Before finalizing a mortgage loan, lenders require homebuyers to purchase at least a minimal level of "hazard insurance," which is part of the standard homeowners' insurance policy. Hazard insurance will cover damage or destruction by fire, smoke, wind, hail, theft, vandalism, or another similar event. To protect your own interests, however, you'll probably want to buy comprehensive homeowner's insurance, not just the minimum required by the lender.
Getting title insurance is one of the standard steps home buyers take before closing on a home purchase. Title insurance is crucial for home buyers because it protects you and the lender from the possibility that your seller doesn't, or previous sellers didn't, have free and clear ownership of the house and property and, therefore, can't rightfully transfer full ownership to you. Even though the risk of calling on the insurance for coverage is relatively low, the amount you could lose if you were to go without it is quite high -- in fact, you could lose the house itself.
Question The sellers had agreed to leave the large carpet in the living room in the house we are buying. It fit the room just right, and we agreed to drop some repair requests in consideration of them leaving the carpet. We just did our final walk through and found out that the sellers took the carpet
Question We’re in the process of buying a beautiful old house in an area where the real estate market is super-hot. The home isn’t huge, but due to the multiple bidders we were up against, it’s ending up costing us close to a million dollars. So, we want to thoroughly protect our investment! We’re
When you buy a home, it is usually the job of your title or escrow agent to file your original deed — the document showing that you legally own the property — in the appropriate government office in your county. This is called “recording” your deed. When done properly, a deed is recorded anywhere
It’s closing day. Your moving van is packed and ready to go. But you may learn that you will not receive the keys to your new home, because the closing cannot be completed on that day. While not everything required for the closing is up to you, as the buyer, to bring, you can help avoid the frustration
When you buy a home, who should pay the real estate taxes the first year? Common sense tells us that the seller should pay the taxes from the beginning of the real estate tax year until the date of closing. The buyer should pay the real estate taxes due after closing. This way, the buyer and seller only