After a long hunting process, your offer on a property has been accepted. Now, you should follow the steps mentioned in this post by Land Title in Minnesota to seal the deal successfully.
How to Act After Your Offer's Been Accepted
Call Land Title at 651-697-1900 to purchase title insurance in Minnesota for all of your real estate transactions.
Pay the Earnest Money
First things first: you need to help the seller know that you actually want to purchase the estate and that you will keep your word. That's why you need to pay some earnest money, as it will validate your intentions and assure the seller.
Moreover, paying the earnest money may also give you some confidence in the process, since it will guarantee that the seller will commit to you.
The amount of earnest money you will have to give will be established in the sales contract and the agreements you reached with the seller.
Get the Property Inspected and Appraised
As their obligated by law, the seller will provide a home appraisal and home inspection report to the buyer. However, even if this is the case, it is highly suggested that you hire a home inspector and home appraiser of your own.
Doing so will give you the certainty that the property is in the condition you were informed about and that its value is what the seller said it is. Moreover, having the place inspected and appraised before closing will allow you to focus on the details about the property that are most important to you.
Start the Financial Process
As you can probably tell by now, going into a real estate business is not a particularly cheap feat. So much so, in fact, that many resort to mortgage companies for the financial aid that will allow them to go through with it.
If this is your situation as well, you need to start the financial process as soon as your offer gets accepted (in case you haven't been pre-approved for a mortgage). This is because it can take a while for it to be worked on and you need to guarantee the money will be ready for the closing date.
Acquire Title Insurance
Among the many things you need to prepare for the closing process, an important one you shouldn't forget is to acquire title insurance. This will keep your investment protected in case any irregularities can be found in the property's title. This is because if there are signs of forgery, mortgage debts, and other issues among the property's records, you may lose your claim on it, even if you already paid a hefty price for it. Title insurance can ensure you won't lose everything if that happens.
Trust in Land Title to be the dedicated, professional, and experienced title service company you need. Call 651-697-1900 for more information, or to acquire title insurance in Minnesota.
Equip the New Space
When you think about living in a place, you imagine it having the basic utilities ready, right? However, you should realize that for that to happen, you need to prepare for them. This means that you need to call the gas, electricity, internet, telephone, cable, and other services providers so that they can all be connected and operating by the time you move in. This way, you can save yourself some annoying and uncomfortable days in your new home.
Go on a Final Walk-Through
To purchase an estate, you and the seller need to commit to meeting a few conditions. A common one, for example, is that the seller will agree to make a few repairs and remodeling on the property before handing it over to the buyer.
If you reached a similar agreement with the other parties involved in the sale, you will need to go on a final walk-through to ensure that it's all been done correctly. Furthermore, during the walk-through, note if the seller moved all of their belongings out and if the property is in the right condition.
Prepare for Closing Time
As a final tip, you need to be absolutely ready for when closing time comes. For starters, you should be aware of the closing date, its time and its location. You should also get there with a picture I.D., the insurance policy, the money, among other necessary paperwork. If you need more specific instructions and a better idea of what you shouldn't forget to have a successful closing and you can become a homeowner.
Call Land Title at 651-697-1900 for all of your title services needs, including title insurance in Minnesota.
