Title insurance info and inspection info
Title Insurance: If you are unfamiliar with title insurance check out the following link to help you make a decision on whether you want title insurance or not. Title insurance would cost you about 1% of the loan, due up front. That would just cover the title policy. In addition to that, we would have to close through a title company. Essentially the title company would act as a middle man. This would bring on extra costs because they will charge to do this plus there would be other expenses that they would require. In order to do a title policy and have a title company involved you would incur a total cost of about 1% of the loan plus up to another $1000 in closing fees compared to not getting a title policy. It would generally take 2-3 weeks to close using a title company. You could also talk to a title company to help you make the decision. The choice is up to you.
Inspection: It is your option if you would like to do an inspection or not. An inspection may cost you $400-$500 for the full inspection with report. You may be able to get it cheaper if you can get an inspector to skip the report and just check for major issues and provide that info to you. I can give you 7 days if you wish to get this done. During this time you are able to back out of the contract and you only forfeit your “option money”. The “option money” fee for this is $100 to me and that is nonrefundable if you back out of the deal. If you purchase the house it goes towards the down payment.
