Recent Posts: Title Insurance + Escrow

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Decoding Sale and Loan Docs, Part 5.

In What’s in a Preliminary Title Report? I told you about the importance of the preliminary title report/title commitment. The commitment is an important buyer “Transactional” category document (see Part 1‘s description of the four categories), because it is the prerequisite to issuance of title insurance. The title company researches the public records, and excludes […]

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Decoding Sale and Loan Docs, Part 2.

First in the analysis of documents used in residential transactions are junk documents. The documents that fit in this category are non-negotiable or provide minimal or no useful information. Most are directed at borrowers, and are acknowledge that disclosures required by law have been given by lenders. For example, that borrowers must receive a Good […]

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Closing Costs – Who Pays and How Much? Part 5: Junk Fees.

A junk fee is a cost of doing business that a company tries to shift to you. Most originate from two sources: lenders and escrow companies. Look for them on the loan estimate, closing disclosure and settlement statement. Loan related junk fees may be called application fees, lock fees, processing fees, doc prep fees, admin […]

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Closing Costs – Who Pays and How Much?

Part 2 – PrePaids. These are buyer costs for things like real estate taxes, homeowners insurance, and loan interest. Real estate taxes are prorated between buyer and seller based on what time of the year a closing occurs, and the buyer pays its share up to the date of closing (even if they are not […]

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Closing Costs – Who Pays and How Much?

Part 1 – Escrow and Title.  The 2 main costs charged by escrow companies in Arizona are the escrow fee and the premiums for the title insurance policies. The standard AAR contract used here states that the escrow fees will be split equally between buyer and seller, and the seller will pay for the buyers’ […]

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Don’t Overpay for Title Insurance

When buying a home or refinancing your existing mortgage, you should ask whether you are entitled to a title insurance discount.  Reduced premiums are often available, yet usually are not volunteered or offered.  When considering how much that insurance can cost, it is worth it to find out. First, there are two types of title […]

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