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Liberty Mortgage, Inc.
509 W. McKinley Avenue
Mishawaka, Indiana 46545
Telephone 257-0629
or 888-568-1786
Fax 574-257-0632
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Surveys
If the purchaser is obtaining a loan and the property is not a condo, a survey is
typically required. An existing survey may be provided by the seller, as long as the closing agent determines
it is acceptable. If nto, a new survey will be ordered by the closing agent. A house location survey,
without corner markers is sufficient. If you would like the markers, request this through the closing
agent. Your real estate agent should be able to guide you in this matter.
The closing agent will
review the survey for anything that might affect the validity of the seller's title. Items included on
the survey are: location of fences, driveways, decks, outbuilding and any other improvements to the property
to be sure that there are no encroachments onto neighboring property and vice versa.
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Home Inspections
Most contracts are contingent on a home inspection. This is usually done
by a professional inspector who is hired by the buyer. The home inspector makes a detailed inspection
of the home and prepares an evaluation that lists any defects found in the structure, utility systems
and appliances. If problems are found, the buyer is not obligated to proceed with the purchase unless
the seller agrees to correct the problems. Home inspections usually cost from $150 to $200 and are well
worth the investment.
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Termite Inspections
A termite inspection report shows that the property is free from termites
and other wood destroying insects. These inspections usually cost around $50.
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Well & Septic
If the property you are buying uses a well and/or septic system, your contract
will require certification that the water is potable and the septic system in functioning properly. These
inspections are often required by the lender. The cost is about $50 for each report.
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Walk Through Inspections
Your contract provides for a walk through just prior to closing to
determine that the condition of the property is as it was when the contract was signed. Normally, both
the listing agent and selling agent are present. The walk through should take about an hour. Any discrepancies
will be identified and plans will be made to correct them prior to the closing.
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More about the loan process . . . .
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