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Closing

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What’s A Private Transfer Fee In Real Estate?

Usually when we think of a real estate sale we think that the interest of the seller ends with closing. It is, after all, called “closing” for a reason. Now, however, some sellers are trying to maintain a financial interest in a property for decades after it’s been sold, not with a mortgage or a […]

July 12th, 2010 | | 3 comments | Continued
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Can We Have A Paperless Real Estate Closing?

Given the widespread use of electronic devices for just about everything — and given the growing volume of ecommerce — it’s not unreasonable to ask if we can have paperless closings, events sealed with electronic signatures. For the moment and most-likely for a long time to come the answer is no. The problem is not […]

May 14th, 2010 | | 0 comments | Continued
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How To Read The HUD-1

Since January 1st, 2010, all real estate transactions have been settled using a new HUD-1. The HUD-1 is a standardized form which allows real estate buyers and sellers to clearly understand the costs of their transaction. The original HUD-1 was developed as a by-product of the Real Estate Settlement and Procedures Act of 1974 — […]

November 8th, 2009 | | 0 comments | Continued
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New Pro-Borrower Mortgage Rules Set For July 30th

It will be a new deal for real estate borrowers as of July 30th. That’s the day when new standards developed under the Housing and Economic Recovery ACT (HERA) go into effect. Okay, so what’s the big deal? In basic terms, the rule says that if you apply for a loan on July 30th or […]

July 13th, 2009 | | 2 comments | Continued
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Can 11,000 Appraisers Be Wrong?

Gee, golly, mention the idea of pressuring appraisers to come up with the “right” valuation numbers and you’re hardly alone. There seem to be a large number of appraisers who have encountered efforts to distort their valuations. Say 11,000 of them. That’s how many signed on at AppraisersPetition.com. And what, exactly, is their beef? As […]

June 29th, 2009 | | 0 comments | Continued
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New appraisal code should help home buyers

Freddie Mac and Fannie Mae’s new Home Valuation Code of Conduct went into effect as of May 1st, a document which is important to buyers, sellers and lenders. For a number of years appraisers have reported being pressured to meet certain price points when evaluating a home, pressure placed on them by lenders and loan […]

May 11th, 2009 | | 3 comments | Continued
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Do We Have To Make The Last Mortgage Payment When Refinancing?

The closing agent will check with your current lender prior to settlement to get a pay-off for the existing loan. If you have a payment due on the first of the month some will tell you it should be paid. Others in the lender community argue that it’s okay to bring the last payment to […]

February 27th, 2009 | | 0 comments | Continued
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What If I Don’t Sign The Mortgage Lender’s Form?

Question: When applying for a mortgage we were asked to sign a form which would allow the lender to check past tax returns. This doesn’t seem right. What happens if we don’t sign? Answer: Most probably you have been asked to sign IRS Form 4506. This form authorizes the IRS to provide tax returns for […]

November 12th, 2008 | | 0 comments | Continued
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How Can We Delay Closing?

Question: We\’ve sold our home and are soon going to closing. However, because we have been unable to find a suitable replacement property we want to delay settlement while the buyers want to close on schedule. How can we delay closing? Answer: Imagine if closing is delayed by a month. Imagine also that the purchasers […]

November 6th, 2008 | | 0 comments | Continued
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Why is it necessary to survey a home each time it’s sold?

A survey is very important. It shows the amount of property purchased, the location of improvements on the lot (such as the house), and the location of the lot itself. A new survey is needed each time a property is sold not because a house might move, but because of encroachments, easements, and such. For […]

August 26th, 2008 | | 0 comments | Continued