When you’re a home buyer approaching the finish line in the journey to your new home, you want nothing to go wrong. There is a lot at stake — like your new home, for starters — and a lot of boxes to tick before closing on a house.
Continental Title Company has put together this list of tips to help you make the closing process go more smoothly.
Purchase Contract
A purchase contract is a document that sets out the basic proposed terms and conditions between the buyer and the seller in a real estate transaction. The document outlines the price for the home, how you intend to pay for it, and other key terms of the transaction. Once both the seller and the buyer sign the offer, the document becomes a legally binding agreement.
Here are a couple tips to make the closing on a house process easier:
- You can submit earnest money online via our website!
Earnest money, also known as a good faith deposit, is money put down before closing on a house to show you’re serious about purchasing. At Continental Title Company, we know how hectic your life can be. That’s why we allow you to submit earnest money from your computer or mobile device. Just visit www.ctitle.com and click “Pay Earnest Money”. - The information form should be completed and returned to Continental Title Company as soon as possible.
Once the contract and earnest money have been received, Continental Title Company will reach out to the buyer and/or seller with an information form. The information form should be completed and returned to Continental Title as soon as possible to avoid delays in closing.
Title Insurance
Obtaining title insurance is one of the standard steps home buyers take when closing on a home purchase. There are two types of title insurance. The first, a “loan policy” or “lender’s policy,” protects the lender and covers the outstanding balance on the mortgage. The second type is an “owner’s policy,” which covers the buyer and ensures the title to the property is free from defects, such as liens and encumbrances, except those listed as exceptions in the policy.
Lender’s title insurance lasts until the mortgage is paid in full, whereas owner’s title insurance lasts for as long as you or your heirs retain an interest in the property.
Continental Title Company also offers a great tool to help with the closing process. Our app can be easily downloaded to your phone and generates quick and professional seller net sheets and buyer estimates.
If you still have questions about closing on a house, we are here to help. Give us a call today!