Purchasing a home in Monrovia involves signing legal contracts and following required real estate procedures. When purchasing a home, you need to know the terms of the purchase agreement, financing paperwork, title search, insurance coverage, closing charges, and settlement procedures. Speak with a real estate lawyer to ensure you understand the legally binding agreements and required steps when purchasing one of the many homes for sale in Monrovia.
How to buy a home in Monrovia: The purchase agreement
The purchase agreement is the central legal document when buying a home in Monrovia. This contract specifies the purchase price, closing date, contingencies, and key transaction terms. Ensure you understand each section of the purchase agreement before signing. Key elements include the deposit amount, mortgage and inspection contingency, closing costs, and possession date. Work with your real estate agent to negotiate favorable terms in the purchase agreement.
Inspections
Home inspections are a critical part of any Monrovia home purchase. Inspections allow you to evaluate the condition of the home. Common inspections include general home, pest, radon, mold, chimney, and sewer line. Build inspection contingencies into the purchase agreement so you can back out if major issues are found. Review inspection reports carefully and request the seller make repairs or provide credits for defects uncovered.
Title search and insurance
The title search examines public records to confirm the seller owns the property free of liens. Review the preliminary title report to spot issues like pending foreclosure or tax liens. Title insurance protects claims against the title from past owners or lienholders. Both lender’s and owner’s title policies are recommended when purchasing a Monrovia home.
Escrow and closing
The escrow company handles money, documents, and other items to facilitate the sale. You will wire your down payment funds and closing costs to escrow before closing. The escrow agent will disburse money to the seller, pay off the existing mortgage, and handle the recordation of the deed transfer. Carefully review your closing statement before signing to ensure the figures are correct. Bring proper identification and your wired funds to the closing appointment.
Homeowners Insurance
Lenders require homebuyers to obtain homeowners insurance to protect against perils like fire, storms, theft, and liability. Shop around to compare quotes on coverage types and costs. Obtain quotes at least a month before closing to avoid delays. Provide proof of paid insurance premiums to escrow. Review policy exclusions and understand claim procedures. Update coverage as you make improvements.
Monrovia real estate
Monrovia is known for its tree-lined streets and Craftsman homes. The city has seen increasing interest from homebuyers in recent years. Monrovia has a small-town vibe and proximity to major job hubs such as Pasadena and Los Angeles, offering reasonably priced single-family houses and condos compared to much of Southern California. The historic downtown area also appeals to buyers looking for walkable neighborhoods.
Lifestyle in Monrovia
Monrovia is a quaint Los Angeles suburb tucked away in the foothills of the San Gabriel Mountains. The city has excellent schools, a vibrant downtown with local shops and restaurants, and plenty of parks for family-friendly outdoor activities like hiking. Monrovia offers a quieter lifestyle away from the hustle and bustle of the big city despite being only a short drive from Los Angeles.
