Buyer Information & Instructions
Are you bringing funds to your closing?
Please note that any funds you must bring to closing to complete your purchase in excess of $500.00 must be brought in the form of cash, bank, or certified check. Your failure to bring funds in the correct form may cause a delayed or canceled closing. Please contact this office immediately should you have any questions. Our office shall be responsible for advising you prior to closing as to the exact amount of this check for you to bring to closing and anything else you may need to bring.
What about homeowners insurance?
You have or will receive a more detailed letter from your lender setting forth requirements with regard to homeowners insurance. Kindly refer to your commitment letter or contact our office as this insurance will have to be in place before your closing can take place.
Familiarize yourself with the property taxes and assessed value of the property you intend to purchase. The property may be subject to exemptions to which the current owners are entitled but that will not be available to you, such as an enhanced star tax exemption, veteran’s exemption or senior citizen exemption. Tax exemptions are specific only to the people owning the property and are not attached to the property. Please contact the local taxing authority to determine your eligibility for any future tax exemptions to which you may be entitled. Property assessments differ from municipality to municipality. If you feel the assessment is too high, there are reviews of these assessments done annually by the taxing authorities that may be grieved by the individual property owner. Check with your local taxing authority to determine the dates of their grievance periods.
When you obtain a loan in a new purchase, the lender will require that you provide them with a title insurance policy. As an authorized agent of the Title Insurance Company, we are entitled to retain a portion of the premium paid at closing when our office prepares this required title insurance abstract/report. However, this fee is no different than that which would be charged by any other title insurance company. You are paying no additional charge to have our office issue this title insurance and, in fact, it will be our responsibility to see that the title insurance is ordered in a timely fashion and that your closing is not delayed because your title insurance was never ordered. There is an additional optional title insurance policy to cover your “individual” interest in the property, called Owners’ Title Insurance a/k/a Fee Title Insurance. Please feel free to contact our office and we would be happy to discuss this insurance with you so that you may decide if you wish to purchase this owner’s title insurance at the time of your closing.
What about a Survey?
We strongly recommend your obtaining a survey on your new home, but it is usually not required unless you are purchasing a newly constructed home or a property of five units or more. The approximate cost of such a survey can range anywhere from $750.00 to $1,000.00. A survey is the only way to accurately determine that all of the improvements on the parcel of land are located within the boundary lines of the property you are purchasing, as well as determining the size and shape of the parcel. It will also show any encroachments of others onto your property, or if the property to be purchased may encroach upon an adjoining property. This office will not order a survey on your behalf unless you specifically request that we do so.
Please feel free to check out www.homeclosing101.org for additional information. This site has some excellent information about the home buying process we think you may find helpful.
Ancillary Title Fees
Full Title Search: Between $150 and $300
Last Owner Search: Between $75 and $150
Tax Search: $75 Municipal Search: $250
Extra Chain of Title: $150 Extra Difficulty Charge: $150
Bankruptcy/Patriot Search: $25 Judgment/Lien Search: $75
Mortgage Payoff Service Fee: $100 Recording Service Fee: $50
Rundown of Title (for Zone 1): $40 Escrow Service Fee: $75