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What to Expect

What to Expect

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THE HOMEBUYING PROCESS: BUYER

  1. The Buyer and seller sign a real estate contract. It’s important to do your research the home and the surrounding area, so you can offer the best and fair price.  This is where a real estate agent is valuable.
  2. Home inspection and appraisal. A home inspection is optional, but is wise to have done.  If you discover any issues with the home at the time of the inspections, you have the opportunity to back out. You may also be able to negotiate with the seller to repair the items if the real estate contract included the home inspection contingency.  Most lenders will require an appraisal to be done. That will give them the value of the property as well as any issues or repairs that need to be done on the home.
  3. Title Search/Examination. If you are obtaining a loan your lender will send the title order to the title company.  The title company will complete a 42 year search on the property to be sure there are no issues with the chain of title. It is important to have a title search done. 
  4. Clarification of Title. In some case, there are issues that arise with the title of the property. Issues involving former owners, back taxes or even fraud.  The title agent will assist in helping to clear of the title issues.  Unfortunately, the issues must be properly resolved before the transaction is closed.
  5. Closing is Coordinated. At this time the lender gives the ok to the title agent to call and set the closing date. The title agent will call you to set the date, time & location of your closing. At that time the will ask you what your marital status is. Ohio is a dower state which means if you are married your spouse must acknowledge their dower right.  No matter if your spouse will be on the title of the property or not they MUST attend closing. 
  6. Documents are prepared and the Parties meet for Signing.  On the designated date, time and location the title agent or notary will meet all parties.  Most agents have the buyers and sellers come at separate times so no one has to wait.  The title agent will explain each closing doc to you and answer any questions you may have.  They will also assist in notarizing the needed documents. At this time, you will need to have your funds for the closing.  If the amount you need is over $10,000 your funds must be wired.  If the amount is under $10,000 they will accept a cashier’s check.  No personal check over $500 will be accepted.
  7. Disbursement of funds and recording. At this time the title company will update the title to be sure nothing has been recorded since the original search was completed.  Once ok they then will take the deed and mortgage to the county recorder’s office to be recorded.  They will also disburse funds to the seller, real estate agents and payoff vendors. Congratulations you are officially a homeowner! 

 

WHAT CAN THE SELLER EXPECT TO BRING TO CLOSING?

  • You will be contacted by the closing agent or your real estate agent as to the time, date and location of the closing. 
  • If you have a current mortgage on the property you will be asked to sign an authorization to release form and indicate your SS# and mortgage loan number.  This form will give the agent authority to request the mortgage payoff. 
  • If the property is in Kentucky or Ohio your spouse will be require to attend closing and sign the deed.  Spouse are required to release dower interest in order for the property to be legally conveyed.  We will need you spouses full need to add to the deed.
  • If your spouse has passed away and they hold title, please let your agent know that ASAP.  
  • If the property is in a trust or business name, the agent will request additional documentation such as your full trust or operating agreement.  Those documents will tell the agent who has authority to sign on behalf of that entity. 
  • All parties need to bring a valid ID. 
  • The Seller will need to know their SS# or TIN to complete a IRS document. 
  • If you are receiving proceeds from the sale, we will disburse those funds in the form of a check.  Typically, that will happen at the closing table, but it some cases it can be delayed until all requirements are met. 
  • If you would like to receive your funds via a wire, we will need wire instructions.  We will charge a small fee to wire the funds. 
  • If a POA will be signing on your behalf, we will need to review the POA prior to closing.  We will also need the original POA at closing so it can be recorded with the deed. 
  • If for some reason you are required to bring funds to closing, that will need to be in the form of a cashier’s check.  If the amount needed is over $10,000 then you will need to wire those funds.