Accepted Offer Timeline & Closing Day After the inspection is completed you will work more with the loan officer and the title company and less with your realtor. The title company is vitally important to this process. They are the glue that holds the transaction together. They are responsible for gathering all of the paperwork from all of the appropriate parties (buyer and seller’s agents, loan officers, county offices, etc.). They are also going to set up any mortgage payoffs, lien payoffs, or lien releases. This helps to ensure that you will be taking a clean title. The closing day was established in the purchase agreement, but the title company will be your point of contact to set up the time and location of the closing. They will also be the ones that tell you what you need to bring to the closing table on that day.
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A homeowner’s insurance policy will need to be provided to the lender prior to closing. Homeowner’s insurance is often overlooked in the home shopping process, but is a vital part of homeownership. Cheaper is usually not better when it comes to homeowner’s insurance. You want to make sure you have the right coverage for when you may need it. Many insurance agents prey on people just looking for the lowest price. They do this by selling you a policy with inadequate coverage. If needed, you will want the full roof coverage, storm damage or sump pump failure on policy—just to name a few. If you don’t have these coverages, it could cost you thousands, if not tens of thousands, extra out of pocket if you need to file a claim and do not have coverage. Just like it is important to talk about all your loan options with your loan officer, you will want to go over your insurance options with a trusted insurance agent.
THE SMART HOME BUYER
