Austin Real Estate - Austin Texas Homes
Sutter Team Real Estate offers home buying and selling services to clients throughout Central Texas.
Buying Step 7: Do a Title Search and Finalize Your Financing
Do a Title Search
After making an offer, you need to have a title search performed on the Austin home you wish to buy. Your agent or a lawyer can do this for you. Typically, all homes listed on an MLS are required to have this done by the listing agent and your agent can obtain a copy. If not, title records are kept at local courthouses and detail real estate ownership (sometimes over hundreds of years) in the local community.
These records are important because they provide proof that the owner has valid, marketable and insurable title to the property they are selling. Equally important, such records enable buyers to provide proof of ownership when they in turn sell the property.
Title insurance is necessary because even though the history of property ownership has been checked, it's possible that the records contain errors, unrecorded claims or flaws in the review itself. Title insurance is handled by a 3rd-party title company, and is paid at closing.
Finalize Your Financing
Often, the cost of real estate financing is greater than the original purchase price of a home (after including interest and closing costs).
Once you’re offer has been accepted and there is valid title to the property you are purchasing, it is time to finalize your preapproved financing. Your mortgage broker or loan officer can help you select the mortgage option that is best for you, and prepare all of your loan documents that need to be completed before you can finalize the purchase of your new home.
