0
What else can I help you with?
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.
What closing costs can a seller legally pay for a buyer?
The underwriting requirements of a mortgage you may be taking to buy the property have restrictions that dictate the percentage and the type of closing costs that the seller can pay and still allow the borrower to qualify for the loan. These vary with all of the many mortgage programs that are available. == == Generally those closing costs that can be paid by the seller for the buyer are referred to as "non-recurring" closing costs. Call your local escrow company, and they can tell you what is appropriate for your area.
What is the seller's responsibility if damage occurred to the house the night before the closing?
I believe that you are responsible as the seller for any damage to the property until the papers are signed in the closing . At that time it becomes the new owners responsibility. Check with your realtor and closing attorney. Generally speaking, the seller still owns it and it is therefore his problem.
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.
When is a property sale concluded?
The sale is concluded at the closing generally when the deed is delivered to the buyer and the consideration is paid over to the seller. Then, everyone smiles, shakes hands and the property has a new owner. The deed must be recorded in the land records immediately.The sale is concluded at the closing generally when the deed is delivered to the buyer and the consideration is paid over to the seller. Then, everyone smiles, shakes hands and the property has a new owner. The deed must be recorded in the land records immediately.The sale is concluded at the closing generally when the deed is delivered to the buyer and the consideration is paid over to the seller. Then, everyone smiles, shakes hands and the property has a new owner. The deed must be recorded in the land records immediately.The sale is concluded at the closing generally when the deed is delivered to the buyer and the consideration is paid over to the seller. Then, everyone smiles, shakes hands and the property has a new owner. The deed must be recorded in the land records immediately.
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.
What closing costs can a seller legally pay for a buyer?
The underwriting requirements of a mortgage you may be taking to buy the property have restrictions that dictate the percentage and the type of closing costs that the seller can pay and still allow the borrower to qualify for the loan. These vary with all of the many mortgage programs that are available. == == Generally those closing costs that can be paid by the seller for the buyer are referred to as "non-recurring" closing costs. Call your local escrow company, and they can tell you what is appropriate for your area.
What is the seller's responsibility if damage occurred to the house the night before the closing?
I believe that you are responsible as the seller for any damage to the property until the papers are signed in the closing . At that time it becomes the new owners responsibility. Check with your realtor and closing attorney. Generally speaking, the seller still owns it and it is therefore his problem.
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.
What is the definition of a seller's concession?
Seller's Concessions or seller contributions are the amount or percentage of closing costs that the seller agrees to pay from his or her proceeds. This amount should already be included in the contract. If you need any further help with this feel free to call my office (214)607-1445.
When is a property sale concluded?
The sale is concluded at the closing generally when the deed is delivered to the buyer and the consideration is paid over to the seller. Then, everyone smiles, shakes hands and the property has a new owner. The deed must be recorded in the land records immediately.The sale is concluded at the closing generally when the deed is delivered to the buyer and the consideration is paid over to the seller. Then, everyone smiles, shakes hands and the property has a new owner. The deed must be recorded in the land records immediately.The sale is concluded at the closing generally when the deed is delivered to the buyer and the consideration is paid over to the seller. Then, everyone smiles, shakes hands and the property has a new owner. The deed must be recorded in the land records immediately.The sale is concluded at the closing generally when the deed is delivered to the buyer and the consideration is paid over to the seller. Then, everyone smiles, shakes hands and the property has a new owner. The deed must be recorded in the land records immediately.
Does the seller to pay closing cost?
Generally the buyer pays closing costs. Some closing costs legally MUST be paid by the buyer. However, the seller could offer to pay some costs if they want to, or the buyer could ask the seller to pay some of the closing costs. Ultimately the seller has to decide how badly they want to make the sale.
What is a transferor?
When dealing in conveyancing / property - the transferor is the seller. When dealing in conveyancing / property - the transferor is the seller.
Is there a law that states the seller only pays 3 percent of the closing costs?
Yes, but only for FHA loans. As of last week many FHA guidelines were changed. One of those Guidelines include the percentage buyers can obtain in Seller provided closing cost. Previously, a buyer could receive up to 6% of the purchase price from the seller for nonrecurring closing cost (in the state of California and I believe nationwide but I am not sure). As of last week the max is 3%. This reduction is said to prevent inflation of sell prices. Generally, a seller will increase the asking price of any given property with the assumption that the buyer will require up to 6% back to cover closing cost, this process inflates the market value of a house. I hope this answers your questions Shira Crawford Realty World Agent Monterey, California (949) 232-3232
If the lender changed interest rates a week before closing on a property sale can you cancel the contract with the seller without being sued?
If the loan and rate were conditions of the sale, yes.
Can you move in a house before closing?
By agreement with the seller, yes.
Who owns Seller furniture if they do not move the furniture out by a contracted date in the P and S after the closing date?
The furniture is the property of the seller. How the matter is resolved will be something to figure out between the two parties. It could involve anything from the payment of rent to the payment of disposal fees.
