Congratulations On Your New Home!
If you are purchasing a home without a real estate agent, there are a few things you’ll need to be aware of as the closing date approaches.
Earnest Money
If there are no real estate agents involved in the transaction, the closing attorney can hold the earnest money for the contract
Termite Coverage and Warranties
You should ask for a termite letter and/or a home warranty with the purchase of the home if these are not already included with new construction.
Inspections
You should always plan to have an inspection done and inquire if a survey is needed
Your Home’s Title
When title is returned on your potential new home, it will include the current owners open mortgage and any liens necessary to pay at the time of closing including county and city taxes. It will also note if the home is listed as being in a PUD, or Planned Unit Development. Often times, this notes the restrictive covenants and if there are dues required for the property.
HOA Closing Letter
The HOA closing letter is a statement and balance of the current owners account as well as noting any transfer or initiation fee’s for the new owner. This letter will also list the cost of the monthly/annual dues that are required. Not every property has an HOA. Some properties may have restrictive covenants but no dues and others may be voluntary. Please be sure to ask your assigned pre-closer if you have questions.
