0
What else can I help you with?
When renegotiating conscessions in a real estate contract gets convoluted?
Remember to a seller they want to know what their 'net' price is on a sale of real estate property. So however you negotiate such things as closing cost concessions or any credits or share of repair costs for the property, it means less monies for the seller. Simpler is better in a real estate contract. In a hot market, concessions requested may put you as a buyer at a disadvantage in obtaining the property. In a slower selling market, as a buyer you may have more leverage to request closing cost credits or repairs being done prior to closing. A knowledgeable real estate agent should be able to guide you well in either market.
How can a family member buy the house after the single home owner dies?
The decedent's estate must be probated and the buyer can arrange to purchase the property from the estate administrator.The decedent's estate must be probated and the buyer can arrange to purchase the property from the estate administrator.The decedent's estate must be probated and the buyer can arrange to purchase the property from the estate administrator.The decedent's estate must be probated and the buyer can arrange to purchase the property from the estate administrator.
What information is typically included in a copy of a HUD closing statement?
A HUD closing statement typically includes details about the buyer, seller, property, loan, and closing costs. It outlines the financial transactions and fees involved in the real estate closing process.
How does the process of "for sale by owner" work for the buyer?
When a buyer purchases a property listed as "for sale by owner," they directly negotiate and deal with the property owner without involving a real estate agent. The buyer and seller work together to agree on the terms of the sale, including the price, closing date, and any other conditions. The buyer may still choose to hire a real estate attorney to help with the legal aspects of the transaction.
Is it legal for a buyer to request the seller who has offered credit for repairs to have a statement in the final paperwork indicating that the credit is for closing costs NOT repairs?
No how can it be leagel
When does real estate agent earn commission?
The real estate agent earns the commission for selling a home or for representing a buyer who has a completed the purchase and sales agreement and ultimate closing on a piece of real property. The commission is paid to the broker of record at the closing, or settlement in some states, has occurred.
When closing on loan do they find tax liens or at deed signing?
Liens are found prior to the closing when the title to the real estate is examined so that the buyer can take title free and clear of any liens.Liens are found prior to the closing when the title to the real estate is examined so that the buyer can take title free and clear of any liens.Liens are found prior to the closing when the title to the real estate is examined so that the buyer can take title free and clear of any liens.Liens are found prior to the closing when the title to the real estate is examined so that the buyer can take title free and clear of any liens.
What is the process for providing an earnest money credit to the buyer in a real estate transaction?
In a real estate transaction, providing an earnest money credit to the buyer involves deducting the amount of earnest money they have already paid from the total purchase price of the property. This credit is typically applied at closing, reducing the amount the buyer needs to pay upfront.
If your parents have signed over their house to you but have lifetime use can they still pay for repairs?
In this case, parents have actually transferred a remainder interest and retained a life estate. A life estate is a bona fide form of property ownership. As such, they can certainly pay for repairs and make improvements. They can even sell their life estate, however, the buyer of the life estate is divested upon the death of parents.
What is the process for handling prepaid HOA fees at closing when purchasing a property?
Prepaid HOA fees at closing when purchasing a property are typically handled by the seller. The seller will provide the buyer with a statement showing the amount of prepaid HOA fees, which the buyer will then reimburse to the seller at closing. This ensures that the buyer takes over responsibility for the HOA fees from the date of closing onwards.
Who pays property taxes when buying a home?
Typically the seller will, however in real estate anything is negotiable. The real estate broker or other person responsible for the closing estimates the annual real estate taxes for the subject property being sold. The seller is responsible for the real estate taxes from January 1 through the day before closing. The buyer is responsible for real estate taxes as of the day of closing through the end of the year. Real estate taxes are generally estimated and prorated on a calendar year basis. At closing both the buyer and the seller receive a copy of the settlement sheet that, among other things, shows debts and credits for real estate taxes. If, at the end of the tax year, the estimated taxes were substantially inaccurate, the party that underpaid for their portion of the prorated year can be asked to contribute to the party that overpaid.
Who pays the title opinion in real estate?
The title opinion is a written statement confirming the ownership rights of the property. Both the buyer and the buyers lender need to know that the seller is in a position to convey the property. Since the attorney prepares the title opinion on the buyers behalf it's the buyer who pays for it. (This would be considered a closing cost on the buyer's side).
