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Vocabulary Lesson 9

vocabulary property guiding

 

 Lesson 9

Association Dues and more…we all get to a closing to see a bunch of fees, however we never seem to really understand what they are or what we are paying for. This should assist in that process. Read the rest of this entry

How to Guide Real Estate Closings – Part II

There is a lot to gather together for a real estate transaction, but with the help of your friendly title agency, you shouldn’t have to go crazy!

The title company will need to know if this closing will be a mail away. A closing can take place without any parties actually coming to the closing. This can happen via overnight mail or email, depending on which side of the transaction you are on. If the seller is a foreign national or out of the country, the seller may need to coordinate an appointment at an Embassy for notary purposes, so the seller may need to plan ahead. Read the rest of this entry

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

ESTOPPELS

ESTOPPELS

Estoppel, what a funny word, but in Title Insurance, it is a word that is used and needed to get you to the closing table!

What exactly is an estoppel? An estoppel letter is typically used in a transfer or conveyance of real property before the Closing transaction. It is a document sent to a homeowners’ association (or condo association), to a city/municipality, or a tenant requesting a payoff of a mortgage, assessments or taxes due, or rental amounts due on a lease, to incorporate these amounts into the Settlement Statement for the buyer and seller of the real estate. It certifies the conditions that must be met by the title company to make sure that nothing is due and owing to the appropriate place at the time of closing. Read the rest of this entry