Video Summary

Why would my spouse have to sign If I’m going to live on the property? This is a question I get asked frequently, whenever someone is married and they wish to buy a home many times that there are estranged from their spouse and have come to Florida and want to buy a house and need to have financing. The reason for this is, the Florida constitution provides that if you obtain homestead property, that the mortgage must be joined, which means the spouse must sign the mortgage document in order for the mortgage to be effective against the property that you’re purchasing. So a result of that, no lenders going to lend you any money unless they have a valid mortgage. The title companies will always ask your marital status. And if you are married well then, they will require the joiner of your spouse. Which means the spouse would have to sign the mortgage. The spouse doesn’t necessarily have to sign the promissory note. The promissory note says, I promise to pay, or as the IOU, whereas the mortgage simply says it’s a lien and gives the lender the right to take the property away from the borrower, if the promissory note is not paid. So the reason for it is pursuant to the Florida constitution. It is required in order to have an effective mortgage. If you have any questions, give me a call at (727) 847-2288.

Video Summary
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.