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.
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.
Can I back out of a home purchase if I have already signed a contract and placed money in escrow? My answer to the question is, yes. If you don’t close on the contract, then you are in breach. And so, you look at the contract and it will say what the seller’s rights are customarily. It provides that you lose your deposit. And the seller is entitled to the deposit. There may also be other remedies in there that says that they have a right and equity or write a specific performance. I have talked to any number of people, who have backed out of contracts and, the realtors or other people are wanting them to go through with the transaction have said all that. They’re going to sue you to make you go through with the transaction. Well, that is really not a very practical remedy on trying to make someone buy the property. And that it is very expensive. As far as the attorney fees are concerned, the seller property stays off the market while they’re going through this exercise, which the whole purpose is to selling the property. And so my experience over many years is that after a certain amount of threatening and snorting and blowing, the seller agrees to accept the deposit as their damages and the buyer moves on and loses their deposit. So yes ,you can. And then you just need to look at your consequences. The sooner you decide not to purchase the property, I suggest you notifying the seller so they can put it back on the market and get it sold and exit the contract. You have any questions? Give me a call at (727) 847-2288.
How do I know if the property I’m going to buy has a lien against it? Well, you insert in the contract are most contracts, particularly ones that are approved by the Florida bar and the Florida realtors provide that the seller is obligated to transfer the property to you free of any liens or in conferences. So, whenever the transaction closes any liens that are against the property should be paid off by the closing agent who serves, who will also be issuing the title insurance, the title insurance will have under its schedule. What, if any liens or encumbrances are against the property? And if you need an attorney or someone to review those, to verify or advise you of what, if any encumbrances or liens are against the property, you should retain an attorney or review those many times an encumbrance may consist of an easement deed restrictions, homeowners, associations, things such as that versus a judgment lien, usually judgment liens or liens. IRS liens are all taken care of at the time of closing. And there should not be an exception in your title insurance. So whenever you contract for the property, you will contract a habit conveyed to you free and clear, and the liens will be paid off out of the closing proceeds by your closing agent title agent. So, if you have any questions about title insurance and purchasing property, give me a call at (727) 847-2288.
How do I know if the property I’m going to buy is in a deed restricted community? If you’re dealing with a realtor, you need to ask your realtor is the property in a deed restricted community. And if so, I need to receive a copy of the deed restrictions. The newer subdivisions, I would say in the last 30 years, usually set up homeowner’s associations. And so your contract, if it isn’t a deed, restricted community should reflect how much the monthly or the annual assessments are to the homeowners association. The deed restriction will also indicate what the responsibilities are of the homeowner’s association. If there is one, now the older subdivisions may have deed restrictions and those must be enforced by your neighbors or the other people in the subdivision rather than by the homeowner’s association. Whenever you close on the transaction or before closing, you can ask your title agent for a copy of the deed restrictions so that you can review them beforehand. If you do not want to be in a deed restricted community or have deed restrictions on your property, you should insert that in the contract and say, this contract is contingent upon there being no deed restrictions on the, uh, on the property or that they must be approved by the buyer. If you have any questions about deed restrictions and purchasing property with, or without deed restrictions, give me a call at (727) 847-2288.