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Make Your Move 12

Make Your Move 12

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Published by Bill Taylor

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Categories:Business/Law
Published by: Bill Taylor on Mar 25, 2011
Copyright:Attribution Non-commercial

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KASLWESTON COUNTY EXTENSION REPORTBILL TAYLOR4/12/11
MAKE YOUR MOVE(Part 12)
This is the twelfth segment in a series on purchasing your home. We have discussed yourbudget and financial needs, choosing a lender, evaluation of your credit report and creditrating, obtaining pre-qualification and credit approval, the types of loans available, finding areal estate agent, what to look for in shopping for a home, and developing a purchaseagreement. We are presently discussing the final steps in getting full loan approval by thelender so you can go ahead with closing the purchase.Last week we talked about the homeinspection and appraisal.In addition, the lender may order a flood certification to see if the house is in a flood zone. If the house is in a flood zone, you will have to have additional flood insurance for the property,since regular homeowners insurance does not protect against floods. Flood insurance can beexpensive.Another step will be to order a title search or abstract update from a title company or attorney.You have the right to choose the company, if you have a preference. If not, the lender willselect one. The title company will research the chain of ownership to see that the property waslegally transferred from owner to owner and that there are no other easements or hidden
 
constraints on the title. Having a
cle
ar tit
le
means there are no liens or claims against theproperty.You will be asked how you want to take title of the property. You may want to consult with yourattorney on the best way for you, in your particular situation, to hold title. Sole Ownership iswhen you are purchasing by yourself and have sole possession of the property. Tenancy inCommon is used when you are taking ownership jointly without rights of survivorship, whichmeans that if one of you dies, that persons portion passes to his or her heirs, not the jointowner. Tenancy by Entirety, not available in all states, provides for rights of survivorshipbetween husband and wife. If one dies, the property transfers directly to the other owner.Finally, Joint Tenancy allows multiple owners to own property together with rights of survivorship, with ownership passing directly to the remaining owners upon the death of one.A survey may be ordered by the lender, the real estate agent or the closing company. The threemost common types of surveys for mortgage loans are the location, boundary or elevationsurvey. A location survey locates one or two corners of the property and house and theresulting drawing is based on measurements from those points and is only a closeapproximation. With a boundary survey, the surveyors will locate all corners of the property,house, and any other buildings or improvements. The drawing shows the exact measurementsand locations of improvements and is guaranteed to be accurate. This survey, of course, is moreexpensive then the location survey. Finally, an elevation survey is used to show the location
and
heights or elevation of all corners of the property, house, and other improvements. Elevation

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