Home Buying 101

Home Buying 101

Closing your home in a Land Trust is EXTREMELY  important when estate planning, there’s also privacy benefits…

Looking to purchase a home? Already in the process? Well, take a moment to consider these things BEFORE finalizing a new purchase. Closing you home in  a land trust not only secures a legacy, but also protects personal information online. When closing a home in a Land Trust, all your personal information regarding the purchase of the home is kept OFF LINE.  Your name will NOT appear when the property address is searched, only a trust number will appear.  This keeps eager “house hunting enthusiasts” from digging into any personal business.  Here are so other useful tips when purchasing a home for the first time. Here are 3  checklists you need to keep in your back pocket!

 

Real Estate Checklist

  • Get pre-approval for a mortgage
  • Hire a Real Estate Broker
  • Look at several properties
  • Negotiate sales price and get a contrac
  • HIRE A LAWYER and deposit earnest money
  • Get a home inspection and appraisal
  • Have your ATTORNEY schedule the closing date
  • Do a final walkthrough of the property
  • Have the balance of down payment and other documents required from the lender
  • Be prepared to sign final documents and close in a Land Trust

 

Important Documents for Closing

  • The deed – A document that transfers the property from seller to buyer.
  • The Bill of Sale – This transfers all personal property being sold along with the home.
  • Affidavit of Title or Seller’s Affidavit – This document is a notarized statement by the seller confirming ownership of the property and describing an known title defects.
  • Transfer Tax Declarations – Many states, counties and municipal governments charge real estate property transfer taxes and require the buyer and seller to sign declarations disclosing the purchase price and tax.

 

What does the closing Attorney do?

  • Title Examination – The closing attorney will identify any existing mortgages against the real estate that will need to be satisfied at closing in order to transfer good title.
  • Title insurance –  Title insurance protects the purchaser and the lender in the event a future problem is found with the title.
  • Coordinator – The closing attorney creates lines of communication between many parties for the real estate closing.
  • Review of documents –  On the day of closing the closing attorney is present to review the various instruments associated with the real estate and loan closing.
  • Record and disburse –  The closing attorney is responsible for closing on the transaction and distributing all monies.