What is Estoppel Letter?

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What is the Estoppel letter? An estoppel letter is a statement by someone who is owed money. They set forth how much money is owed bias, particular date. You can then rely upon that as a closing agent or someone whose paying them that amount. That is how much is owed. And if you pay them that amount, then that will satisfy a mortgage on outstanding lien. You get the word to stop on means that they are stopped from claiming any additional money. As a result of giving you this estoppel statement. This is customarily used to obtain the payoffs and determine the amount, if any, that’s owed to homeowners association pay off existing mortgages. We get the estoppel statement from the lender to say how much money we need to send to them. If there is judgements as to how much needs to be sent in order to have the judgment satisfied as well as any other liens that need to be paid. Estoppel statements are also used whenever you have a landlord tenant situation and you have a statement as have the tenant set forth, how much of a deposit they have, and that they don’t have any claims against the landlord. There’s other instance Estoppels are used for that gives you a flavor or estoppel statements are used and when they’re used. if you have any questions, give me a call at (727) 847-2288.

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Why Do You Wait Until The Day Before Closing To Tell Me How Much I Need For Closing?

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Why do you wait until the day before closing to tell me how much I need for the closing? The reason for that as the closing agent is we do not have the information or we don’t have the amount. This is usually associated with Europe, obtaining a mortgage through a financial institution. They don’t finalize their figures as to how much money you need to bring for closing as a result of getting financing and how much money they’re going to supply less their closing costs. So we cannot determine the amount that you need to have prior to the day before closing, if you would like to wire an amount which may be an excess of what you need and get a refund. Well, you need to ask the closing agent for that figure, and we’d be pleased to give it to you if you want the exact figure.
However, we wound up waiting until the last minute or the day before closing, because the lender doesn’t give us all finalized , what they call the closing disclosure form. The final closing disclosure form until the day before closing on a cash transaction, you should be able to get that information ahead of time, unless it’s a very quick closing and we do not have all of the information in as far as, taxes or liens or something such as that, but an a cash closing, you should be able to know how much you need to send them prior to closing. Of course, we do require all wires to be sent or the money be wired for closings. if you have any questions, give me a call at (727) 847-2288.

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How Should I Hold Title?

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How should I hold title? I’m assuming the question relates to how you should hold title to real estate. And the answer is dependent on what you’re going to be using the property for after you purchase it, if it’s going to be your home, I suggest that you hold title in your name as husband and wife. If you are married, if you’re not married and you have a significant other, then you need to take title as joint tenants with right of survivorship. If you’re single, then take title in your individual name. The reason for this, is do you have any number protections under our Florida constitution? Sensitive will be your homestead property. It’s exempt from the claims of creditors course not the mortgage cause that’s a secured creditor, but anyone that would just happen to sue you if it’s investment property, well then who are the investors and how should the investment property be titled. It may be in a LLC, some other name, if it is residential property of four families or less than, and you may want to take title just in your individual name in order to obey yourself or take advantage of the 30 year mortgages that are available, which are not available if you take title and an LLC. So a lot depends on the purpose that the property is being acquired for and its use after you acquire it. If you have any questions, give me a call at (727) 847-2288.

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Is a Survey Necessary When You Purchase a Home and Obtain Bank Financing?

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Is a survey necessary when you purchase a home and obtain bank financing? Yes, it is necessary. Your lender may say,” Oh, we don’t require a survey”. However, they do require title insurance. The title insurance would ensure that the bank has a first mortgage on the property. And part of their requirements is that the survey exception be deleted from the title insurance, which says that there are no encroachments or problems with the boundaries of the property or where the improvements are located. So the title insurance agent will require that a current survey be provided so that those exceptions can be deleted from the title insurance. So, although a lender may say we don’t require a survey, their requirements do require a survey to be obtained. So yes, you will need to obtain a survey. Whenever you obtain bank financing, when you’re purchasing a home, if you have any questions, well give me a call at (727) 847-2288.

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What Happens If I Die Without A Will?

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What happens if I die without a will? The first thing that you need to do when someone dies without a will is determine what assets that they own and how they are titled. If the assets are titled in joint names, then they automatically go to the survivor and all they need is a death certificate. If there is a beneficiary on the assets such as life insurance or individual retirement accounts, IRAs, then all you need is a death certificate and contact the custodian of the IRA to have the money transferred to the beneficiaries, same thing with annuities, and also brokerage accounts that are transfer on death or bank accounts that are payable on death. If there is an asset that is just in the decedent’s name and they did not have a will then the Florida statutes set forth who is to receive the money, starting with the widow. And there is no widow or widower were then it passes to the children and on and on and on as to who receives the assets in the event that whenever someone dies without a will. So the Florida statutes state, who receives the assets upon the Seton’s death. So if you have any questions, we’ll give me a call at (727) 847-2288.

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