The process starts with a real estate buyer with a property under contract. Once the settlement agent or closing attorney has been retained by the mortgage lender the begin the “title work.” That is the examination of the chain of ownership or chain of title to the property. This examination discloses the history of owners and lien holders on the property and helps the closing attorney to ensure that the buyer receives good clear title to the property and that the seller actually owns the property.
The closing attorney will also assist the lender to make certain the certain conditions of the mortgage loan are met. Like having the property insured for the proper amount of homeowner’s insurance or “hazard” insurance. The closing attorney will also help the lender and borrower meet conditions of the loan that are related to the title to the property, such as providing accurate real estate tax information. (more…)
The National Association of Realtors® (NAR) Pending Home Sales Index measures the number of home purchase contracts that were signed in the monthly reporting period. Once “pending” sales contracts are closed, they are considered an Existing Home Sale. Because the Pending Home Sales index tells us how many contracts were signed, it is considered a forward indicator of Existing Home Sales. A signed contract is not counted as an Existing Home Sale until the transaction actually closes.
Realtors® are licensed and are trained to understand all aspects of real estate sale and purchase transactions as part of that licensing. From rules and regulations to financing options a good Realtor can guide their client through the complicated process of buying or selling real estate. Realtors® are required to continue their training annually to receive training credits to renew their licenses.
Realtors® have access to resources not available to the average home buyer or seller. (more…)
HUD’s videos are easily accessible from HUD’s website as well as from HUD’s YouTube channel.Keeping up with the changing times and the push of social media the Department of Housing and Urban Development (HUD) has set up a YouTube Channel. HUD has unveiled three how-to videos to assist potential homebuyers find an affordable home, shop for the right mortgage and what to expect at closing. (more…)
With all of the recent talk of improper foreclosures having taken place, and the issues with bank owned real estate title problems, the question of the need for title insurance has been a hot topic. I have always stressed the importance of purchasing an owner’s policy of title insurance. Regardless of who is selling the property, how long it has been in the family or how familiar you or the seller may be with the property you just never know (more…)
