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.
Mortgage lenders require appraisals before issuing home loans. What happens if the home you want to buy appraises lower than what the seller wants? It depends on the contract. The buyer may lose his earnest money if the home does not appraise out and the seller is unwilling to lower the price. It's up to the buyer to cancel the home buying contract if the contract permits him to do that.
When you're selling a home and a buyer wants to buy the property as a gift is there anything you need to watch out for? Should the earnest money, which may become a down payment, be handled in a special fashion? It's critical that the transaction be handled with care to ensure estate planning and gift tax considerations are taken into account.
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?