Liao Yancheng's real estate column: Buying a house Step by Step (3)

Liao Yancheng's real estate column: Buying a house Step by Step (3) Last week we talked about things that should be paid attention to when buying a house, such as: 1. Housing...

Last week we talked about things you should pay attention to when buying a house, such as: 1. The price of the house, 2. Your rights, 3. How to find a house and 4. The process of making a counter-offer. This week we continue to explain the things you should pay attention to after the purchase contract is established. 5. When the buyer and seller agree on the price and all additional conditions, the purchase contract is established. It is also the time when the trust account is opened. The deposit you pay must be deposited into this account within 24 hours. This account is called Escrow. Its main purpose is to protect the rights of the buyer and seller. This account will be maintained until the day when the contract is signed and the house is handed over. This is why the day when the contract is signed and handed over is often called COE (Close of Escrow).

6. If you want to continue the loan process at this time, the home buyer needs to cooperate with the loan bank's requirements and prepare the required documents, such as: tax returns for the past two years, recent pay stubs, other income certificates, bank statements, and your asset and liability status, etc.

7. After the house purchase contract is established, you must find a licensed house inspector to inspect the house within the time limit to see if there are any problems with the house and whether there are any matters that need repair. At the same time, find a professional termite inspection company to see if the house has signs of termite infestation. If you are not satisfied with the house, you can ask the seller to deal with it or cancel the house purchase contract.

8. Choose and compare home insurance. Although the lending bank will require you to purchase insurance and treat the premium as part of the monthly housing payment to protect the lending bank's rights, you have the right to choose any insurance company, so remember to compare more and shop around to avoid disadvantages.

9. Arrange water, electricity, gas and other companies in advance to help you activate services on the day of handover. A few days before closing, do a final inspection of the home to make sure any repairs or add-ons required of the seller have been completed. In addition, you should receive a Settlement Statement before handing over the house. This document will list all the costs incurred in this transaction. On the day when the house is handed over, you will have many documents to sign. Usually, you will be arranged to go to the title company (Title Company) to sign the contract or have the required documents notarized and sent to the title. Usually, the registration will be completed at the county government on the same day or the next day. The day when the registration is completed is the day when the property rights of the house are officially transferred to your name. Congratulations, your American dream has taken a big step.

In next week's column, we will continue to discuss various issues in real estate transactions. If you have any questions, you are very welcome to call my hotline (480) 612-4545 or email to Rich@RichLiao.com