Category: Escrow

  • When you purchase a property, you have to decide how you want title to read after closing. "Title" is the legal paperwork that states who owns the property. Title can be held by a person, a company, or a trust. This post will explain what your options are and how your name will look on your title in various examples. Examples: John Smith owns a limited liability corporation, called Smith LLC. He also has a trust, called The J. Smith Trust. When John purchases a real estate property, he can choo

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  • Home Warranty: Defined & Explained

    By Home Bay

    Posted on November 6th, 2014

    A home warranty protects a home buyer from costs associated with home repairs in their first year of ownership. For example, if the dishwasher breaks or if a pipe bursts, the warranty company will pay to fix or replace it. Read on for more details on what a home warranty covers and what it costs. Coverage: A home warranty will typically provide repair or replacement coverage for appliances [https://www.homebay.com/tips/do-you-have-to-fix-everything-before-you-sell-your-house] , plumbing, electr

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  • In a real estate transaction, buyers and sellers are sometimes faced with an issue they cannot resolve on their own. Rather than litigate (i.e. go to court), the parties can agree to mediation or arbitration. These alternative methods of resolving issues are typically faster and less expensive for both parties, making them preferred options over litigation. The decision to use mediation and arbitration (vs. litigation) is written directly into the Offer to Purchase Real Estate. Mediation vs. A

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  • There are a number of fees involved [https://www.homebay.com/tips/what-it-really-costs-to-sell-a-home-seller-fees-explained] in buying and selling a home, and real estate transfer taxes fall into this category. Curious about what transfer taxes are and what types of transfers incur these fees? Keep reading for answers! What is Transfer Tax? When one person (or entity) transfers land or real property to another, the transaction may incur a transfer tax. The tax rate can vary by location [http:/

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  • Mortgage Fees: Defined & Explained

    By Home Bay

    Posted on November 17th, 2014

    As you likely know, there are a number of fees involved in a real estate transaction [https://www.homebay.com/tips/what-it-really-costs-to-sell-a-home-seller-fees-explained] . Mortgage fees fall into that category. This post will explain what mortgage fees are, what they cover and who pays them. What mortgage fees are involved in a sale? Fees associated with applying for a mortgage are paid for by the buyer. As buyers evaluate various lenders, it's a smart practice to compare home loan fees the

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  • Who Pays for Title Insurance and What Is it for?

    Who pays for title insurance can depend on where you live. Read on to find out if you'll be paying this expensive closing cost.

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  • How to Open and Close Escrow: The Crucial Steps You Need to Take

    Escrow begins when you sign a contract and closes when the title changes hands. Learn the steps to close escrow before selling your house.

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  • Understanding Proration in Real Estate: What Is It and Who Pays?

    Proration for a home sale sounds confusing, but it's actually quite simple. Learn all about real estate proration and find out who pays those costs at closing.

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