Buying Step 7: Do a Title Search and Finalize Your Financing
Do a Title Search
After making an offer, you need to do a title search on the property you wish to buy. Typically, in Del Norte County, the escrow company will prepare a Preliminary Title report and send a copy to you and your real estate agent, Fran Gatti, for approval.
A title search is important because it provides proof that the owner has valid, marketable and insurable title to the property they are selling. Equally important, such records enable buyers to provide proof of ownership when they in turn sell the property. Fran will go over the title report and make recommendations, if needed, as to how to proceed with the information in the report.
Title insurance is necessary because even though the history of property ownership has been checked, it's possible that the records contain errors, unrecorded claims or flaws in the review itself. Title insurance and escrow fees are negotiated in the purchase agreement and are payable upon the close or escrow.
Finalize Your Financing
Often, the cost of real estate financing is greater than the original purchase price of a home (after including interest and closing costs).
Now that your offer has been accepted and there is valid title to the property you are purchasing, it is time to finalize your preapproved financing. Your mortgage broker or loan officer can help you select the mortgage option that is best for you. Because there are so many mortgage options and lenders, it’s a good idea to shop around for a mortgage just as you shopped around for a home. Fran Gatti will be happy to assist you in finding the lender that can best suit your needs.