Closing a sale dating
If you'd had a home inspection done earlier and it had revealed problems that the sellers had agreed to fix, make sure those repairs were made.
If you find an issue during your walk-through, bring it up with the sellers as soon as possible.
If the seller’s warranties turn out to be less than complete or truthful, the buyer can bring suit for remedy and ask to be made whole.
In land deals, a buyer may also ask for, and receive from, the seller less conventional warranties, such as: To make these warranties real and enforceable, the buyer must include in his purchase contract a sentence like: “SURVIVAL: All warranties shall survive this Contract.” Without this sentence, the warranties — the standard ones that most conventional broker contracts include in their boilerplate and any special ones a buyer adds — are worthless, because they end when the contract ends.
To make sure you're fully prepared, here's what to expect from the closing process, step by step.
Review your closing disclosure form: If you're getting a loan, one of the best ways to prepare is to thoroughly review your HUD-1 settlement statement."This helps ensure the buyer understands the terms of their loan," says Ben Niernberg, executive vice president of business development and operations at Proper Title.
Also bring your personal checkbook to closing, since that's typically fine to pay smaller fees and may come in handy in case any unforeseen expenses crop up.
A bunch of people: Exactly who will be present at a closing (and where it's held) depends on the state you live in, but there are certain supporting characters you can usually expect to make an appearance.
The articles, posts, comments, opinions and information provided by LANDTHINK are for informational and research purposes only and DOES NOT substitute or coincide with the advice of an attorney, accountant, real estate broker or any other licensed real estate professional.And a seller’s willingness to make such warranties is an argument for a higher price.This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of LANDTHINK.A seller’s warranty deed — general or special — gives the buyer certain seller promises and guarantees regarding his ownership and title, which I’ve discussed in an earlier article.A general warranty deed provides the most protection for the buyer.
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Thanks to new regulations put in effect in October 2015 known as TRID (which stands for TILA-RESPA Integrated Disclosure), you will receive your HUD-1 three days before closing so that you have plenty of time to check it over.