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Guide To Closing Your Home Sale

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If you’re thinking about selling your home, you’ve probably got more than a few questions. How long does it take? What am I responsible for? When will I get the money?

Because there’s a lot that goes into a home sale, we’ve rounded up the answers to some of the most common questions sellers ask, to prepare you for what to expect.

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Overcoming Owner’s Policy Objections

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When TRID requirements go into effect, lenders will begin issuing a new Closing Disclosure to homebuyers. This new form will list the Owner’s Policy of title insurance as an “optional” purchase. While owner’s title insurance has never been required, this “optional” language could spur questions regarding the value of title insurance. Below are some of the more common “objections” to the purchase of an Owner’s Policy.

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A Real Estate Agent’s Reference Guide To Prepare For TRID Implementation

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WHAT

Changes to the Loan and Settlement Disclosure forms and processes are coming.

WHEN

The changes will be effective for transactions where a loan application is taken by a lender on or after August 1, 2015. WHY

Because the Dodd-Frank Act of 2010 mandates the combination of the Truth in Lending Act (TILA) loan disclosures with the Real Estate Settlement Procedures Act (RESPA) Good Faith Estimate and HUD-1 Settlement Statement disclosures.

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Realtors – Basics of the Integrated Mortgage Disclosures Rule

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WHAT

Changes to the Loan and Settlement Disclosure forms and processes are coming.

WHEN

The changes will be effective for transactions where a loan application is taken by a lender on or after August 1, 2015. WHY

Because the Dodd-Frank Act of 2010 mandates the combination of the Truth in Lending Act (TILA) loan disclosures with the Real Estate Settlement Procedures Act (RESPA) Good Faith Estimate and HUD-1 Settlement Statement disclosures.

Read More: Realtors – Basics of the Integrated Mortgage Disclosures Rule

Paying Taxes: Double Check Before Writing The Check — North American Title Insurance Company

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Researching tax assessment data, determining the correct amount of any current or delinquent taxes due, and confirming the payment of ad valorem and other taxes on property involved in a sale or refinance transaction is an integral part of the closing process. How to obtain this information reliably and expeditiously from the taxing authorities often can be a challenge, but must be undertaken with care and patience. Calculating and pro-rating the proper amount of taxes payable by the seller and the buyer is equally crucial. Either way, simple mistakes in calculating or failing to pay the proper amount of taxes at closing can expose the new owner to threatened foreclosure and loss of title.

Read More: Paying Taxes: Double Check Before Writing The Check — North American Title Insurance Company