All Posts Tagged With: "Closing"
When Will We Close?
In real estate when a property is sold there is a sale agreement. That agreement outlines the obligations of buyers and sellers. “Closing” or settlement is where the obligations of the contract are fulfilled — the buyer brings money, the seller brings title, the lender brings money for the purchaser, there is a title report, [...]
29Aug2008 | Peter G. Miller | 0 comments | Continued
How are real estate escrow accounts used at closing?
It sometimes happens that not all agreed promises found in a sale agreement can be fulfilled by closing. For instance, if closing takes place in January in a cold climate it may not be possible to test the air conditioning system. How does the buyer know the system works? It’s best to wait until warmer [...]
29Aug2008 | Peter G. Miller | 0 comments | Continued
Can I review my closing papers before settlement?
Yes. Under the federal Real Estate Settlement and Procedures Act (RESPA) closing papers must be available to you upon request 24 hours before closing. The best approach is to have your attorney or broker make a formal, written request to the closing agent well in advance of closing. Technorati Tags: Closing, closing papers, RESPA, settlement
27Aug2008 | Peter G. Miller | 0 comments | Continued
What happens if a title problem is found after I buy a home?
In the usual case, title problems are rare. However, because title problems can arise, as a condition of obtaining a mortgage your lender will require that you buy title insurance, protection in case a title snag is found. If a problem shows up, the title insurance company will step in to defend your interests, including [...]
26Aug2008 | Peter G. Miller | 0 comments | Continued
Why are title issues complex?
Title issues are typically determined at the state level and how a home is titled can have significant tax, estate, liability, and financial implications. For instance, you can have a tenancy by the entireties (for married couples), community property, a tenancy in common (where interests need not be equal), a joint tenancy (where all interests [...]
24Aug2008 | Peter G. Miller | 0 comments | Continued
Isn’t It Time For Portable Mortgages?
Each year about 40 percent of all home sales involve first-time buyers, which means that 60 percent of all transactions involve people who have bought and financed before. Surely buyers, sellers, and brokers must wonder why it is that with each home sale buyers must be repeatedly qualified and why debt from one home cannot [...]
7Aug2008 | Peter G. Miller | 0 comments | Continued
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