Insurances.net
insurances.net » Housing Insurance » The Long Island House Closing Process
Auto Insurance Life Insurance Health Insurance Family Insurance Travel Insurance Mortgage Insurance Accident Insurance Buying Insurance Housing Insurance Personal Insurance Medical Insurance Property Insurance Pregnant Insurance Internet Insurance Mobile Insurance Pet Insurance Employee Insurance Dental Insurance Liability Insurance Baby Insurance Children Insurance Boat Insurance Cancer Insurance Insurance Quotes Others
]

The Long Island House Closing Process

The Long Island House Closing Process

"Buying or selling a house in Long Island - or most places

, for that matter - often takes longer than you expect. Here's why: After the buyer and seller agree on a price, there are still many more steps that occur before closing. While a buyer will have pre-approval for a maximum loan amount from a bank, the buyer will now have to contact the bank in order to draw up documents relating to the specific loan amount that the buyer will need for this transaction. If started right away, this part of the process should not impede the actual closing, but it can take time if the lender requires various conditions be met before closing.

Once a buyer signs a ""binder"" with a seller agreeing to purchase the property, the buyer can now purchase insurance on the property and also begin the potentially long process of obtaining a clear title report. A title company will search public records in various forms to determine if there are any ""clouds"" on the title to the property. Clouds on title appear in the form of liens or judgments against the property, usually because its owner(s) are involved in a legal action. Buyers will want to purchase ""title insurance"" in order to protect themselves from losing their newly purchased property to someone who had a lien or judgment against it before the buyer came along. This way, the title insurance company will deal with any subsequent challenges to a clear title, rather than the new buyer.

The agreement to purchase the house is usually conditioned upon completion of an engineer's report and termite inspection. If infestations of termites or serious engineering defects are found, the entire deal may be called off by either party if they cannot come to an agreement.

Finally, the terms and conditions of the sale must also be negotiated. This process can take time because each side will want to make sure that they are not only protected, but that they are also getting the best deal possible. This can require multiple drafts of a long document, which is why both the buyer and seller should have their own attorneys involved. It is nearly impossible to estimate an exact date that the closing will take place due to the various factors involved. Even under normal situations, closing a deal may take a few months; so under exceptional circumstances, the parties should expect closing to take many months."

by: Peter T. Roach is a New York debt collection attor
Boston Foreclosure Homes For Sale Finding The Right Foreclosed Home Listing For You The Art Of Increasing Your Homes Value Without Draining Your Bank Account Miami Luxury Homes: Buying Rules From The Past That Are Making A Return Staging Homes For Sale Dont Forget The Yard Ed Bagley's Top 25 Poll - Week 10 - Oregon Is Moving Down Fast The Donts Of Rehabbing Homes The Secret To Flipping Homes And Earning Big Bucks The Truth Behind Wholesaling Houses Buy The Best Home In Fort Lewis Us Senate And House Passed The Home Buyer Tax Credit Extension! Townhome - A Place Of Fulfillment A Number Of Reasons To Sell And Rent Back Your Home
Write post print
www.insurances.net guest:  register | login | search IP(18.207.98.249) Piemonte / Pombia Processed in 0.012830 second(s), 6 queries , Gzip enabled debug code: 8 , 2490, 958,
The Long Island House Closing Process Pombia