Once
the contract is set, arrangements necessary to acquire financing and to
transfer title must be completed.
Loan
Commitment - As soon as the contract is final, the buyers should move
as
quickly as possible to secure the financing. The contract generally
limits the
time to secure a loan.
Land
Survey - A land survey may be sought if there is any doubt about the
boundaries
described in the contract.
Homeowner's
Insurance - A homeowner's insurance policy should be in place by the
time of
the closing of title.
Title
Insurance - Title insurance is required by lenders. The purpose of
title
insurance is to protect the buyer and/or the mortgage lender against
losses
that may result from legal suits based on defects in title.
Closing
Statement - The closing is the moment at which the buyers acquire legal
title
to the property. A closing statement detailing all amounts owed between
the
parties should be prepared and carefully reviewed.