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Buying Your Katy-Cinco Ranch-Richmond Area Home For The Best Price!

Buying Your Katy-Cinco Ranch-Richmond Area Home For The Best Price!


Buying Your

Katy-Cinco Ranch-Richmond Area Home

For The Best

Price!

 

Chapter 17  Part 3 WHAT THE TITLE COMPANY DOES

Fred Miller, Realtor serving Katy, Cinco Ranch, Pecan Grove, Richmond, Westpark Tollway, Fulshear. FredMiller9@gmailcom , www.RichmondKatyHomes.com, Office receptionist: 281/342-2288 Cell 281/924-2531

Closing is the procedure of legal passing of title of a property to another party.

This is usually done at a title company for several reasons.

D. Closing by the Title Company

1. Escrow officer explains documents to Buyer and Seller, then Buyer and Seller sign.

2. Escrow Officer returns loan documents to lender

3. Lender authorizes Escrow Officer to Record the transaction in courthouse, and then funds the loan

4. Escrow Officer disperses funds

5. Keys are handed out, corks fly and the celebration commences to the cheers of all concerned.

WHO PAYS WHAT?

It should be noted that while various fees are usual and customary, the payment of various fees is negotiable and are not the same for every transaction.

SELLER

  • Title insurance premium
  • Escrow fee (1/2 share)
  • Recording charges to clear all liens of record against Seller
  • Unpaid taxes prorated to date of recording
  • Any loan fees required by Buyer’s Lender to be paid by Seller (FHA,VA or by contact)
  • Interest accrued to Lender being paid off, reconveyance fees, statement fees and any prepayment penalties
  • Repairs, not previously paid
  • Any existing loans, judgments, tax liens, etc. against the property
  • Real estate brokerage fee
  • Any unpaid Homeowner’s Association dues, or if paid in advance unused part is charged to the buyer
  • Express delivery fee for payoff check to existing Lender.

BUYER

  • PMI (mortgage insurance) if applicable
  • Lender’s Title Policy
  • Escrow fee (1/2 share)
  • Recording charges for all documents in Buyer’s name such as Deed of Trust
  • Tax proration from date of acquisition to end of year (Lender’s Escrow)
  • All new loan charges (except those Lender or Buyer requires Seller to pay); some Lender’s require additional escrow of taxes (Lender’s Escrow)
  • Interest on new loan from date of funding to 30 days
  • Property insurance (Lender’s Escrow)
  • “Early Issue” title insurance premium if new construction
  • Flood insurance if required by Lender
  • Express delivery fee for returning new loan documents to Lender
  • Lender’s document preparation fee, and other Lender related fees

Next Chapter:  Real Estate terms you should know

Fred Miller, Realtor serving Katy, Cinco Ranch, Pecan Grove, Richmond, Westpark Tollway, Fulshear. FredMiller9@gmailcom , www.RichmondKatyHomes.com, Office receptionist: 281/342-2288 Cell 281/924-2531