5 Questions to Ask During the Home Closing Process in 2020 (2024)

Welcome to SnapClose 101 (the basics) – Questions to Ask During the Home Closing Process.

We don’t all have the time to read a lengthy article that doesn’t get straight to the point. That’s why we’re putting together these quick tips which will be relevant, actionable, and timely.

Got some questions you think should be added to the below list? Comment below to let us know!

Questions to ask during the home closing process

1. What is Title Search and what does it provide? Will the property taxes be up to date prior to closing?
2. Who selects the title insurance company?
3. What should I bring to my closing?
4. What will be my closings costs and what do they cover? What do I need to bring at closing?
5. When do I receive the deed to the property?
6. Am I required to carry private mortgage insurance (PMI)?

And if you need the answers to these questions, please don’t hesitate to contact us at [email protected]

Common Terminology used during the Home Closing Process:

• Title – evidence that the owner is in lawful possession of that property

• Deed – instrument that is executed, acknowledged, and recorded in the proper county. A properly executed deed serves to create the title in the grantee with respect to the particular property covered by that deed.

• Title Insurance – Insurance to protect real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances, or the defects in the title to the property. Each title insurance policy is subject to specific terms, conditions, and exclusions.

• Escrow – The process in which the funds of a transaction (such as a sale of a house) are held by a third party, often the title company or an attorney in the case of real estate, pending the fulfillment of the transaction.

• Defects – things such as another person claiming ownership, improperly recorded documents, fraud, forgery, liens, encroachments, easem*nts, and other items that are specified in a title insurance policy.