Lisa Oleksak-Sullivan's Blog
Real estate closings could be quite simple at one end of the spectrum or very difficult at the other end. In most cases, you will need to understand the legal ramifications of signing several documents, including the note, mortgage, transfer of title, mineral rights, title insurance and tax documents. If your closing is complicated, you should always have an attorney present.
It is very rare to have a simple closing, but it could happen. If you are buying raw land for cash, the closing is usually quite simple for the buyer and seller. You don’t need a mortgage, but you will need title insurance for yourself. You’ll also need a deed. The seller will need to sign the requisite tax documents.
Another simple closing is when you purchase a manufactured or modular home and put it on land that you already own. The closing, even with a mortgage, is easy and between the buyer and home manufacturer. However, if you need a construction loan while the home is being built and/or set up, the closing becomes more complicated since you must close twice. The first closing is the construction loan on the money you borrow for the home. The second loan is the loan that covers the finished product. Closing with a builder of a home that is built on-site is more complicated than closing on a manufactured or modular home.
Closings Gone Wrong
While no one wants to have a closing go wrong, it does happen. Your lawyer might find mistakes in documents, including the loan estimate. You might find that the seller did not disclose pertinent information about the home – information that would have prevented you from making an offer on a home and could be cause to break the contract without prejudice. It is always better to have a real estate lawyer review the documents prior to closing and at the closing to ensure that your best interests are met.
List of Closing Documents
At the closing, you will have to review and sign most of these documents:
Closing disclosure that dictates the terms of your loan and the closing costs you will pay.
Your loan application. You must sign a new copy of the application you submitted to the mortgage company, so be sure to review it and make sure everything is correct.
The mortgage note that binds you to repay the loan should have the amount you borrowed, the interest rate, payment date, the amount you will pay over the life of the loan, the length of the loan and other information.
The mortgage or deed of trust is what provides security for the loan. When you sign this document, you are putting your house up as collateral. If you bought land separately, the lender might also use the land as collateral.
The title and/or deed to your home. The deed is proof of ownership.
Affidavits, depending on your situation.
Escrow disclosure that tells you how much of your payment goes to escrow and what the escrow is used for. It is usually for county taxes and homeowner’s insurance.
Property transfer tax documents.
When scheduling your closing, even if your real estate agent is using a closing agent, consider having your own attorney present. It could save you a lot of headaches and heartache if the lawyer catches something amiss with the closing.
In some instances, a home seller has limited time and resources to list his or her house and promote it to prospective buyers. Fortunately, there are many ways for a seller to make the most of his or her time and resources throughout the property selling journey.
Now, let's take a look at three tips to help a house seller get the most out of his or her time and resources.
1. Create a Plan
A home selling strategy can make a world of difference for any seller, at any time. Because if a seller knows what to expect after he or she lists a residence, this individual can plan accordingly.
As you put together a home selling strategy, think about your property selling goals. Then, you can determine the steps you'll need to take to achieve these goals – something that may help you streamline the house selling journey.
2. Learn About Your Target Audience
Consider the buyer's perspective – you'll be glad you did. If you understand why buyers may consider your residence, you can ensure your home listing hits the mark with them. And as a result, you could boost your chances of enjoying a fast, profitable home selling experience.
Don't forget to analyze your home's strengths and weaknesses too. Oftentimes, it is beneficial for a seller to conduct a house inspection before he or she lists a residence. With an inspection report in hand, a seller can identify any underlying home problems and correct these issues before they can slow down a potential home sale.
3. Hire a Real Estate Agent
If you need help to sell your home, you can always hire a real estate agent. There are many qualified real estate agents available in cities and towns nationwide, and these housing market professionals will do everything possible to ensure you can optimize your time and resources throughout the house selling journey.
A real estate agent understands the home selling journey varies from person to person. As such, he or she first will meet with you and find out why you are selling your residence. Next, a real estate agent will provide a personalized home selling strategy. A real estate agent then will promote your residence to prospective buyers, host home showings and open house events and much more.
Of course, if you receive an offer to purchase your house, a real estate agent is ready to help you determine the best course of action as well. Performing an in-depth analysis of a homebuying proposal sometimes can be difficult, but a real estate agent is happy to help you make an informed home selling decision.
For those who are looking to achieve the best-possible results during the property selling journey, it generally is beneficial to explore ways to maximize your time and resources. Thanks to the aforementioned tips, you'll be better equipped than ever before to use your time and resources to enjoy a quick, successful home selling experience.
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A transitional bathroom is a popular design trend that is a cross between modern and traditional. What are the key features of a transitional bathroom?
A combination of two styles: A transitional bathroom can have different meanings to different people. Usually, it is a mixture of a recent era with the current era. It boasts of clean lines, with a warm and comfortable design.
Easy to access: A transitional bathroom also refers to a design that gives homeowners safety and accessibility. Grab bars installed near the bathtub or shower are installed as much for style as they are for safety. Handheld shower sprays and bench seats are common additions as well as mirrors and other fixtures placed low for use from a seating position or a wheelchair.
Safe but stylish: A transitional bathroom is visually appealing and can make you feel safe and comfortable regardless of your physical ability or age. The grabs bars in a transitional bathroom are decorative and at the same time can prevent a fall. A built-in bench within a shower stall can serve as a seat if you are unable to stand due to injury or a foot prop for shaving your legs. Also, the handheld showers will come handy if you wish to bathe seated, wash your pet, or clean the shower.
Sleek design: The sheer beauty of a transitional bathroom is one reason it is so popular. They offer luxurious space where you can relax and unwind without the expense or inconvenience of leaving your home.
Storage and workspace: The vanity and cabinets in transitional bathrooms are distinctive. They are free-standing or built-in, with recessed panels and several drawers. The transitional bathroom incorporates painted wood with decorative hardware.
Countertops and sinks: In a transitional bathroom, the countertop, sinks, and faucet tend to be granite, marble, quartz, or quartzite. A transitional bathroom uses the newest faucet design trend like motion and touch-control. Popular finishes for transitional bathrooms include matte, polished, and satin.
Colors and flooring: Flooring options for transitional bathrooms might be stone tile, ceramic, porcelain, luxury vinyl, marble, or wood. On colors, transitional bathrooms have a light and soft feel: whites, grays, beiges, blues, and silvers are the most common color choices.
If you looking to incorporate transitional style into your bathroom, contact your local interior designer for more ideas and cost estimates. If you’re looking to sell, ask your realtor if upgrading to a transitional bath is a potential selling point.