Buyer
Develop a master “to do” list so you won’t forget something critical. Sort and get rid of things you no longer want or need. Have a garage sale, donate to a charity, or recycle. Don’t throw out everything. If your inclination is to just toss it, ask yourself...
Buyer
The Real Estate Settlement Procedures Act (RESPA) statement. This form, sometimes called a HUD 1 statement, itemizes all the costs associated with the closing. You’ll need for income tax purposes and when you sell the home. The Truth in Lending Statement...
Buyer
The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier’s check. The title company or other entity conducting the closing will tell you the required amount for: ...
Buyer
Be sure that: repairs you’ve requested have been made. Obtain copies of paid bills and any related warranties all items that were included in the sale price—draperies, lighting fixtures—are still there. screens and storm windows are in place or...
Buyer
Look for exclusions to coverage. For example, most insurance policies do not cover flood or earthquake damage as a standard item. These coverages must be bought separately. Look for dollar limitations on claims. Even if you are covered for a risk, there may a...
Buyer
Mortgage term. Mortgages are generally available at 15-, 20-, or 30-year terms. The longer the term, the lower the monthly payment if the same amount is borrowed. However, you pay more interest overall if you borrow for a longer term. Fixed or adjustable interest...
