Timely Tuesday Title Tips...Gimme Five...!!!

By
Title Insurance with Patriot Land Transfer, Inc.

From time to time I like to pass on some practical suggestions that we glean from seeing a number of Real Estate closings pass through our system...  

Keeping in mind 'Real Estate is local', and as such, real estate transactions are subject to local laws and customs...thus, practices may differ from region to region even within a State...!  

1. If you hire an attorney to guide you through a transaction, be sure to employ them BEFORE you sign any legal documents, especially an agreement of sale...!!!  

2. Be prepared to document all funds required in a transaction...'mystery' monies often will negate a transaction from closing...so providing bank statements detailing recent deposits will expedite greatly your closing time...!  

3. When shopping for a mortgage, please don't use 'quoted interest rates' as the sole determinant of your final choice of lenders...interview loan officers until you find one you trust...then stick with him/her...!  

4. Select your own choice of settlement service providers...don't buy into that 'one stop shopping' ploy...if someone wears more than one hat in a real estate transaction, chances are they have multiple agendas, which may not place you at the top of their 'care list'...!  

5. In real estate transactions, where so much of your time and money are invested, there are no such thing as 'dumb questions'...there are, however, 'dumb answers', so don't be afraid to ask questions of the many real estate professionals involved in a typical real estate transaction...and don't wait until the last minute...if something is bothering you that you don't fully understand, raise a flag and get an answer...  

Finally, use these tips and be assured that in spite of what you may read or hear about real estate professionals, the majority are concerned consumers just like you and me...!!!

 

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. DeAndrea "Dee Dee" Jones 04/29/2009 04:38 AM
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Ambassador
533,175
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Fran - Number two is crucial and I see folks make that blunder all the time.  "Mattress Money" is an immediate red flag and can kill the deal.  Good common sense post on some vital parts of making any Real Estate Transaction go that much smoother.

Apr 28, 2009 04:15 AM #8
Rainmaker
643,754
Susan Mangigian
RE/MAX Preferred, West Chester, PA, RS152252A - West Chester, PA
Chester & Delaware County Homes, Delaware and Ches

Great list Fran!  I like the last line as well!  I think Realtors get a bad name.  Most that I am friends with are very concerned with their clients welfare and do their very best in every transaction.  I say 3 stop shopping.  They should buy the house from me, get the mortgage from Sardi and have you order the title search and insurance!

Apr 28, 2009 04:40 AM #9
Rainmaker
826,128
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

TC: Too little, too late...!!! :)

Jason: I like 'mattress' better than 'mystery'...! :)

Susan: You got a deal...gimmefive...!!! LOL

Thanks,   Fran

Apr 28, 2009 04:49 AM #10
Ambassador
876,696
Connie Harvey
Pilkerton Realtors - Brentwood, TN
Realtor - Nashville TN Real Estate

Fran, all very good points. Unfortunately here in Middle TN our closing attorneys don't guide you through anything. They read the docs to you at closing and that's it.

Apr 28, 2009 08:46 AM #11
Ambassador
1,877,660
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Also, if the lender can give you a guaranteed Good Faith Estimate that helps too Fran. A handful do that.

Apr 28, 2009 08:58 AM #12
Rainmaker
826,128
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Connie: I think regional differences are grossly underestimated and/or overlooked by many...!!! :)

Gary: Again, many professionals in the loop can offer assistance and help answer questions...!!! :)

Thanks,   Fran

Apr 28, 2009 09:30 AM #13
Ambassador
2,123,928
Respect Realty LLC
Respect Realty LLC - Milwaukie, OR
Brokers - Oregon / SW Washington Real Estate

That is why people like me and you are here to correct them one person at a time!

 

Apr 28, 2009 10:27 AM #14
Rainmaker
826,128
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

TC,

And we do...regularly...!!! Thanks,   Fran

Apr 28, 2009 01:00 PM #15
Rainmaker
131,417
Mike Henderson
Your complete source for buying HUD homes - Littleton, CO
HUD Home Hub - 303-949-5848

Asking questions if they see something they don't like or understand is crucial.

Apr 28, 2009 04:50 PM #16
Rainmaker
826,128
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Mike,

It's usually always 'smart' to ask questions!!! Thanks,   Fran

Apr 28, 2009 10:46 PM #17
Ambassador
837,155
Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

Wow Fran we are almost verbatim on the way we handle dumb questions ! Very good post and tips to hang your hat on. It is always good whatever your market to have a check list

Apr 28, 2009 11:26 PM #18
Rainmaker
826,128
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Charlie,

Yes, there are none...!!! Thanks,   Fran

Apr 29, 2009 01:20 AM #19
Rainmaker
76,237
Ronnie Margolis
KW Kauai - Kapaa, HI
Kauai Realtor - CDPE, ABR, RA - On Top of the Aloh

Fran,

Thanks for your five step checklist. Especially in Hawaii, where we have our own set of rules ( guess every state does) best to work with both lenders and attorneys that know the rules here. Much of our rural property is zoned Ag, and the documents often refer to a farm dwelling. When a mainland lender sees that, it raises a red flag, but Hawaiian lenders know that farm dwelling in ag zoned property means "a home". Go figure. Is that Philly's stadium in your background or???

Apr 29, 2009 04:21 AM #20
Rainmaker
1,431,110
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Good advise all the way around.

Apr 29, 2009 04:28 AM #21
Rainmaker
180,551
DeAndrea "Dee Dee" Jones
Home Buyers Marketing II, Inc. - Manassas Park, VA
The NorthernVARealEstateLady & DMVRealEstateChick

I love it, great post, and great photos.  Simple enough for everyne to understand.

Apr 29, 2009 04:36 AM #22
Rainmaker
826,128
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Ronnie: Good point! Yes, that is our new Philly Ball Park...!

Gene: Thanks for dropping by!

Dee Dee: That's me...SIMPLE...!!

Thanks,   Fran

Apr 29, 2009 04:52 AM #23
Rainmaker
1,518,373
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Great post and advice!

Apr 30, 2009 05:02 AM #24
Rainmaker
826,128
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Lyn,

Thanks for stopping by...!!! :) Thanks,   Fran

Apr 30, 2009 05:42 AM #25
Rainer
55,551
Kelsey Barklow
Hurd Realty - Johnson City, TN
423/948-9154

Hi Fran, I like your last comment about most real estate professionals being concerned consumers. Yes, we are! Thanks for this post.

Apr 30, 2009 01:55 PM #26
Rainmaker
826,128
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Kelsey,

We are all consumers, after all, aren't we...!!! Thanks,   Fran

Apr 30, 2009 04:51 PM #27
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Rainmaker
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Fran Gaspari

"The Title Man" - Title Insurance - PA & NJ
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