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Purchasing a home is exciting. Once escrow begins, the excitement can change to frustration, particularly if you are not familiar with the closing process or the closing costs associated with the transaction.

Closing costs simply refer to the fees associated with various expenses incurred in a real estate transaction. In the excitement of having an offer accepted for your dream home, you can easily lose track of the fact you are going to incur costs over and above the purchase of the home. Many people make the mistake of only assuming they need the down payment money, and have to rush around town trying to come up with money for the closing fees.

Do yourself a favor, and discuss closing costs in advance with your attorney at Ballaga & Freedman, LLP.  And watch this video to have a good mental picture of the costs that you’re likely to incur.


What is title insurance and why should a buyer get it when purchasing real estate? Doesn’t the attorney or title company handling the closing see to it that you have clear title? Like other forms of insurance, it is prudent to pay a relatively small premium for protection against a substantial loss.

Title insurance prevents the property owner from suffering a loss if, at any time during his/her ownership of the property, a third party comes along claiming a full or partial ownership interest in the property.

A title examination is done prior to the closing of the property. Sometimes mistakes are made during the exam process. Searching the history of ownership to be sure nothing has fallen through the cracks is a tedious job that requires alertness, intelligence, and skill.

It is very likely that the value of your property will go up over the years. As time passes, these elements are likely to result in your home equity’s being a significant personal asset. Just how devastating would it be if you eventually discovered that someone else owned what you’d always thought was your home? Imagine if you were served with a foreclosure lawsuit for a loan that you never took out.

Do yourself a favor. When you buy real estate, buy title insurance.  And watch the video to understand the essentials.