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Serving the
Wisconsin Fox Valley communities of: |
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Specializing in Wisconsin Buyer
Agency and |
Phone H.
Strobl Realty at:
920-731-9232 - 920-810-4616 - 877-296-5122
Phone H.
Strobl Realty at:
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Disclaimer: The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange program of the RANW MLS. Real Estate listings held by brokerage firms other than H. Strobl Realty, Inc. include the name of the listing broker. Only listings of Brokers participating in IDX are included. 2002 REALTORS® Association of Northeast Wisconsin Multiple Listing Service. All Rights Reserved.
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The mortgage loan closing (or settlement) is the final step to official ownership of your new house. Even though you have a signed purchase contract and your loan request has been approved, you have no rights to the property, including access, until the legal title to the property is transferred to you and the loan is closed. Every area of the country has its own unique closing customs. Your REALTOR® can guide you through this process and make sure everything flows together smoothly. At closing, you will sign the mortgage loan documents and pay your closing costs, the seller will execute the deed to the property, and the closing agent will record the necessary instruments to give you legal ownership of the property. Closing costs vary widely depending on your new home’s price tag, location and other factors. Overall, you can expect to pay between 1 and 3 percent of the sales price. As soon as you receive your commitment letter from your lender, you should confirm the actual date of loan closing. Usually your real estate agent, lender and closing agent coordinate a date with you. You want to make sure that closing takes place before your loan commitment expires and before any rate lock agreement expires. The closing date also has to allow adequate time to assemble all of the required documentation. There are standard documents and exhibits that are commonly required for a loan closing. Some of these will be your responsibility. Some of these will be the responsibility of other parties to the transaction, such as the seller and lender. Title Insurance Policy
Homeowner's Insurance
Survey or Plot
Water & Sewer Homeowner’s InsuranceThe lender will require you to have homeowners insurance on the property that covers the amount of the replacement cost of the property. Survey or Plot PlanThe lender may require a survey, or plot plan, of the property to confirm that the property’s boundaries are as described in the sales contract. Water & Sewer CertificationIf the property is not served by public water and sewer facilities, you will need local government certification of the private water source and sanitary sewer facility. Properties with well and septic water sources are usually governed by county codes and standards. Flood InsuranceIf the lender or the appraiser determines that the property is located within a defined flood plain, the lender will require a flood insurance policy. Certificate of Occupancy or Building Code Compliance LetterIf your home is newly constructed, you will have to have a Certificate of Occupancy, usually from the city or county, before you can close the loan and move in. The builder will obtain the certificate from the appropriate authority. Final Walk ThroughWithin 24 hours prior to your closing, you and your real estate agent should make a final inspection of the property to make sure any required repairs have been completed, all property included in the purchase contract, such as kitchen appliances, carpeting and draperies are present and that no recent fire or storm damage has occurred.
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All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor the owners of this site nor RANW MLS, Inc. shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. |
