Closing Tips Knoxville Tennessee
Crossland Title Inc. is a Knoxville title agency providing full-service real estate title solutions. Crossland Title Inc. makes your closing seem effortless.
With more than 36 years of experience in the real estate and title business, owners Pam Rice and Beth Crox have built their reputations upon the virtues of personal service and integrity. They believe that reputation as an honest and reliable business is the recipe for success.
Tips for Closing Day
Get all contingencies squared away
Most purchase agreements have contingencies. These are things that buyers must do before the real estate transaction is official. These are the most common contingencies that are part of your new home closing process:
Home inspection contingency: This gives buyers the right to have the home inspected. If something is wrong, you can request that it be fixed—or you can back out of the sale. It’s rarely advisable to waive an inspection contingency. The average home inspection costs $300 to $500. It’s a drop in the bucket considering the costly home issues you might uncover.
Appraisal contingency: With this contingency, a third party hired by your mortgage lender evaluates the fair market value of the home. If the appraised value is less than the sale price, the contingency enables you to back out of the deal without forfeiting your earnest money deposit.
Financing contingency: This contingency gives you the right to back out of the deal if your mortgage approval falls through. You have a specified time period, as stated in the sales contract, during which you have to obtain a loan that will cover the mortgage.