Who is involved with your closing?

IT'S YOUR NEW HOME PURCHASE, BUT…WHO'S INVOLVED?

It is one of the most important times of your life – the decision to purchase a home. There are many people and processes involved in purchasing a home. Purchasing a home can be confusing and complicated at times. But, everyone involved is there to help guide you through the home buying process. SO…WHO ARE THEY? During the purchase process, you will encounter many persons involved in the purchase of your future home. First, you need to contact a real estate agent to assist you in finding and bidding on a home. Your real estate agent is your guide through the entire home buying process. The real estate agent represents your best interest and aids in facilitating the paperwork and title process. The seller's real estate agent will also be involved – serving the same purpose for the seller as your real estate agent serves for you – he/she is the seller's conductor to selling their home and purchasing a new one. Unless you are a total cash purchaser, the next step will be finding a loan officer who will help you with your mortgage application. The loan officer works for a mortgage company or a bank that have loan processors to process your application and help you get final loan approval. The bank or mortgage company will need an assessment of the value of the home you want to purchase. They will either hire an independent appraiser or will use their staff appraiser to estimate the value of the home and property you would like to buy. It is an appraiser's job to verify the true value of the home so the lenders mortgage position is secure. Inspections are highly recommended before purchasing a home. A home inspector is customarily hired by the buyer to review the property to make sure it is safe, sound, secure, and in generally good condition. The buyer can accompany the inspector to learn the intricacies and estimated maintenance of the property. Also required is a pest inspection . This is normally required by mortgage lenders and usually recommended by real estate agents. This inspection is for wood destroying insects (such as termites) that could affect the home or property.		A request from the mortgage company or lender could lead to other inspections for radon, mold, lead-based paint, and special roof or mechanical certifications. These inspections are not required, but are optional if there are concerns. Buyers can ask their real estate agent or home inspector for referrals. The title agent is another person deeply involved in the home buying process. The title agent is responsible for checking the chain of ownership of the property, generally going back 100 years. They also search the title to make sure all property transfers are executed properly and that all papers are filed correctly so no claims can be filed against the new owner. Title agents also check for other encumbrances against the property such as leases, easements, etc. that might affect the property and its value. The title agent issues title insurance on the property to the buyer and lender of the property. Title insurance protects both the buyer and lender against any defects in the title that may arise at a later date. The State of Ohio Department of Insurance regulates title insurance and fixes rates. You may wish to consult with an attorney for advice and direction of how you should take title to the property. Attorneys are always welcome and recommended to review the purchase agreement, title reports, and final settlement statements before the closing. An insurance agent will also be involved, as the lender requires homeowner's to have property insurance. This insurance covers the home in case of fire, theft, or storm damage and includes liability coverage. Property insurance is not to be confused with title insurance; they are different types of policies issued by different agents. Property insurance must be secured before the closing of the home and can be purchased from your regular insurance agent who normally supplies auto, life or health insurance. Your insurance agent will most likely want to inspect the property before issuing a policy. They should be contacted several weeks before the closing so your policy can be in place at the time of the closing. The settlement or escrow agent coordinates the filing of all documents for the transfer of the property and disbursement of all monies for the property. An attorney, title company or real estate company can act as the settlement or escrow agent. Once the deed is filed, possession is given to the buyer as the purchase agreement directs. The last people involved in the home buying process then, are the movers because you will need help transporting all of your belongings to your beautiful new home! All of the parties involved serve a specific purpose and aid in legally and safely ensuring your new home will suit you flawlessly. Congratulations and enjoy your new home!

It is one of the most important times of your life – the decision to purchase a home.

There are many people and processes involved in purchasing a home. Purchasing a home can be confusing and complicated at times. But, everyone involved is there to help guide you through the home buying process.

SO…WHO ARE THEY?

During the purchase process, you will encounter many persons involved in the purchase of your future home.

First, you need to contact a real estate agent to assist you in finding and bidding on a home. Your real estate agent is your guide through the entire home buying process. The real estate agent represents your best interest and aids in facilitating the paperwork and title process.

The seller's real estate agent will also be involved – serving the same purpose for the seller as your real estate agent serves for you – he/she is the seller's conductor to selling their home and purchasing a new one.

Unless you are a total cash purchaser, the next step will be finding a loan officer who will help you with your mortgage application. The loan officer works for a mortgage company or a bank that have loan processors to process your application and help you get final loan approval.

The bank or mortgage company will need an assessment of the value of the home you want to purchase. They will either hire an independent appraiser or will use their staff appraiser to

estimate the value of the home and property you would like to buy. It is an appraiser's job to verify the true value of the home so the lenders mortgage position is secure.

Inspections are highly recommended before purchasing a home. A home inspector is customarily hired by the buyer to review the property to make sure it is safe, sound, secure, and in generally good condition. The buyer can accompany the inspector to learn the intricacies and estimated maintenance of the property.

Also required is a pest inspection . This is normally required by mortgage lenders and usually recommended by real estate agents. This inspection is for wood destroying insects (such as termites) that could affect the home or property.

A request from the mortgage company or lender could lead to other inspections for radon, mold, lead-based paint, and special roof or mechanical certifications. These inspections are not required, but are optional if there are concerns. Buyers can ask their real estate agent or home inspector for referrals.

The title agent is another person deeply involved in the home buying process. The title agent is responsible for checking the chain of ownership of the property, generally going back 100 years. They also search the title to make sure all property transfers are executed properly and that all papers are filed correctly so no claims can be filed against the new owner. Title agents also check for other encumbrances against the property such as leases, easements, etc. that might affect the property and its value. The title agent issues title insurance on the property to the buyer and lender of the property. Title insurance protects both the buyer and lender against any defects in the title that may arise at a later date. The State of Ohio Department of Insurance regulates title insurance and fixes rates.

You may wish to consult with an attorney for advice and direction of how you should take title to the property. Attorneys are always welcome and recommended to review the purchase agreement, title reports, and final settlement statements before the closing.

An insurance agent will also be involved, as the lender requires homeowner's to have property insurance. This insurance covers the home in case of fire, theft, or storm damage and includes liability coverage. Property insurance is not to be confused with title insurance; they are different types of policies issued by different agents. Property insurance must be secured before the closing of the home and can be purchased from your regular insurance agent who normally supplies auto, life or health insurance. Your insurance agent will most likely want to inspect the property before issuing a policy. They should be contacted several weeks before the closing so your policy can be in place at the time of the closing.

The settlement or escrow agent coordinates the filing of all documents for the transfer of the property and disbursement of all monies for the property. An attorney, title company or real estate company can act as the settlement or escrow agent.

Once the deed is filed, possession is given to the buyer as the purchase agreement directs.

The last people involved in the home buying process then, are the movers because you will need help transporting all of your belongings to your beautiful new home!

All of the parties involved serve a specific purpose and aid in legally and safely ensuring your new home will suit you flawlessly. Congratulations and enjoy your new home!