Category: Escrow
What does "Legal Title" Mean in Real Estate?
By Home Bay
Posted on November 3rd, 2014
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
Read MoreHome 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
Read MoreMediation & Arbitration Clauses in a Real Estate Contract
By Home Bay
Posted on November 9th, 2014
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
Read MoreReal Estate Transfer Tax: Defined and Explained
By Home Bay
Posted on November 12th, 2014
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:/
Read MoreMortgage 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
Read MoreWho Pays for Title Insurance and What Is it for?
Posted on June 24th, 2022
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.
Read MoreWho Pays Escrow Fees in a Home Sale? Find Out!
Posted on July 26th, 2022
Escrow doesn't have to be a mystery! Find out who pays escrow fees and what role escrow plays in a real estate transaction.
Read MoreHow Much Are FHA Closing Costs? (Plus: How to Save in 2022)
Posted on August 26th, 2022
FHA closing costs are typically 2–6% of the loan amount. Here’s what they include and which fees you can negotiate.
Read MoreUnderstanding Pre-Closing Lender Delays (& What You Can Do)
By Home Bay
Posted on September 9th, 2022
Most sellers feel at ease once inspections and appraisals are done and they’re deep into escrow. But things can still go wrong.
Read MoreHome Buying Process Checklist: 13 Steps You NEED to Know
Posted on September 9th, 2022
Buying a house can get complicated. Here’s a home buying process checklist to make sure you don’t forget any steps.
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