Though it seems like we just began this homebuilding process yesterday, we are only a little over one month from going to closing. We have started all the business-handling processes including locking in our rate for our loan and scheduling the closing date.
As a reminder - Toll Brothers DOES NOT pay for the title insurance. I was reassured by the sales manager that this is common practice by Toll Brothers across the country, not just in Houston. When my Realtor heard this for the first time at signing of the contract she was shocked and had never heard of a seller not paying for the title policy. Likewise, the Toll Brothers sales manager had never worked with a builder who did not pay for this. Needless to say, it will cost us +$4,900 in addition to expected closing costs and downpayment.
Prior to closing on our new home we will have a final walk through the week before. The purpose of this final walk through will be to make sure that everything is done to our satisfaction. We have been advised to have our private inspector conduct his inspection the week or so before so that we can have the inspection report during the final walk through and make sure that all items in the report have been addressed.
The closing is supposed to take place at the Design Center which is far away. It is approximately 45 minutes from where I currently live. My financial advisor told me that since Toll Brothers does not pay for the title policy, then we should be able to choose the title company and the location of closing. I will certainly be looking into this.
Dee, did you negotiate the price of your home or the price of additions? I've heard it's hard to negotiate with TB. Also, how much do additions cost relative to base home price? would you say 15-20% of price is a reasonable expectation?
ReplyDeleteAre you saying the title insurance was not included as part of the closing cost in your original GFE and this came as a complete shock? Or was it included and you just assumed TB would cover this? I have a GFE from TB that includes the title insurance charges for settlement services.
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