A simplified guide for painless purchasing of your Los Angeles home. PART4
Be patient. You’re getting close to the finish line and will soon be the owner of your first Los Angeles home. Just a few more steps to go…
1. Homeowner’s insurance policy
Adequate homeowner’s insurance is a requirement of all lenders, and it is certainly in your best interests to protect the investment you’ll be making in 
your Los Angeles home. To find the policy that is right for you, you should shop around for the best value. Eileen can refer you to some insurers. You can also check online for quotes from reputable agencies. Be aware that some companies offer a discount of 30%-40% if you buy online. Other possible discounts can result from insuring both your home and the contents or by insuring your home and your car with the same company. Your insurer can also advise you if you need additional coverage, such as flood or fire coverage, as many properties in Los Angeles do. Know the replacement value of your home, taking into consideration any unique features. Think about probable inflation increases at renewal time. Will your insurance agency automatically adjust your coverage, or will you have to request a change?
2. Preparations before closing
As the closing date approaches, Eileen will check with your lender to make certain all necessary documents are in order and are being prepared. You will want to contact utility services such as gas, electric, water, cable, and telephone to set up services in your name for after the date of the close.
3. The walk-through
You are entitled to a walk-through inspection of the property in the final three days before the close. This is your final chance to make sure that all conveyed items are present, there is no new damage, agreed-to repairs have been completed, and the home is in good working order. Items to be checked out are numerous and include the exterior of the home (grading, roof and gutters, garage, siding, paint, concrete, brickwork, doorbell, e.g.) as well as the interior (lighting and fans, appliances, toilets, heating and cooling systems, faucets, electrical outlets, thermostat, fireplace, etc.). The house should be empty, except for conveyed items, and “broom swept“ clean. If any problems are discovered, Eileen Walsh will notify the seller and request repairs or monetary compensation for these items. Eileen will be present at the walk through and you are entitled to be there as well. The seller's agent will also be present.
4. And finally…the closing!
You should have recently received a settlement statement listing all the costs you’ll be required to pay at the close, such as an escrow deposit for taxes and insurance. In most cases you’ll be required to bring a certified check and a photo ID with you to the escrow office. The escrow officer will walk you through all the paperwork you'll need to sign. After all the paperwork is signed, you wait a day or two for the funds to transfer and your ownership to record at the county registrar's office. Once the recording is completed, escrow will call Eileen to announce the recordation. Eileen will then deliver to you the keys to your NEW HOME!
Congratulations! You are now a first time home owner!