Posted by Todd on August 07, 2008 at 20:01:16:
Yes. Thank you. I put a $10 earnest money deposit. I was interested in finding out what other fees will be needed whn escrow is opened.
I have a signed contract NOW WHAT? - Posted by Todd
Posted by Todd on August 06, 2008 at 07:14:25:
I have a signed contract to purchase a house at about 40% LTV. I have an exit strategy. I know how to implement my exit strategy. I have a question about the technical parts of the transaction.
I am going to either assign my contract or double close with an end buyer. What fees will I need to give the title company when I fax the contract to them? I am low on funds and this deal will put me back on track.
What fees? - Posted by Rick, the Probate Guy
Posted by Rick, the Probate Guy on August 06, 2008 at 14:08:09:
I’m not sure that I understand your question. The title company can tell you what fees that they will charge. Your contract should be clear about the breakdown and allocation of settlement costs, plus prorated taxes, insurance, etc.
So, it would be helpful to breakdown what you mean, in terms of seller’s costs, buyer’s costs, transaction expenses, etc.
Other than what title advises you, it’s up to you and the seller to agree who pays what. Absent an agreement to the contrary, if you’re seller could be a problem, be prepared to pay the lion’s share of the cost of sale (but no commission, etc., if any)
Re: What fees? - Posted by Todd
Posted by Todd on August 07, 2008 at 04:46:50:
When I give the title co the signed contract, what money will I have to pay at that moment? My contract already stipulates what fees each party will pay. I just want to know approximately how much money will I have to pay with the opening of escrow.
Re: What fees? - Posted by Rick, the Probate Guy
Posted by Rick, the Probate Guy on August 07, 2008 at 09:12:45:
How would we know? That’s between you and your vendors.
Generally, your title closing agent/attorney/escrow will advise you what the costs are and when they’ll need to be paid.
When I open up escrow on a property that I’m selling, I want the buyer to deposit as much money as possible to show commitment. When buying, I want to place as little money as possible into escrow. THe charges generally don’t occur until the transaction closes.
Is that what you’re asking?