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Sloan Realty Myrtle Beach Blog

What's Required for the Closing

If you’ve been looking at Myrtle Beach homes for sale and have finally found your dream home, we know it’s an exciting time for you! Patience is key as you follow the process from making an offer on the property to actually taking ownership of your new home.

Myrtle Beach homes for saleThere are things to know when closing on any of the Myrtle Beach homes for sale that you might purchase. Certain documents need to be obtained and the majority of these will be handled by the closing agent. It will be your responsibility to provide some items as well.

Your new lender must receive a first mortgage on your property. Consequently at closing, all other mortgages or liens, including home equity lines, must be paid off or subordinated by the seller. Your loan approval may be granted subject to proof of certain conditions that may include the sale of a previous residence, liquidation of stock or other investment account, and/or payment of outstanding credit accounts.

At the closing the seller may be required to supply a letter from a licensed pest exterminating company stating there is no active infestation of termites and no damage from prior infestations.

Sometimes contracts provide a one-year warranty to be furnished to the purchaser at closing. The warranty, which is most often paid for by the seller, covers systems and appliances in the house for a period of one year, subject to the terms of the agreement.

Other documents that could be required for closing are a survey or mortgage loan inspection, deed search, and a cashier’s check for money due.
 

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