Title insurance is one of the most misunderstood products of the real estate transaction. i Property records are jerky and confusing at best. There are no consistent recording methods and the laws pertaining to them are not easily maneuvered. When I got in the title business 12 years ago and since then, I have reviewed thousands of HUD1 settlement statements. I have closed too many transactions and until just recently, I thought I a had a pretty good handle on it all. Well, not the case!………. and I am certain that even those that have 2 or 3 times my years of experience, do not know it all. Read the rest of this entry
Contract and Closing vocabulary… sometimes a word gets mentioned and you just scratch your head, well…..scratch no more!!
One of the key documents is the HUD-1, (http://www.hud.gov/offices/adm/hudclips/forms/files/1.pdf ) a government-mandated statement that breaks down the costs of the transaction.
Depending on the city or county, buyers and sellers, borrower’s might receive more than one HUD-1 before closing so they can track new information and changes as the loan progresses. The final HUD-1 will be issued at closing or in your closing package. Read the rest of this entry
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