The following real estate forms are commonly used by potential buyers or sellers in Wisconsin throughout the negotiation process:
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Home Inspection:
A home inspection is a valuable tool to protect the potential buyer from costly repairs. The home inspection, when done by a qualified and licensed home inspector can identify potential problem areas and defects in the home. The home inspection is not an iron clad guarantee that the new owner will not incur any expenses after they purchase a home, but it can help them identify what needs to be taken care of before they buy.
Title Insurance:
Title Insurance insures you against the lien rights of others. When a title company does a search they check the chain of title to make sure that each time a deed was granted all parties with an interest in the property gave their rights to the purchaser. They also check to see if any liens had been created against the property arising from such things as: money judgements, civil judgments, divorce, bankruptcy, or failure to pay taxes. When filed against an owner these items attach to the property and cause a cloud on the title. The title will show these items as exceptions to the policy. Other exceptions would be easements granted for utilities to run across the property and covenants and/or restrictions imposed by the developer. The seller provides this coverage to the buyer to show that upon execution of the deed the buyer owns the property unencumbered, except for those items that have been excepted out of the policy. The buyer will need to provide a loan policy to their lender to insure that the mortgage being taken out to purchase the property will be in the First lien position. The first lien position allows your lender to foreclose on your interest in the property should you not make your payments on the loan.
Closing:
The closing is the final step in the purchasing process. It can occur at your lenders office or at the title company. At the closing the seller will execute the deed and transfer return which are the legal documents necessary to sell property. The seller will also sign the closing statement which contains all the numbers in the transaction. It will have two columns, the sellers and the buyers, listing out the fees and amounts paid to and by each party. At closing is when the buyer will sign the loan documents granting the lender an interest in their home (mortgage) as collateral for payment of the loan (note).