Prior To Closing
If you are currently in escrow, here are four things you need to prep for:
1. Escrow signings usually take place at an escrow office a week or two prior to closing. If you go on a trip during the escrow process, it's important you inform your agent well in advance.
If you are traveling domestically, there's a chance you can sign your closing documents at a "sister" office or via a mobile notary. However, if you are in an area that doesn't have an escrow office and a mobile notary, you will probably have to print out all the documents, sign them, then mail them back to your escrow officer.
If you fail to coordinate this in advance, there's a chance your real estate transaction could be delayed. The reason is, closing documents are time sensitive. Ideally, it's best to not travel until your transaction is complete.
2. Prior to closing, you should be shopping for homeowners insurance. Regardless if you purchasing all cash or with a mortgage, it's important you get homeowners insurance. Having homeowners insurance will give you peace of mind if your home gets damaged or destroyed by certain risks.
3. Have you determined how you will hold title? In Hawaii, there are four common ways to hold title:
- Tenants In Severalty
- Tenancy In Common
- Joint Tenancy
- Tenants By The Entirety
In addition, if you are purchasing your home in a trust, don't forget to send your escrow officer your trust documents.
4. After signing all your transaction and escrow documents, there's still one more step. That's right, it's important you look into a life insurance policy. As most will agree, you should have life insurance if others depend on your income.
Life is unpredictable. If something were to happen to you, having a life insurance policy should help your family with any home related expenses.