Closing Tips Knoxville Tennessee
Crossland Title Inc.
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:
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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.
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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.
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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.
Clear the title
When you buy a home, you “take title” to the property and establish legal ownership—a process that’s confirmed by local public land records. As part of the closing process, your mortgage lender will require a title search. you’ll need to purchase title insurance to protect you from legal claims to the house.
Sometimes distant relatives—or an ex-spouse—may surface with a claim that they actually own the home. Also, that the seller had no right to sell it to you in the first place. But clearing title will ensure this doesn’t happen.
As the home buyer of this piece of real estate, you’re entitled to choose the title company. You can get recommendations from your real estate agent, mortgage lender, and friends. be sure to check out the license and reputation of each company online.
