I'm buying a brand new home (Already fully build with carpet, appliances and utilities in it) from Centex, today i got the break down of the total amounts that i need to pay at closing, i noticed that i'm being charged for ALTA and CLTA policy, i heard that CLTA is policy for contruction?? i'm confuse. do i actually required to have both ALTA and CLTA or am i being rip off?Thank you!
2007-01-05 07:27:10 · 2 answers · asked by bibi 1 in Business & Finance ➔ Renting & Real Estate
Contact your lender and ask what they are. Maybe the Construction policy and then a final policy, but don't just ignore it. Have them break that charge down for you and explain why.
2007-01-05 08:23:50 · answer #1 · answered by Kathleen M 4 · 0⤊ 0⤋
The lender is requesting this to protect themselves as well as you from hidden liens. i.e. subcontractor who worked on your home and have not yet been paid all their $$$. Live with it it is part of closing on a new home.
2007-01-05 07:33:28 · answer #2 · answered by golferwhoworks 7 · 0⤊ 0⤋