Blog Archives

How to Guide: Real Estate Closings – Part I

For starters, the title company will need a legible, fully executed copy of the contract and all addendums. Also, don’t forget to send the title company the prior title policy and the survey, if no changes have been made. The listing agent should submit an info sheet with contact information for the buyer, seller, buyer’s agent, seller’s agent, mortgage loan originator (MLO) and the attorney for seller and/or buyer. The info sheet should contain the current mailing address, phone number(s), email address(es) of both the buyer and the seller.  Verify the real estate commissions and or transaction fees, if any.  Read the rest of this entry

Uh-oh! Seller Concessions MISHAP!

I heard yet another story this week that made my jaw drop.  So, of course, I just had to share it with you!  Most home loans, with exception of a very few, require a down payment.  This down payment is considered a “minimum cash investment”, which is required by Lender.  Seems pretty fair to me!  Well, unless you know all the rules and regs, it can get pretty dicey.  Any typical buyer isn’t going to know all the stipulations of their loan, but most of the details will be explained to them by their loan officer and Realtor.  Unless of course…the loan officer and the Realtor haven’t stayed up on continued education.  <Cue the dramatic music> Read the rest of this entry

Buyer’s Closing Costs vs. Seller’s Closing Costs

If you’ve read Jennifer’s blogs, you know the definition of closings costs.  Certain fees are automatically assigned to either the buyer or the seller; other costs are either negotiable or dictated by local custom.  Since we have many transients in Florida, I get asked about this a lot.  Here’s what you can expect: Read the rest of this entry

What are YOUR responsibilities while in escrow?

While there are many steps to the process of purchasing your home, one of the last steps is the time in which your loan is being processed. This time is referred to as “being in escrow”.  This occurs after your purchase offer has been accepted and after you have provided your earnest money to your escrow agency. Read the rest of this entry

ESCROW ??

Escrow as Earnest Money

 Earnest money, also known as escrow, refers to the money a buyer includes with their purchase offer to indicate to the seller that they are serious about purchasing the property.  Yet, that is not the only use of the word. It can be used as a verb or a noun, even an adjective. It is used as a noun, as it is defined previously. As a verb, it means to place an item into an account. And to be used as an adjective, you may hear the term “escrow agency”, a company that has fiduciary responsibilities over a transaction.  For the purpose of this blog, it means earnest money. Read the rest of this entry