Home Buyers

If you are purchasing a home Krause Title can guide you through the process to assure you are making the right decisions.

So, You’re Buying a Home. Krause Title can
Guide You Through The Process.

Buying or selling a home is never routine and may very well constitute the single largest transaction you will ever make. Having someone well versed in the industry can speed up your closing and settlement, provide you with title insurance, and be your partner throughout the process.

Whether you are purchasing a home with cash, a loan, or owner financing, Krause Title Company can guide your through the process and assure you that you are making the right decisions.

There are certain steps you must take when you purchase a home. Below we have listed the steps. Krause Title Company will guide you through these steps.

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Closing Time: 6 Steps Every Homebuyer Should Expect

Get owner’s title insurance and buy your home with confidence Your long home-buying journey is almost over. You found the home you love, the seller agreed to your offer and now it’s time for closing. Of course, there’s a lot to think about right now, and the last thing you want is something to go wrong. So make sure you work with an experienced closing agent to help ensure the details come together and everything runs smoothly.

As soon as the seller accepts your offer, the behind-the-scenes work begins. You can expect closing to happen within 30 to 90 days.

You will be going through the following steps.

If you are working with a real estate agent, with your permission, he or she may place an order with a closing agent as soon as your sales contract is accepted.

Most homebuyers rely on their real estate agent to select a closing agent— someone they work with regularly and know to be professional, reliable and efficient. However, you can choose your own closing agent. Krause Title Company can be your closing agent.

Krause Title Company will oversee the closing process and make sure everything happens in the right order and on time, without unnecessary delays or glitches.

First, a contract or escrow agreement is drafted, which the closing agent reviews for completeness and accuracy. The agent will also put your deposit into an escrow account, where the funds will remain until closing.
Once the title order is placed, Krause Title Company will perform a search of the public records. This should identify any issues with the title such as liens against the property, utility easements, and so on. If a problem is discovered, most often Krause Title Company will take care of it without you even knowing about it. After the title search is complete, Krause Title Company will provide a title insurance policy.

There are two kinds of title insurance coverage: a Lender’s policy, which covers the lender for the amount of the mortgage loan; and an Owner’s policy, which covers the homebuyer for the amount of the purchase price. If you are obtaining a loan, the bank or lender will require that you purchase a Lender’s policy. However, it only protects the them, not you!

We recommend that you obtain an Owner’s policy to protect your investment. Usually you, the home buyer purchases the Owner’s policy, but of course this can be negotiated with the home seller.

Your lender must provide a Closing Disclosure to you at least three days prior to closing. Your lender may also have your Krause Title Company r provide the Closing Disclosure to you three days before you close your transaction.

If you or your lender make certain significant changes between the time the Closing Disclosure form is given to you and the closing, you must be provided a new form and an additional three-business-day waiting period after receipt of the new form. This applies if the creditor:

  • Makes changes to the APR above 1⁄8 of a percent for most loans (and 1⁄4 of a percent for loans with irregular payments or periods).
  • Changes the loan product.
  • Adds a prepayment penalty to the loan.

If the changes are less significant, they can be disclosed on a revised Closing Disclosure form provided to you at or before closing, without delaying the closing.

As closing day approaches, Krause Title Company orders any updated information that may be required. Once we confirm with the lender and the seller, he or she will set a final date, time and location of the closing.

On closing day, all of the behind-the-scenes work is complete. While you’ve been busy packing, ordering utilities and coordinating the movers, Krause Title Company has been managing the closing process so that you can rest assured, knowing all the paperwork is in order.

More Homebuyer Tips & Information

Krause Title Company helps educate homebuyers like you about title insurance so you can protect your property rights. Please contact Krause Title Company at (228) 447-4849 or close@krausetitle.com to learn more about title insurance and the home closing process.

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