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Wednesday, October 14, 2009 @ 10:02:00 AM - Written by Front

October 14, 2009

Sorry for the delay but here are some improtant things to make sure to look for in your closing papers when buying a home:

300 pages. A pen. A table. And you. Thus starts the surreal experience of signing your closing papers to get the keys, possession and mortgage payments that go with your new home. Most homebuyers know they should read these papers, but have no clue what to look for and wonder if they should be perusing the pages there and then, in front of the notary, Realtors and maybe even sellers and attorneys (on the clock, of course). Let the high drama begin.

Fortunately, out of the 6-inch stack of title and loan docs, there are a select few documents and items that are truly critical:

Essential Details. Peruse the entire package to ensure that your name (and your co-buyer's name(s)) and the property's address are accurate and appear the way you would like them to show on the County records. Typos are not infrequent, but they are super easy to have corrected.

The Note. This is your promise to repay the loan. Look for the loan amount, the term of the loan, interest rate, monthly payment, due dates, late fees and other critical terms like whether there is a balloon payment or prepayment penalty. Make sure these details jive with the good faith estimate you were given early on in your transaction.

The Mortgage or Deed of Trust. This paper secures your IOU (the note) with the property, allowing the lender to take your home back if you fail to pay. It should list any "riders" -- additional documents that add terms to the note, like an adjustable rate rider or prepayment penalty rider. Check to be sure that any riders listed on the mortgage or deed of trust are included in the document package.

Estimated HUD-1/Settlement Statement. Review this standardized list of closing costs, debits and credits to your escrow to ensure that it accurately reflects seller credits agreed on in the contract, deposits you've made, and inspection or appraisal fees that you have had billed to escrow.

Strange as it may seem, the closing table is not the place to read your closing documents. Smart homebuyers ask their Realtor, mortgage professional or escrow holder to provide them with a copy of their closing documents as far in advance as possible, ideally at least 72 hours before the signing appointment. This gives you time to review the documents, discuss them with the appropriate pros and initiate revisions, if necessary.

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Currently Ryan has about 30+ listings in inventory, and has sold 25 homes in 2009. Please don't hesitate to contact me with any questions about Chico area real estate.

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New Chico Listings, Chico, CA:

1125 SHERIDAN AVE, Chico, CA $173,000
  Residential 2 Bedroom 1.5 Bath Built in 1991   986 Sq. Ft.
  Beautiful end unit Condo! This unit was originally the model and it has many great features including crown molding, solid-core doors, ceiling fans, dual pane windows, and a s...

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4530 WILDER DR, Chico, CA $220,000
  Residential 2 Bedroom 2 Bath Built in 1982   5.28 Acres  1302 Sq. Ft.
  Views, Views, Views. This 5 acre parcel in the gated community on Wilder offers the serenity of the country with views of Chico but only a few minutes drive from town. Imagi...

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2867 PENNYROYAL DR, Chico, CA $230,000
  Residential 2 Bedroom 2 Bath Built in 1983   0.02 Acres  1103 Sq. Ft.
  Beautifully redone condo. Nothing was left untouched. Features include central vac, water softener, new patios, new inside paint, carpet, cabinets, appliances, baths, wood flo...

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100 FAIRGATE LN, Chico, CA $235,000
  Residential 2 Bedroom 2 Bath Built in 1986   1034 Sq. Ft.
  Must see this adorable home! In great location near downtown. Only blocks from CSUC. Light & bright, open floorplan. Msater bedroom opens into the park-like garden.

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441 W 6TH AVENUE, Chico, CA $235,000
  Residential 3 Bedroom 1 Bath Built in 1985   0.22 Acres  1064 Sq. Ft.
  Very nice and well-located home on a large and private lot. Walk to CSUC, Enloe Hospital and downtown... Enjoy BBQ's on the private back patio and porch in the summer and stay...

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2157 HUNTINGTON DR, Chico, CA $259,900
  Residential 3 Bedroom 2 Bath Built in 1997   0.11 Acres  1102 Sq. Ft.
  3 bedroom, 2 bath home needing a new look for a new owner. Bring the paint, the know how, and create your own masterpiece. Back yard fenced with covered patio area. Yard despe...

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929 NEAL DOW AVE, CHICO, CA $269,000
  Residential 3 Bedroom 1 Bath Built in 1952   0.33 Acres  1388 Sq. Ft.
  Lovingly maintained by the same owners for over 45 years. This home still has charm and character after remodeling done over the years. The hardwood floors have been covered w...

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1209 WHITEWOOD WAY, Chico, CA $289,500
  Residential 3 Bedroom 2 Bath Built in 2003   0.15 Acres  1666 Sq. Ft.
  Beautifully remodeled and ready to move in! Very spacious rooms. Great location close to shopping and schools. Brand new carpet, paint, & microwave. Security system & plumbe...

More information on 1209 whitewood way
529 W 11TH STREET, CHICO, CA $299,000
  Residential 3 Bedroom 2.5 Bath Built in 2005   0.1 Acres  1483 Sq. Ft.
  Charming newer 2 story with vintage curb appeal. Short distance to csuc. Easy care yard. Home will be professionally cleaned prior to close.

More information on 529 W 11th Street

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