If you’re buying a home for sale in Midland, there are certain steps you need to take before you can get the keys and move in. This guide explains.
5 Things You Have to Do Before You Can Move Into Your New Home
Before you can move into your new home, you must:
- Ensure the title is clear
- Have the home inspected
- Review your closing disclosure
- Do a final walk-through
- Show up at closing with the right paperwork
Here’s a closer look at each.
Ensure That the Title is Clear
When you buy a home, your mortgage lender will require a title search – and it’ll require you to purchase a lender’s title insurance policy. The title search is a check (performed by a title company) to ensure that nobody else can claim ownership to the home, such as an ex-spouse or distant relative of the soon-to-be former owner. The insurance is in place to protect your lender if someone does come forward and claim ownership of the home. It’s important that you know the title insurance policy your lender requires you to buy protects the lender, not you, against claims to the home; if you want to protect yourself, you’ll have to buy a separate policy.
Have the Home Inspected
Your Midland REALTOR® will talk to you about the importance of having a home inspected before you agree to buy it. You need a qualified inspector to come check out the house and its systems so you know if you’re about to purchase a place with problems. If the home inspection turns up anything you can’t – or don’t want to – deal with, you have a few options. You can:
- Negotiate the home’s price with the seller
- Ask the seller to make repairs
- Walk away from the deal
Related: 5 questions to ask your home inspector
Review Your Closing Disclosure
Your closing disclosure outlines important financial information related to your real estate transaction. It’ll include your exact mortgage payment amount, the loan’s terms (such as the interest rate and duration) and your closing costs. It’s a good idea to compare your closing disclosure with the loan estimate you received from your lender at the beginning of the application process. If there are major differences, you should ask your lender to explain them – and in some cases, change them.
Do a Final Walk-Through
Before you close on your home, you’ll have the opportunity to walk through it and make sure the seller has done the repairs you agreed to and moved out completely. You should also make sure the home is in the condition you expect it to be in. If anything’s wrong, let your real estate agent know immediately.
Related: 3 home-buying negotiation tricks that can backfire… badly
Show Up at Closing With the Right Paperwork
Your REALTOR will let you know what documentation (and how much money) you need to bring to your closing appointment. At a minimum, you’ll need:
- Proof of homeowners insurance
- A copy of your contract
- All your home inspection reports
- Documents your lender required to approve your loan
- Your government-issued ID in a name that matches the name that will appear on your mortgage and on the property’s title
Are You Buying or Selling a Home in Midland, Texas?
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