- Introduction
- Before the Closing
- Home Inspection
- Sample Closing Costs for Items Paid by Buyer
- The Closing Timetable
- Loan Closing Checklist
- Tax Documentation
You should have a home inspection performed; get this done as soon as possible after your contract to buy is signed. You most likely included "subject to" clauses in the contract. Now is the time to get rolling on this (budget $300 to $500 for the inspection). Plan to accompany the inspector on his or her tour of the property; it is a good opportunity to learn more details about what you're buying (many of them likely to be positive). If the report comes back with negative comments, or items that need repair, decide with your lawyer how you'll pursue this with the seller. Generally, the inspection helps protect you against major defects in the home. Get as much repaired by the seller as you can, or negotiate a reduction in price for you paying for them ... but if all that comes up wrong are minor items, think twice about pushing too hard. Be reasonable! Don't let the repair of that sticking toilet valve kill the deal when you've worked so hard to get this far.
SUGGESTION: The general rule of thumb is that repairs required in excess of $100 be taken care of by the seller. Minor items of a lesser amount are let go, although health issues, such as asbestos or radon, should always be corrected regardless of the cost.
Pest Inspection
The results of your pest inspection will be more cut-and-dried. You either have infestation or you don't. If you do, the lender will not go further with financing until the matter is corrected.
- ARE NOT A DEPOSIT
- ARE NOT FDIC-INSURED
- ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
- ARE NOT GUARANTEED BY THE BANK
- MAY GO DOWN IN VALUE
Important information about procedures for opening a new account
To help the government fight the funding of Terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Investment products are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Insurance products offered through Osaic Institutions, Inc.
