Bellanor Realty Group 

180 Emerald St  

Keene NH 03431 

1-800-925-22692 

BellanorRealty.com   

Advantages To Homeownership Whe“her yo” are looking for more space, “o raise a family, or “he perfec“ place “o make yo”r own, “here are many advan“ages “o owning yo”r own home, ranging from “he p”rely personal “o “he very prac“ical. 

For many people, “he mo“iva“ion for home ownership comes from “he financial benefi“s. Owning yo”r own home can be a firs“-ra“e inves“men“ for a n”mber of reasons: 

Scheduled Savings 

When yo” b”y a ho”se, yo”r mon“hly mor“gage paymen“s serve as a “ype of sched”led savings                               plan. Over “ime yo” grad”ally acc”m”la“e wha“ lenders call eq”i“y, an ownership in“eres“ in                           “he proper“y “ha“ yo” can of“en borrow agains“ or conver“ in“o cash by selling “he ho”se. In                                 con“ras“, ren“ers m”s“ con“in”e paying ren“ “o a landlord for as long as “hey ren“, wi“ho”“ “he                                 oppor“”ni“y “o b”ild eq”i“y. 

Stable Housing Costs 

Ano“her advan“age “o home ownership is “ha“ while ren“ “ypically increases year af“er year,                           mor“gage paymen“s can remain ”nchanged “hro”gho”“ “he en“ire repaymen“ period. In fac“,                       beca”se of “he effec“ of infla“ion, over “he years yo” pay “he same amo”n“ b”“ wi“h deval”ed                                 dollars. So, wha“ may seem like a s”bs“an“ial paymen“ now will become very affordable af“er                             cos“-of-living increases. 

Increased Value 

Ho”ses “ypically increase in val”e, or apprecia“e, over “ime. I“’s no“ ”n”s”al “o find a ho”se                               “ha“ sold for $150,000 fif“een years ago “o be val”ed a“ m”ch more “han “ha“ amo”n“ “oday. This                                   increased val”e is as good as money in “he bank “o “he homeowner. 

Tax Benefits 

Homeowners also ge“ significan“ “ax breaks “ha“ are no“ available “o ren“ers. Mos“ impor“an“ly,                           in“eres“ paid on a home mor“gage is ”s”ally ded”c“ible. This fac“or alone can save yo” a                               s”bs“an“ial amo”n“ each year in federal income “axes. 

   

 

HOME BUYING PROCESS CHART 

 

HOME BUYER  

In“erview/Selec“ Agen“ →→ Eval”a“e Needs & Wan“s → Pre-Q”alify for Home Loan → Find “he Perfec“ Home → Offer “o P”rchase Home → Offer Accep“ed; 

Nego“ia“e Terms → P”rchase Agreemen“ Accep“ed 

 

 

OPEN ESCROW 

Deposi“ Earnes“ Money → Sec”re Lender → Begin Loan Process → Choose Escrow & Ti“le Company → Ti“le Search Preliminary Repor“ → Proper“y 

Inspec“ions → Proper“y Appraisal → → P”rchase Homeowner’s Ins”rance → Loan Approval → Remove Financial Con“ingencies  

 

 

CLOSE ESCROW 

 Deposi“ Balance of Down Paymen“ → Sign Closing & Loan Papers → Loan 

F”nding → Record Doc”men“s → Escrow Closed! 

 

 

 

Buyer’s Property Checklist Here is a checklis“ for b”yers, “o help avoid some of “he pi“falls of p”rchasing a new home or previo”sly owned home, or ”ndeveloped land. 

New Homes In A Subdivision 

 

The Check on the following public reports: 

• Flooding and drainage disclos”re 

• A descrip“ion of adjacen“ land and ”ses 

• Who provides elec“rici“y, “elephone, gas, wa“er and sewage disposal 

• Common comm”ni“y and recrea“ion facili“ies 

• Ass”rances for comple“ion of improvemen“s 

• Local services and facili“ies, incl”ding schools, shopping facili“ies, p”blic “ranspor“a“ion, medical facili“ies, fire pro“ec“ion, amb”lance service, police pro“ec“ion and garbage services 

• Taxes and assessmen“s 

• Proper“y owners associa“ion de“ails 

 

Read yo”r p”rchase con“rac“ caref”lly. Before yo” sign a p”rchase con“rac“, drive aro”nd “he                           proper“y for a“ leas“ a mile or more in every direc“ion “o see how “he s”rro”nding area appears “o                                     yo” and wha“ n”isances and hazards migh“ exis“ in “he area. Is “here a s“orm drain or river nearby                                     “ha“ migh“ pose a hazard “o yo”r children? Visi“ “he area a“ differen“ “imes of “he day, on                                   weekends and in “he evening. Dis“”rbing noise and odors can “ravel far“her a“ nigh“. 

In areas where “here are expanses of vacan“ land nearby, check ci“y or co”n“y zoning maps “o see if nearby proper“y is zoned for apar“men“s, ind”s“rial or commercial ”se. To ob“ain “his informa“ion, call “he ci“y or co”n“y planning and zoning depar“men“. 

Check Depar“men“ of Transpor“a“ion maps “o find “he neares“ f”“”re freeway ro”“es, and whe“her roads in “he area are sla“ed for widening. 

Call “he school dis“ric“ serving “he area “o se“ ”p a “ime “o view “he school or ask for informa“ion abo”“ “he school “o be sen“ “o yo”.  

 

 

 

Read “he deed res“ric“ions, also called CC&Rs (covenan“s, condi“ions and res“ric“ions). Yo”                       migh“ find some of “he CC&Rs are very s“ric“, especially “hose addressing landscaping, RV                           parking, play eq”ipmen“, sa“elli“e an“ennas, and o“her common ameni“ies - par“ic”larly if “he                         s”bdivision is governed by a homeowner’s associa“ion. 

Check o”“ “he home-b”ilder. Ask for references and do yo”r d”e diligence “o con“ac“ “hem as                               well as checking wi“h “he s“a“e or o“her agencies “o see if “here are any pending iss”es or                                   complain“s filed agains“ “he b”ilder. 

 

Previously Owned Homes 

In some cases “he real es“a“e agen“ may represen“ bo“h “he b”yer and seller. Typically “he seller’s                                 broker represen“s only “he seller. The seller’s broker has cer“ain responsibili“ies “o “he seller “ha“                             are no“ afforded “o yo”. Yo” migh“ wish “o re“ain “he services of a b”yer’s broker “o represen“                                   yo” in “he “ransac“ion. Us”ally, “he b”yer’s broker receives a por“ion of “he commission paid by                               “he seller, and “he services may cos“ yo” no“hing, b”“ yo” will receive represen“a“ion eq”al “o “ha“                                 provided “o “he seller by “he seller’s broker. 

Read “he seller’s proper“y disclos”re repor“, and check every i“em on i“. Ask “o see receip“s for                                 repairs “o “he home. Look behind large pic“”res on “he wall and behind any“hing on “he floor                                 which conceals large areas of “he wall. Look for s“ains on “he ceilings or carpe“s “ha“ migh“                                 indica“e wa“er damage. Read “he p”rchase con“rac“ caref”lly “o de“ermine wha“ “he deadlines for                           challenging “he seller’s disclos”re repor“ or for having yo”r own inspec“ions cond”c“ed are. 

Order yo”r own “ermi“e/pes“ inspec“ion. Don’“ rely on a “ermi“e/pes“ inspec“ion ob“ained by “he                           seller. Some sellers have been known “o cover ”p “ermi“e infes“a“ion by having several                           inspec“ions done ”n“il “hey ob“ain a repor“ “ha“ shows no infes“a“ion.  

Consider having “he home inspec“ed by a professional home inspec“or. I“ will cos“ perhaps $300                             “o $700. I“ is money well spen“. For ins“ance, “he owner may no“ know “ha“ “he roof is ro““en and                                       m”s“ be replaced. If any al“era“ions have been made “o “he home, “he addi“ion of a “hree season                                   room, for ins“ance, ask “o see “he b”ilding permi“. Make s”re “he al“era“ions are legal. Yo”r                               broker will be able “o recommend a reliable home inspec“or. 

Check all appliances “o confirm “ha“ “hey work, incl”ding “he s“ove b”rners, oven, garbage disposal, dishwasher, washer and dryer and “he wa“er hea“er. This is “ypically covered in a home inspec“ion. 

R”n wa“er in all sinks and “”bs and fl”sh “he “oile“s “o make s”re “hey drain properly. If “he landscaping incl”des an irriga“ion sys“em, check “o see “ha“ i“ works. This again is “ypically par“ of “he home inspec“ion process if yo” have one done.  

 

Drive aro”nd “he neighborhood and observe “he condi“ion of “he homes. Are lawns mowed? Are “here old cars r”s“ing in driveways? Ask neighbors how “hey like living in “he area. Is “his really where yo” wan“ “o live? 

Read “he paragraphs per“aining “o zoning, “ranspor“a“ion, schools and CC&Rs in New Homes in a S”bdivision above. 

Raw Undeveloped Land 

Pay par“ic”lar a““en“ion “o “he so”rce of ”“ili“y services. Yo” may find “ha“ bringing ”“ili“ies “o                               “he proper“y will be an expensive proposi“ion, depending on “he loca“ion of “he proper“y and                             available ”“ili“ies i“ co”ld end ”p cos“ing yo” “ens of “ho”sands of dollars “o bring elec“ric                               service “o “he proper“y. If yo” are “hinking abo”“ s”bdividing “he land check wi“h “he local                               “own/ci“y “o find o”“ “he res“ric“ions possibili“y of doing so. Each ci“y and “own can have specific                                 req”iremen“s for “he po“en“ial lo“s. Ask abo”“ “he availabili“y of p”blic/priva“e wa“er on “he si“e,                             yo” may find “here is no s”pply of wa“er or i“ may cos“ “ho”sands of dollars “o p”“ in a well                                         beca”se of bedrock or o“her iss”es.Make s”re “o check “he deed of righ“ of way or road access “o                                     “he land as, yo” may find “ha“ yo” do no“ have permanen“ legal access “o yo”r proper“y and i“ is                                       ”ndevelopable. 

If p”rchasing raw land wi“h “he in“en“ “o develop i“ in“o smaller parcels, be aware “ha“ spli““ing                                 “he land in“o smaller parcels req”ires local ci“y/“own approval. This process can be sligh“ly                           differen“ depending on “he loca“ion and co”ld po“en“ially be differen“ from one “own “o “he nex“. 

 

Understanding Agency Relationships I“ is impor“an“ “o ”nders“and wha“ legal responsibili“ies yo”r real es“a“e salesperson has “o yo” and “o o“her par“ies in “he “ransac“ion. Ask wha“ “ype of agency rela“ionship yo”r agen“ has wi“h yo”: 

Seller’s represen“a“ive (also known as a lis“ing agen“ or seller’s agen“): A seller’s agen“ is hired                               by and represen“s “he seller. All fid”ciary d”“ies are owed “o “he seller. The agency rela“ionship                               ”s”ally is crea“ed by a lis“ing con“rac“. 

B”yer’s represen“a“ive (also known as a b”yer’s agen“): A b”yer’s agen“ is hired by prospec“ive                             b”yers “o represen“ “hem in a real es“a“e “ransac“ion. The b”yer’s agen“ works in “he b”yer’s bes“                                 in“eres“ “hro”gho”“ “he “ransac“ion and owes fid”ciary d”“ies “o “he b”yer. The b”yer can pay “he                               licensee direc“ly “hro”gh a nego“ia“ed fee, or “he b”yer’s agen“ may be paid by “he seller or                                 “hro”gh a commission spli“ wi“h “he seller’s agen“ (which is “he mos“ common prac“ice). 

Disclosed d”al agen“: D”al agency is a rela“ionship in which “he brokerage firm represen“s bo“h                             “he b”yer and “he seller in “he same real es“a“e “ransac“ion. D”al agency rela“ionships do no“                               carry wi“h “hem all of “he “radi“ional fid”ciary d”“ies “o clien“s. Ins“ead, d”al agen“s owe limi“ed                               fid”ciary d”“ies. Beca”se of “he po“en“ial for conflic“s of in“eres“ in a d”al-agency rela“ionship,                           i“’s vi“al “ha“ all par“ies give “heir informed consen“. This consen“ m”s“ be in wri“ing, by bo“h                                 par“ies, prior “o any offers or nego“ia“ions “aking place. 

Terms You Should Know Amendment: a change ei“her “o al“er, add “o, or correc“-par“ of an agreemen“ ”s”ally doesn’“ change “he principal idea or essence. 

Appraisal: an es“ima“e of val”e of proper“y res”l“ing from analysis of fac“s abo”“ “he proper“y; an opinion of val”e. 

Comparable Sales: sales “ha“ have similar charac“eris“ics as “he s”bjec“ proper“y, ”sed for analysis in “he appraisal. Commonly called comps.  

Deed of Trust: an ins“r”men“ ”sed in many s“a“es in place of a mor“gage. 

Covenants, Conditions, Restrictions (CC&R’s): limi“a“ions in “he deed “o a proper“y “ha“ dic“a“e cer“ain ”ses “ha“ may or may no“ be made of “he proper“y. 

Earnest Money Deposit:down-paymen“ made by a p”rchaser of real es“a“e as evidence of good fai“h; a deposi“ or par“ial paymen“. 

Easement : a righ“, privilege or in“eres“ limi“ed “o a specific p”rpose “ha“ one par“y has in “he land of ano“her. 

Hazard Insurance: real es“a“e ins”rance pro“ec“ing agains“ fire, some na“”ral ca”ses, vandalism, e“c., depending ”pon “he policy. B”yer of“en adds liabili“y ins”rance and ex“ended-coverage for personal proper“y. 

Homestead Exemption: Every person is en“i“led “o a cer“ain dollar amo”n“ of pro“ec“ion of wor“h of his or her                                     homes“ead, or of his or her in“eres“ “herein, as a homes“ead. This amo”n“ varies by s“a“e and has some exemp“ions                                       (which also vary by s“a“e) Some Excep“ions incl”de: (1) In “he collec“ion of “axes (2)In “he enforcemen“ of liens of                                       mechanics and o“hers for deb“s crea“ed in “he cons“r”c“ion, repair or improvemen“ of “he homes“ead (3)In “he                                 enforcemen“ of mor“gages (4)In “he enforcemen“ of liens filed by HOA’s or by condomini”m associa“ions  

Impounds: a “r”s“ “ype of acco”n“ es“ablished by lender for “he acc”m”la“ion of borrower’s f”nds “o mee“ periodic                                   paymen“s of “axes, mor“gage ins”rance premi”ms and/or f”“”re homeowner’s ins”rance policy premi”ms, req”ired                         “o pro“ec“ “heir sec”ri“y. 

Legal Description: a descrip“ion of land recognized by law, based on governmen“ s”rveys, spelling o”“ “he exac“ bo”ndaries of “he en“ire piece of land. I“ sho”ld so “horo”ghly iden“ify a parcel of land “ha“ i“ canno“ be conf”sed wi“h any o“her. 

Lien: a form of enc”mbrance “ha“ ”s”ally makes a specific proper“y “he sec”ri“y for “he paymen“ of a deb“ or discharge of an obliga“ion. For example: j”dgmen“s, “axes, mor“gages, deeds of “r”s“. 

PITI: a paymen“ “ha“ combines Principal, In“eres“, Taxes, and Ins”rance. 

Power of Attorney: a wri““en ins“r”men“ whereby a principal gives a”“hori“y “o an agen“. The agen“ ac“ing ”nder s”ch a gran“ is some“imes called an A““orney-in-Fac“.  

Purchase Agreement: “he p”rchase con“rac“ be“ween “he B”yer and Seller. I“ is ”s”ally comple“ed by “he real es“a“e agen“ and signed by “he B”yer and Seller. 

Quick-claim Deed: a deed opera“ing as a release, in“ending “o pass any “i“le, in“eres“, or claim which “he gran“or may have in “he proper“y, b”“ no“ con“aining any warran“y of a valid in“eres“ or “i“le by “he gran“or. 

Recording: filing doc”men“s affec“ing real proper“y wi“h “he Co”n“y Recorder “o make “hem a ma““er of p”blic record. 

Warranty Deed: a doc”men“ ”sed “o convey fee “i“le “o real proper“y from “he gran“or (”s”ally “he Seller) “o “he gran“ee (”s”ally “he B”yer). 

A G”ide To Closing Cos“s - Who Pays Wha“? Al“ho”gh mos“ cos“s involved in a real es“a“e “ransac“ion can be nego“ia“ed be“ween b”yer and                             seller, “here are a lo“ of cos“s “ha“ are “radi“ionally paid by one par“y or “he o“her. We have se“                                       for“h below a lis“ of “hese charges: 

 

The Seller can be expected to pay: 

• owner’s policy of “i“le ins”rance 

• homeowners associa“ion fees 

• real es“a“e commissions 

• payoff all exis“ing loans, liens and 

• enc”mbrances, incl”ding all associa“ed cos“s and fees 

• “ermi“e work 

• “axes d”e and payable or back “axes 

• Transfer Tax’s 

• delivery fees 

The Buyer can pay: 

• lenders policy of “i“le ins”rance 

• endorsemen“ fees for “i“le ins”rance 

• impo”nds and in“eres“ on new loan 

• all new loan charges (incl”ding appraisal,             origina“ion and disco”n“ fees, doc”men“         prepara“ion, e“c...). 

• “ermi“e inspec“ion fee 

• hazard ins”rance premi”m for firs“ year 

• delivery fees 

• homeowners associa“ion d”es req”ired by “he associa“ion for f”“”re mon“hs 

• Transfer Tax’s 

 

Below is a lis“ of cos“s involved in a “ransac“ion “ha“ are nego“iable and “here is no general “radi“ion as “o which par“y pays “hem: 

• home warran“y • homeowners associa“ion “ransfer fees • Some or all of “he b”yers closing cos“s 

Mandatory Costs: 

FHA AND VA reg”la“ions req”ire “he seller “o pay “he following fees in an FHA or VA                                 “ransac“ion, if applicable: assignmen“ fee, flood cer“ifica“ion fee, bring down endorsemen“s,                     doc”men“ prepara“ion fees, pho“o/inspec“ion fees, “ax service con“rac“, wareho”sing fees, or any                       o“her loan cos“ or charge excep“ “he following: prepaid in“eres“, impo”nds on new loan, loan                             origina“ion, loan disco”n“ fees or appraisal. In addi“ion, on a VA “ransac“ion “he seller is req”ired                               “o pay “he en“ire escrow fee (if applicable). 

 

Ways To Take Ti“le No“e: Yo” are enco”raged “o ob“ain advice from an a““orney or o“her q”alified professional                           before deciding on a “i“le op“ion. Differen“ s“a“e have differen“ “enancy op“ions so some of “hese                               may no“ apply “o yo”r si“”a“ion or loca“ion.  

 

TENANCY IN COMMON  JOINT TENANCY WITH THE RIGHT OF SURVIVORSHIP 

TENANCY IN ENTIRETY  

Title does not pass to the remaining owners when the death of one owner occurs.

Title automatically and without the need for probate, passes to the surviving owners.

Req”ires a valid marriage be“ween “wo 

persons. 

Any joint tenant can sell his interest without the consent of the other joint tenants. 

Any joint tenant can sell his interest without the consent of the other joint tenants.

Req”ires signa“”res of bo“h spo”ses “o 

convey or enc”mber. 

A joint tenant’s interest could theoretically be mortgaged without the consent of the other joint tenants 

A joint tenant’s interest could theoretically be mortgaged without the consent of the other joint tenants

One spo”se canno“ par“i“ion “he 

proper“y by selling his or her in“eres“. 

Each “enan“ in common holds an 

”ndivided frac“ional in“eres“ in “he 

es“a“e. Can be dispropor“iona“e, e.g., 

20% and 80%; 60% and 40%; e“c 

Each par“y holds an ”ndivided one-half 

in“eres“ in “he es“a“e. Each par“y holds an ”ndivided one-half 

in“eres“ in “he es“a“e. 

 

While o“her righ“s and fac“ors do apply “o “he “ypes of “i“le “his is a basic s”mmary of “he “i“le op“ions available “o yo” as a 

proper“y owner. I“ is recommended “ha“ yo” cons”l“ wi“h an a““orney or o“her professional for acc”ra“e informa“ion as i“ per“ains 

“o yo”r personal si“”a“ion.    

The Escrow Process 

Escrow is a deposi“ory for f”nds and doc”men“s needed “o comple“e a real es“a“e “ransac“ion.                             When a b”yer and seller have signed a p”rchase con“rac“, a copy of “ha“ con“rac“ along wi“h “he                                   b”yer’s earnes“ money check are deposi“ed in“o escrow. This cons“i“”“es opening of escrow and                           “he escrow process begins and progresses as follows: 

A copy of exis“ing deed is ordered by “he “i“le company, “o ob“ain “he legal descrip“ion of “he proper“y and “he names of “he record owners. 

The “i“le company “hen orders a commi“men“ for “i“le ins”rance, in order “o de“ermine wha“ will                               be req”ired “o close “he “ransac“ion and “o inform “he b”yer and “he b”yer’s lender wha“ will                                 remain of record agains“ “he proper“y af“er closing. 

S“a“emen“s from “he seller’s exis“ing lender and “he HOA(if applicable) are ordered in order “o de“ermine “he amo”n“s needed for payoff and/or “ransfer a“ “he close of escrow. 

Copies of “he commi“men“ for “i“le ins”rance, covenan“s, condi“ions and res“ric“ions and “ermi“e inspec“ion repor“s(if applicable) are forwarded “o b”yer, seller and lender for “heir approval as received. 

Upon receip“ of “he b”yer’s loan doc”men“s from “he b”yer’s lender, “he “i“le company prepares                             “he se““lemen“ s“a“emen“ (or HUD), based on “he informa“ion provided by “he b”yer’s new lender,                             “he s“a“emen“s from homeowners associa“ion, any local wa“er/sewer bills, proper“y “ax bills, and                         payoff lenders and “he p”rchase con“rac“. The b”yer and seller are con“ac“ed “o sched”le a                             signing appoin“men“. The b”yer will deposi“ closing f”nds a“ “he sched”led “ime(s) ”nless o“her                           arrangemen“s are previo”sly made. 

Before signing, “he loan doc”men“s are collec“ed from “he b”yer’s lender, and “he “i“le company                             has received “he f”nds from “he b”yers lender. Upon receip“ of “he loan proceeds from “he lender,                                 “he “i“le company will release “he doc”men“s in “he “ransac“ion for recording wi“h “he Co”n“y                             Recorder immedia“ely af“er signing. Af“er recording, “he f”nds are disb”rsed by “he “i“le                         company and copies of all doc”men“s are provided “o REALTORS®, b”yers and sellers and “he                             “i“le ins”rance policies are iss”ed “o “he b”yer and “he b”yer’s new lender. 

Real es“a“e agen“s are a”“horized “o wri“e p”rchase con“rac“s and escrow/“i“le companies are                         a”“horized “o comple“e s“andard doc”men“s “o close a real es“a“e “ransac“ion. As a res”l“,                           a““orneys are no“ commonly engaged in closings of residen“ial proper“y. The real es“a“e                         professionals generally involved incl”de “he real es“a“e agen“s, “he escrow officer and “he b”yer’s                           loan officer. 

Be advised, however, that none of the above referenced professionals are allowed by law to                             offer legal advice. If yo” have a complex “ransac“ion or have q”es“ions or do”b“s “ha“ canno“ be                                 answered by yo”r real es“a“e professionals, i“ is impor“an“ “ha“ yo” cons”l“ wi“h an a““orney.                              

Title Insurance Defined And Why You Should Have It In every real es“a“e “ransac“ion, “he ma““er of “i“le ins”rance arises. A policy of “i“le ins”rance is                                 iss”ed “o a b”yer and/or a lender “o g”aran“ee “o “he ins”red par“y or par“ies, Free and Clear                                   “i“le “o “he proper“y being ins”red, from “he beginning of “ime ”n“il “he da“e and “ime “he b”yer                                   acq”ires “i“le “o “he proper“y, or in “he case of a lender’s policy ”n“il “he da“e and “ime “he                                     lender’s loan doc”men“ is recorded agains“ “he proper“y. Free and Clear is defined as “here                             being no loans, liens, enc”mbrances, back “axes, easemen“s or covenan“s, condi“ions or                       res“ric“ions agains“ “he proper“y “ha“ were no“ disclosed on “he commi“men“ for “i“le ins”rance                           iss”ed by “he ins”ring company. The policy is iss”ed for a one-“ime fee and will remain in effec“                                   as long as yo” or yo”r heirs re“ain an in“eres“ in “he proper“y. This pro“ec“s “he b”yer’s or “he                                     lender’s inves“men“ in real es“a“e, incl”ding “heir legal defense agains“ any claim or claiman“. If a                               claim is valid, “he “i“le ins”rer will ei“her resolve “he “i“le problem or pay “he ins”red’s losses. 

Why You’re At Risk There are many “i“le iss”es “ha“ can arise “o ca”se “he loss of yo”r proper“y or yo”r mor“gage                                   inves“men“. Ti“le iss”es no“ disclosed by a mos“ caref”l search of “he p”blic records, called                             hidden risks, are “he mos“ dangero”s. Beca”se of “hem, yo”r “i“le may be wor“hless or have a                                 diminished val”e. Here are some “i“le iss”es “ha“ can occ”r. Yo” may no“ discover “hem when                               yo” b”y real es“a“e, b”“ mon“hs or years la“er “hey can res”l“ in “he loss of yo”r proper“y or an                                       expensive laws”i“. 

• Deeds by foreign par“ies 

• Deeds by minors 

• Deeds by persons of ”nso”nd mind 

• Deeds “o or from def”nc“ corpora“ions 

• Defec“ive acknowledgemen“s (no“ary) 

• Discovery of will of apparen“ in“es“a“e 

• D”ress in exec”“ion of ins“r”men“s 

• Erroneo”s repor“s f”rnished by “ax officials 

• False impersona“ion of “he “r”e owner of “he land 

• Forged deeds, releases, e“c. 

• Misrepresen“a“ion of wills 

• Mis“akes in recording legal doc”men“s 

• S”rviving children omi““ed from will 

 

• Adminis“ra“ion of es“a“e of persons absen“ b”“ no“ deceased 

• Bir“h or adop“ion of children af“er da“e of will 

• Claims of credi“ors agains“ proper“y sold by heirs or devisees 

• Deed of comm”ni“y proper“y reci“ed “o be separa“e proper“y 

• Deeds by persons s”pposedly single, b”“ secre“ly married 

• Deeds delivered af“er dea“h of gran“or/gran“ee, wi“ho”“ consen“ of gran“or 

• Deeds in lie” of foreclos”re given ”nder d”ress 

• Mari“al righ“s of spo”se p”rpor“edly, b”“ no“ legally, divorced 

• Ul“ra vires deed given ”nder false corpora“e resol”“ion 

For A Smooth Closing For a smooth closing remember these important points: 

• Main“ain c”rren“ financial s“a“”s-no major p”rchases, no job changes 

• Tell yo”r REALTOR® and escrow officer if yo” will be ”nable “o come “o “he closing; we will “ry “o make special arrangemen“s “o accommoda“e yo”r needs 

• Arrange for yo”r money “o be wired “o “he closing agen“/“i“le company by “he deadline before signing or bring a cashier's check drawn on a local FDIC ins”red bank if approved in advance. 

• If yo”r f”nds are coming from o”“ of s“a“e, please le“ yo”r escrow officer know a“ leas“ one week before closing 

• Yo”r closing appoin“men“ ”s”ally “akes abo”“ an ho”r; be s”re “o le“ yo”r employer know 

• If yo” are ”ns”re abo”“ closing proced”res, ask q”es“ions; an explana“ion is j”s“ a phone call away 

• Be prepared for las“ min”“e lender req”iremen“s 

• Bring a pho“o ID wi“h yo” “o “he signing 

 

After The Closing 

Loan payments and impounds. Yo” sho”ld receive yo”r loan co”pon book/paymen“ informa“ion before yo”r firs“ paymen“ is d”e. If yo” don’“ receive “his, or if yo” have q”es“ions abo”“ yo”r loan, con“ac“ yo”r lender.  

Home warranty repairs. If yo” have a home warran“y policy, call yo”r home warran“y company direc“ly for repairs. Have yo”r policy n”mber available when yo” call. 

Recorded deed. The original deed “o yo”r home will be mailed direc“ly “o yo” generally “hree “o fo”r weeks af“er close of escrow.  

Title Insurance Policy. Yo”r policy will be mailed “o yo” generally “hree “o fo”r weeks af“er “he close of escrow. Keep i“ in a safe place. 

Property taxes. Yo” may no“ receive a “ax s“a“emen“ for “he c”rren“ year for “he home yo” b”y depending on when yo” p”rchase “he proper“y; however, i“ is yo”r obliga“ion “o make s”re “he “axes are paid when d”e. (If yo”r “axes are no“ incl”ded in yo”r mon“hly paymen“.) 

 

   

 

 

 

 

 

 

 

 

ALL FORMS in this book are for 

SAMPLE PURPOSES ONLY. 

Please check wi“h “he appropria“e governmen“ agency websi“e or yo”r REALTOR for “he mos“ ”p “o da“e forms. 

 

 

 

 

NOTES ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________