Re: New Home Cost


"CHarrison100" <43084071@xxxxxxxxxxxx> wrote in message news:1183726749$1017750@xxxxxxxxxxxxxxx



On Jul 6 2007 2:09 AM, Pepe Papon wrote:

On Wed, 04 Jul 07 12:38:51 GMT, CHarrison100 <43084071@xxxxxxxxxxxx>
wrote:

>
>
>
>On Jul 4 2007 4:46 AM, Pepe Papon wrote:
>
>> On Tue, 03 Jul 07 18:31:53 GMT, CHarrison100 <43084071@xxxxxxxxxxxx>
>> wrote:
>>
>> >> (points) you agreed to, any local transfer taxes paid by the buyer, >> >> and
>> >> misc. closing costs like notary and use of the room. You will >> >> generally
>> >> have to deposit with the mortgage company two or three months of >> >> next
>> >> year's
>> >> homeowners policy and three months or so real estate taxes. You >> >> will
>> >> have
>> >> to remimburse the seller for taxes he has paid beyond the date of
>> >> closing.
>> >>
>> >> All of this stuff (and more) is netted out on the closing sheet, >> >> but you
>> >>
>> >> have to have the money either in your new mortgage or in a >> >> cashier's
>> >> check.
>> >>
>> >> they will tell you how much to bring.
>> >
>> >Hey John
>> >
>> >Don't ask a realtor or Mortagage broker ask your lawyer. If you don't >> >have
>> >one
>> >get one. They do title searches, look for leans, look into taxes and >> >make
>> >sure
>> >that there is no way anyone can take it from you. Make sure you have >> >this
>> >CYA
>> >as
>> >you don;t want to find out 5 years down the road the previous owner >> >had a
>> >second
>> >mortgage and you end up in a big battle to keep your house.
>>
>> First, you should always use a buyer representative as you real estate
>> agent. That person will have a fiduciary duty to represent your best
>> interests. Make sure you find a competent one, as all agents are not
>> created equal.
>
>amen. I used 4 before i found a good one. When i recommened a lawyer for >all
>costs it was not to replace either a Realtor or Mortgage agent. You need >the
>3
>working as a team.

It depends on which state you're in. In Mass., where I bought my
first property, a lawyer was essential. In CA, where I am now, we
have escrow companies, which are essential, and which perform the
functions that a real estate lawyer would perform elsewhere.


So ture. It is even more different when you in a different country as I am.

>>
>> A title search should be a routine part of the process. You need to
>> have title insurance, but I doubt there are many mortgage lenders who
>> will close a loan unless you have it.
>
>A title search is needed but you should also have any leans against it
>investigated too.

If I'm not mistaken, the title search includes investigating liens on
the property, and the title insurance insures you against them.
--

Maybe in your neck of the woods but up here in the Great White North I was told
that not all leins show in a title search. I have read horror stories about
houses after 5 years getting tied up in court over a promisary note between 2
individuals. Even with the insurance you still have to wait and see as the
courts do their thing.

This is the point of title insurance. If it is a lien, then it is on a public record somewhere. Notes, debts, etc that aren't recorded just are not liens. If there is a claim like this the title company pays the defense costs and any judgment. If the insured party was in the process of selling, the carrier would probably have to post a bond or deposit a surety to clear the title.

.

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