Sioux Falls, South Dakota Buy Right
Guide - Lesson 12
"Details of Escrow & Closing"
You’re finally here. Congratulations!
You’re at the last step to becoming a new home owner.
It’s time to close the deal, pay the check, and take
possession of your home. This is called the closing or settlement
process, and it includes the following four items.
Utilities – A reading is taken on the
day of closing of the property's water, gas, and electric
meters. The Seller is responsible for paying all utility bills
up to the day of closing. Ask your Real Estate Agent or check
with the local utility companies beforehand to find out if
you need to make any deposits for uninterrupted service.
Service Contracts – If your property
is of the type that requires service contracts for pool maintenance,
lawn care, animal housing facilities, or home maintenance
and you are taking over service contracts from the Seller,
be sure to make arrangements to pay the Seller for the remaining
contract fees from the closing date on.
Home Warranty – Just like any purchase,
you don’t want to be saddled with repair expenses right
after you purchase your home. Get a home warranty to give
yourself peace of mind that you won’t be dishing out
more money right after you move in because your roof has sprung
a leak.
Making out the check – They are due at closing and typically require a cashier’s check, as personal
checks are not usually accepted. Your escrow Real Estate Agent
will inform you ahead of time on how much the check is and who it should be made out to.
The closing process will be conducted by the Escrow Agent
that is typically affiliated with the title insurance company.
They will prepare what’s called a closing statement
which you should ask for and review prior to closing if it’s
not offered by your Real Estate Agent.
The Escrow Agent is responsible for making sure
that all paper work is in order, the Mortgage is handled
properly for the Lender, and that all monies are collected from
the Buyer and distributed to the Seller after all required
conditions of the contracts have been met.
CONGRATULATIONS - YOU’RE NOW
A HOME OWNER!
Thank You - Sioux Falls Buy Right Guide
Thank you for your patronage to our website
and for participating in the Buy Right Guide Lessons. We sincerely
hope that the information that we've provided is a blessing to you
and has a positive impact on your Buying Experience.
The Buy Right Guide is limited in scope in providing you with some crucial details, hints, and tips.
We could never convey all the necessary information
that you'd need in order to be an Sioux Falls Real Estate
Expert.
We'd like to offer our services to you and
ask that you at least investigate our firm and how we can
aid you in Buying the Right Home, in the Right Area, and for the
Right Price for you and your family.
Sincerely,
Dirk Zeller
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