Finalizing a home purchase in Pleasanton, CA can be a long and arduous process. Reaching the point where you can close on your new home is of course an exciting prospect, and one you should not take lightly. There are multiple steps that you need to take before you can close on your escrow and finally move into the house of your dreams. Below we’re going to go through the documents you need to obtain in order to make this happen.
Keep in mind if you are unsure of the exact documents needed specific to your situation, it is important to consult with the best realtors in Pleasanton CA. Below, you can find out more about the essential documents that will be required for closing on your escrow.
- Home Loan Related Documents
Home Loan Application: You must have a copy of the application form you initially filled in when applying for your home loan. Your lender will provide a form consistent with all the information you gave, and you will need to check it and confirm its accuracy. Any changes should be reported to your lender.
Deed of Trust/Mortgage: An official agreement between lender and borrower, wherein the legal title to the property is held by an impartial trustee or by the lender. This is to ensure that full repayment of the loan is made. If you fail to make your payments, the holder of the title is able to foreclose upon the property.
- Real Estate Transfer
The Deed: This document is the basis of your home purchase, showing the transfer of the property from the seller to you. Proof of a house for sale in Pleasanton CA must be filed into public record, so anyone can see that you are the rightful owner.
Affidavit of Title: the name of the document may vary but its function is the same. This document affirms that the property is owned by the seller, and that there are no legal issues involved with ownership of the property.
Real Estate Note: This note provides details of the loan term between you and your lender, acting as proof of your debt. These details include debt amounts, loan terms, and means for the lender to collect debt.
Loan Estimate and Closing Disclosure: A loan estimate is a relatively short document providing essential information on your loan in particular, and it should be issued by your lender. It is an estimate of the cost of the loan you are applying for. A Closing Disclosure is a somewhat longer and final document detailing the actual costs of your chosen loan.
- Miscellaneous Documents
Bill of Sale: this is the official transfer of ownership between parties (i.e you and the seller). It will usually list all personal goods, if any, being transferred along with the sale of the house.
Title Insurance Commitment: This is an important document that will protect you from any unforeseen hazards of property purchase such as forgery, undisclosed heirs, errors in public record and more.
Certificate of Occupancy: This document is more common with newly-built houses, but may also come with the sale of secondhand properties. It ensures that the property is in compliance with building codes and other standards making it suitable for occupancy.
Proof of Homeowners Insurance: Often lenders will require proof that a new homebuyer has Homeowners Insurance. You will most likely be required to provide proof of this before closing.
All of these documents are required for the closing process. It is vital to have a qualified real estate agent by your side to ensure that everything goes smoothly. Get in touch with me today at 925.216.0676 or send an email to alice(at)alicewlchen(dotted)com.