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An attorney or title company will conduct the closing and make sure all the preliminary detail work has been completed in time. These companies are impartial and objective, hold the down payment, oversee all the paperwork, and then distribute the money when the terms of the sale have been met.

Title Insurance

Title insurance is an aspect of home buying that many people have found confusing. There are actually two types-lender's and owner's. What title insurance will do is protect you, the buyer, from any claims that may arise against the property you're buying. When you have title insurance, you have a guarantee that once you've bought it, you own it, or the title company is obligated to compensate you for damages. Most lenders routinely insist on a title search and require buyers to purchase title insurance to protect their investment.

Closing Costs

You'll know in advance what fees you're going to be expected to pay, above and beyond the down payment. Your loan officer is obligated to provide you a good faith estimate of these costs at the time of your closing. Costs may include recording fees, other assorted taxes, legal fees, title fees, pre-payment of property taxes and homeowners insurance. You should check every fee in advance, and if there's something you don't understand or don't think you should have to pay, the time to question it is before the closing.

Mortgage Insurance

You may see a fee for mortgage insurance on the list. That doesn't mean that if you lose your job and are unable to make your payments, the insurance company's going to send in those monthly checks for you. Mortgage insurance will only pay the balance of your note if you die or, in some cases, are permanently disabled. Some lenders are making this insurance mandatory, especially if your down payment is less than 20 percent.

Final Walk-through

When you know everything's been completed and the closing is going to take place as scheduled, you should make an appointment with your agent for a last-minute inspection of the property. Known as the final walk-through, it takes place the day before or just before the closing.


Fran 507-951-3746     Rachael 507-951-0600     Eric 507-259-8438

Licensed in Minnesota and Wisconsin