LESSON 21: PREPARING FOR THE CLOSING
By this point, you probably will have scheduled a
closing date. Since it's likely to be a couple of weeks away, you
have some time to get a few things accomplished.
If you're getting a mortgage to purchase a home, for
instance, you should order a home
inspection. Sales contracts generally entitle buyers to final
inspections of their houses 24 hours before closing. This is
to check that the seller has vacated the property and left it in
good order. If there are any major problems, borrowers can ask to
delay closings or demand that the sellers put money aside in escrow
accounts to cover any necessary repairs. Now is the time to
do all of this. See
The cost of a home inspection generally ranges between $250 and $500.
You should also start preparing yourself to do
two things at closing:
1) Sign legal documents: These documents
fall into two categories: the agreement between you and the lender
regarding the terms; and conditions of the mortgage and the agreement
between you and the seller to transfer ownership of the property.
Gather all the paperwork you've received up until this point so
you can bring it with you to closing.
sign forms with blank lines or spaces.
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