Opening & Closing Escrow | What is Title Insurance?
The Appraisal Process
Inspection Types | Home Warranty

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Opening & Closing Escrow

A neutral third party holds documents and money for a real estate transaction and ensures that all conditions of a sale are met. Also refers to a special account that a lender uses to hold a borrower's monthly payments on property taxes and insurance. A lot has to happen in the weeks before you close. Stay on top of the details so you can close on time, keep costs down, and understand everything you sign.

What is Title Insurance?

Title insurance is different from other types of insurance in that it protects you, the insured, from a loss that may occur from matters or faults from the past. Other types of insurance such as auto, life or health cover you against losses that may occur in the future. Title insurance does not protect against any future faults. Another difference is that you pay a one-time premium. A title insurance policy will protect you from "risks" or undiscovered interests.

The Appraisal Process

An appraisal is a third-party estimate of the value of a piece of property at a particular point in time. It can affirm your offer price or block your transaction entirely. Understand how real estate appraisals and appraisers work so you can solve any problems that come up.

Inspection Types

A standard pre-purchase inspection covers a home's major mechanical systems -- electrical, plumbing, heating and cooling-- and its construction from roof to foundation, exterior to interior. Overall inspections do not cover soil, pools, wells, septic systems, building code violations or environmental hazards such as lead. The inspection contingency in your purchase contract should allow you up to two weeks to conduct an overall inspection plus any specialized inspections you (or your lender) require. Most inspections cost several hundred dollars. Specialized inspections usually involve an expert and can cost more. Remember, repairs or remedies are negotiable; they also can derail a deal.

Home Warranty

With a Home Warranty, you're covered against a mechanical breakdown of a covered component for a full year, beginning the day of closing. You pay only a standard deductible for each claim.