One thing I hear often causes a little anxiety for buyers and sellers is that you don't see your final settlement statements until a few days before closing. Given that this is an important transaction with significant financial implications, people are anxious when they can't see the final financials until so close to closing. Certainly, lenders can provide estimates of their fees and costs and title companies can provide estimates of other closing costs, but some things (taxes, HOA fees, etc) may not be available until closer to closing, which is why it is delayed. In addition to having the amounts, people are often also curious about what all the different fees are. Here is a quick guide to try to help with that. 

When it comes to purchasing a home, it can be challenging to understand how mortgage companies will view our financial situations in order to make lending decisions. Having a better understanding of this going into the home buying process is very helpful. So, let's take a look at how lenders view debt versus income.

Thanks to Hurricane Irma, we had some roof repair needs that we had to deal with. Our first round with the insurance company resulted in a denial to pay for our roof repairs because it didn't meet the 25% rule... however, we learned later that our roof tiles were no longer being produced and that the roof repairs needed were more than originally assumed... so we decided to try again with getting the insurance company to accept the claim and cover it. During this process, we came into contact with a number of roofing companies that were willing to take the lead on helping us. It was our first experience with having to consider the Assignment of Benefits, which led to some self-initiated research that I wanted to share with others.

Real estate transactions can be complex with lots of moving parts and considerations. There are a lot of factors, due dates, and financials involved. Here is a simple guide to explain the different types of fees and costs that are often involved in purchasing or selling property.

Most of the time it is pretty straight forward who needs to sign listing agreements and sales contracts for real estate transactions. But, what do you do when a property is owned as an LLC? This is a topic that requires legal guidance. Since I am not qualified to give legal advise, we will defer to the experts in this area. Sam Saad, a local real estate attorney, has shared some great guidance in this article he published today. His contact information is at the bottom of the article should you have any further questions on this topic.

How many different insurances are there with home purchases... home insurance, title insurance, mortgage insurance? In my last article, I shared information about Mortgage Insurance, which is in place to protect the lender. In this article, we will talk about Title Insurance, which is in place to protect the buyer.

Mortgage Insurance is a topic most people have heard of but many don't understand. What is mortgage insurance? Who pays for mortgage insurance? Is mortgage insurance required? Who does mortgage insurance protect? These and other questions are answered in this article.

It wasn't uncommon that there was a "natural" progression to everyone's home buying activity. You would start with something smaller that might work for you as an individual or a couple... a starter home it was called. Then you would work your way up as your family composition and financial situation changed. But, do you need to follow that same path or could you make your dream home your starter home?

You searched high and low to find the ideal home for you. You've been through all the steps to get to the closing table and are inches away from owning your slice of paradise. One of the final steps  in the real estate purchase process is to conduct a final walk through. Most buyers have heard of a final walk through but does everyone fully understand what purpose it serves and how to ensure it is protecting your interests.

I had a buyer who had the property in a trust set up under his wife. He was not included at all in the trust and didn't understand why he was required to sign any contracts (listing, sales, etc) related to that property. They needed to sign off on property related contracts because In Florida, when a married couple purchases property, they have homestead rights to the property after the other's death.  --Under Florida law a surviving spouse’s rights in the couple’s marital homestead residence are spelled out in Art. X, § 4(c) of the Florida Constitution, and F.S. 732.401--. 

Because they have legal rights to the property, they must sign off on contractual commitments related to that property. Starting in 2018, there is now a waiver provision that is available to married couples who may not wish to have the property convey to the other spouse at death.