Step 3: Becoming a Homeowner
Final Walk-Through
You have your closing date marked on your calendar. It is time to do the final walk-through of your future home. This can be done before the closing, either days ahead or possibly right before the closing.
During the walk-through, you want to make sure that the property is in the condition you have required in your offer. You will want to make sure that the repairs or changes that needed to be made were done.
The Closing
This is the meeting where the sale transaction is finalized. The closing date is set when your mortgage is approved, and you sign a commitment letter with the lender. People who attend the closing include:
- the home buyer (you)
- the seller of the home
- the closing and escrow agent (from the title company)
- the Realtor
Ask for the closing documents before actual closing and carefully review them.
Being a Homeowner
Remember there are many benefits to owning a home!
There is a sense of pride in owning your own home. You may also have a tax write-off. You can improve your home and build equity as the property appreciates in value.
Taxes
Most state and local governments charge an annual tax based on property value.
Maintenance
Home maintenance helps provide a healthy, safe environment and protects your growing financial investment.
Payments
Remember regular payments for Mortgage, Insurance, and possibly Homeowners' Association dues.
Selling Your Home
Once you have equity in your home, selling becomes an option.
© 2006 Fidelity National Title