Closing is the final step in transferring ownership of a real estate property from real estate seller to real estate buyer. Some states require a lawyer to be present at a closing. Closing costs can include the cost of the land survey, broker’s fees, taxes, attorney’s fees, utility fees, homeowners association fees and inspection fees. The fees can vary depending on the contract, the location, and the time of the month the closing occurs. Get more information here about real estate closing transactions.
Today on the Ilyce Glink Show, Ilyce ran down some of the ways loan options will be restricted, thanks to a new set of guidelines that has just been published by some of the country's top lenders. She answered questions about whether to go through with a new construction purchase, and talked to a seller about whether she could sue a buyer to make sure he closed on the purchase of her house. Don't forget to sign up for Ilyce's weekly newsletter and check out the videos at www.expertrealestatetips.net. and be sure to subscribe to her YouTube channel.
When you refinance your mortgage loan, as when you get a new mortgage loan, you need to carefully read the loan documents. If you don't you could end up with a negatively amortizing loan, which means that your principal will increase as you make mortgage payments. It's critical to understand the terms of your new loan when you're refinancing.
When you buy a home with an FHA loan you have to follow their rules, including one where you can't close on a home if it was just sold 90 days earlier. If a seller is eager to sell he may not want to wait that long. Can the seller keep the buyer's deposit if the closing gets delayed or canceled?
Mortgage companies have made it difficult, if not impossible, to tell what's a true cost and what's a junk fee. Home buyers are being charged for things that should be included in the profit the lender is making. Lenders have tried to counter the closing cost discussion by introducing mortgages that are "zero closing cost."
When you buy a home, it's good to understand whether the professionals involved in your home purchase can receive referral fees. The Real Estate Settlement Procedures Act prevents giving lawyers, real estate brokers and mortgage lenders referral fees. Learn how to stay clear of any illegal activity and follow real estate law when it comes to fees.