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    Being a first time home buyer, you may feel confused of what they need to do. Even though you finally got a loan and selected a home you like, you may still don't know exactly what next step you should take. Here are some tips about the buying process after you decided which home to buy to give you an idea of avoiding your loss.

    Taxes

    You have to pay property taxes. However, you can take a tax deduction on your property taxes. Publication 530 provides tax information for first-time home buyers.

    Survey

    The lender will ask for a survey of the property. It is a drawing of the house boundaries, where all the lines start and end. Without a professional survey, it is dangerous to pretend to know your future property lines. The survey will help you understand your legal rights in the property and what comes with it.

    Termite Inspection

    Most lenders require a termite inspection to make sure they are not lending money to buy a house eaten by termites which may crumble at any time.

    Walk Through

    This is the opportunity to check out the house to make sure it is in the condition you and the seller agreed upon in the contract. Any problems discovered previously that the seller agreed to fix should be corrected. If you find unfixed problems, they should be brought up prior to closing.

    At Closing

    From the buyer's side, your real estate agent will be present at the closing to help you with the process. Your loan agent should also be present to help provide any additional information or work with the loan office if the loan documents need to be revised.

    From the seller's side, the seller's agent, the seller or sellers "power of attorney" who can sign and make decision on the seller's behalf.

    Third part: There are other people from the title company, a closing agent, and sometimes attorneys from the seller's side and your lender.

    You need to know two things:
    What you need to bring to the closing.
    What papers you will sign and receive.

    You need to bring the following:
    1. A cashier's check for the closing costs disclosed to you prior to the closing date
    2. Your IDs (bring one with picture)
    3. Other documents required by the lender (Insurance Certificate, for example)

    You should receive the following:
    1. Settlement Statement, HUD-1 Form Services provided and the fees charged should be itemized.
    2. Mortgage Note ("Promissory Note" that you will pay back the loan)
    3. Deed of Trust (legal document to transfer real estate to you)
    4. Sales Contract (Review it carefully!)
    5. Keys to your new home
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