if the lender requires one.
7. Order a Termite Inspection (Seller) — if they are a problem in your region and/or the lender requires it. The report should be delivered to the lender at least several days before closing.
8. Purchase Homeowner’s Insurance (Buyer) — The lender will require a policy. It should cover at least replacement cost of the property.
9. Check on Mortgage Insurance (Buyer) — if buyer puts down less than 20% it may be required.
10. Check for Well and Septic Certificates (Buyer) — if the property doesn’t have water and sewer utility service you need to get local government certification of your water source and sewage disposal.
11. Final Walk-Through (Buyer) — conducted within one day of closing (be sure this is stated in your purchase agreement), this is an opportunity to see that all the agreed upon repairs and included items are satisfactorily met. If they aren’t you can del |
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