Posted by Jim C on July 13, 2001 at 11:21:16:
We are negotiating a “Traditional” purchase contract. I didn’t know that a Title Company would take the time to give me that information. I am actually in the process of speaking with them about this. I’m just waiting for a call back.
Thanks a lot for pointing me in the right direction. It’s just all of this contract stuff intimidates me. I don’t want to mess anything up on my first deal.
Thanks again!!!
Jim C
If someone would be kind enough… - Posted by Jim C
Posted by Jim C on July 12, 2001 at 23:52:03:
If someone would be kind enough to describe some of these things (or point me in the direction to find what these are), I would greatly appreciate it. It is the only thing holding me back from putting my first deal under contract (FINALLY!!!).
I just have a question about a part in Bill Bronchick’s “Agreement for Purchase & Sale of Real Estate” contract from his “Flipping Properties” course. It is a question about closing costs.
In the contract it states:
Buyer shall pay the following costs in transferring title:
_Title Insurance Policy (I know what that is)
_Loan Assumption
_Trasfer Fee
_Trasfer Taxes
_Recording Fees
_Title Company Closing, Escrow and Delivery charges
_Hazard Insurance Premium
_Mortgage Insurance Premium
_Survey
_Credit Application
And it also states:
The following items will be prorated at closing:
Mortgage Insurance
Property Taxes
PMI Insurance
Hazard Insurance
Homeowner’s Association Dues
Rents
Other_______
My problem is that I don’t know which ones to check off. Aside from Title Insurance, I don’t know what any of these things mean and I have no idea what they will cost. Are these all of the closing costs? Or are there more. I mean for all I know, these may not even be the closing costs.
Sorry for making this long, but if anyone can help explain any of these to me and give me an idea of what they cost, I would greatly appreciate it. And if they can give me an idea of what other (if any) closing costs there will be.
THANK YOU SO MUCH!!! I really appreciate it. This will be my first deal and I don’t know much about the closing process.
Jim C
Re: If someone would be kind enough… - Posted by dewCO
Posted by dewCO on July 13, 2001 at 09:57:51:
How are you taking this property? If they are deeding it to you then you cover all of the above, at closing and/or after. If you are negotiating a “traditional” purchase contract then all of it is negotiable. Then you could check with a real estate agent or title company closer in your area to see what is “customary” for your area so you can decide how you will write your offer.