Here is part 4 of 4 in this series.

Flood Insurance:

If you are in a flood zone, the buyer is responsible for obtaining flood insurance and it is to be in place on the date of closing. Shopping around for a quote and/or best rate is also your responsibility. Obtaining flood insurance can also be a lengthy process so this should be started immediately after home inspection issues are resolved. If flood insurance is required, a flood elevation certificate may help reduce the rate. At times, the seller may be able to provide a previous one. However, if one is not available, your attorney will order it with the survey.

Scheduling Closing:

The closing date set forth in the contract is a target date. DO NOT set up movers, appliance deliveries, cable hookups, etc. based on that date. When everything is ready to close, then a date is scheduled. BUT keep in mind that it may be a few days earlier or later than the date set forth in the contract depending on the schedules of everyone involved. Remember that in scheduling we must consider the schedules of the buyer, buyer's attorney, seller, seller's attorney, AND the bank providing the mortgage. The best way I can describe the date set forth in the contract to close is similar to the due date of a baby, generally not on that day but very close to it.

Walk Through:

Buyers are responsible for the walk through with their Realtor PRIOR to closing, usually the morning of the closing. Buyers should be sure that: all appliances and major systems (i.e. plumbing, heating, air conditioning, electrical, etc.) are in the same working order as they were during the home inspection; no additional damage has been done to the property since the last time they were there; all furniture that should have been removed has been removed and any items included in the sale are on the premises.

Closing:

At the closing the buyer will execute all the loan documents with their attorney. Then the seller and their attorney come in and execute/exchange title documents (Deed, Affidavit of Title, 1099S etc.). At this time, if there are any walk through issues the must be brought up, discussed, and resolved.

After closing:

The Buyer's attorney will send the Deed and Mortgage (if applicable) to the County Clerk's office to be recorded. Once the recorded Deed is returned to the attorney's office, a package containing all documents signed at closing will be forwarded to you. Approximately 6 months after closing, the buyer's attorney will receive the owner's title insurance policy. Title insurance is in effect from the date of closing. However, it takes several months for all the paperwork to be generated and completed. Your attorney will the forward to you the original owner's title policy. This should be kept with the other documents sent by your attorney. The original Deed, original Survey, original Title Insurance Policy, and copy of your Mortgage should be kept in a safe place for future reference. You will need these documents if you refinance or sell the property.

While the purchase of a home may seem intimidating to a buyer, especially a first time home buyer, reliance on experienced professionals will make the process much easier. Your Real estate agent and Attorney have an obligation to protect your interests and will help make the process both satisfying and rewarding. If you have any remaining questions, or do not fully understand any part of this Buyer's Guide, please contact me at a time convenient for you.

I hope you have enjoyed, benefitted from, and have gotten educated from my four part series on

Buyer's Guide to Buying a Home.

If you missed parts 1, 2, or 3, you can access them through my blog page or the links below

http://activerain.com/blogsview/902820/Four-Part-Series-Buyers-Guide-to-buying-a-home-part1 (part1)

http://activerain.com/action/channels/activerain/topics/buyers_guide_to_homebuying_part2        (part2)

 http://activerain.com/action/channels/activerain/topics/buyers_guide_to_buying_a_home_part3  (part 3)