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August 20th, 2007 - Homebuilders See Signs of Stability July 22nd, 2007 - July 3rd, 2007 - To Buy Or Not To Buy June 22nd, 2007 - A Successful Transaction |
Help Make Sure You Have a Successful Transaction
When you purchase home, there are so many people involved in so many different capacities to help make sure that your entire transaction goes smoothly. But not everything is left in the hands of others; you can help make a difference in your real estate transaction, and here’s how! Step 1: Your lender will require a hazard insurance policy naming the bank as the 1st Loss Payer. It is to your advantage to shop around for the best rate. Once you have placed your insurance, instruct your agent to call the escrow officer as there will be other information needed to complete the policy. Step 2: Depending on your income to loan ratio, your lender may require that all or a portion of your debts be paid in escrow. It is your responsibility to submit current billings and the self-addressed envelopes to escrow for payment. North American Title Company does not check balances or recent payments made and will work off of what you provide. Step 3: Assembly Bill 512 (Good Funds Bill) states that a title company may only make funds available for monetary dispersal in accordance with certain rules. Therefore, a cashier’s check must be deposited to escrow 1 business day prior to recordation; wired funds should be sent 2 business days prior to close of escrow. Any other type of check deposited for closing can delay close of escrow for check clearance up to 10 days. Step 4: If you or any of the other buyers will not be available to sign the escrow instructions and loan documents, notify your real estate agent immediately. Your real estate agent will notify your loan broker or bank and the title company. Most banks will accept a power of attorney signature if the document is prepared by North American Title Company. Powers of Attorney must always be approved by the lender. Step 5: Prior to your appointment with your escrow officer you should be aware of and know how you wish to take title. Holding title is an individual concern. If you are unsure of how you wish to take title, consult with your attorney or tax accountant. Neither your real estate agent nor the escrow officer can legally advise you on this matter. Even with everyone helping you through the process of buying a home, and having some power yourself in the transaction, purchasing a home is a major decision that should not be taken lightly. Stay tuned for next week’s blog on the financial aspects of purchasing a home – To Buy or Not to Buy |
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