I'm closing in a couple of days. How do I make sure that there aren't any leins on the property. We are closing at my lender's office. Can I ask the sellers realor to provide me with a closing statment a day before closing. I don't have a buyer's Realtor nor an attorney. Are there any other 'gotchyas' that I should lookout for ?
2007-07-28 08:20:56 · 6 answers · asked by Bike Lover 1 in Business & Finance ➔ Renting & Real Estate
Realtors don't provide anything at closing. The title insurance provided by the seller. The closing schedule HUD-1 is provided by the seller. Get an attorney to check it. Without an attorney, you save a couple of hundred dollars. If you close with bad paperwork you could be out many thousands. At the closing, you sign an agreement that everything is correct. If you discover something later...too bad. You agreed to close. Get a lawyer.
2007-07-28 08:29:16 · answer #1 · answered by Ted 7 · 0⤊ 1⤋
The title company makes sure there aren't any liens on the property. The HUD-1 is provided to you by the title company also. They use all of the information provided by the lender, the seller, and all parties involved. Buying a home is a complicated process, and yes there are a lot of things that can come up at the last minute that can make a deal go bad.
In the future ALWAYS use a Real Estate Agent whenever making a purchase. It doesn't cost the buyer anything to use a agent, and you need someone to represent you. Yes, I am a agent, and I've seen too many people without representation get burned at the settlement table.
2007-07-28 08:54:17 · answer #2 · answered by A V A T A R 3 · 0⤊ 0⤋
This is what you look for:
The attorney will provide you with the HUD-1 settlement statement at closing. Flip it to the back. Down in the bottom section, look for a line called "Title Insurance"...make sure you are getting CHARGED.
If you see a fee, then you can relax. A lender is NOT going to allow you to close on a property with liens on it, and the title insurance protects you 100% in the event there is a mistake and will pay all legal expenses in order to correct it.
You said there wasn't an attorney.
DO NOT close on a home without an attorney. Some states allow a Broker to close a transaction and there is no way I would do that...especially since you have ZERO legal representation.
If they are doing the transaction without an attorney, then something FISHY is going on.
2007-07-28 09:45:17 · answer #3 · answered by Expert8675309 7 · 0⤊ 0⤋
The seller should provide all of that, but you'd still be better off with an attorney or a buyer's agent [FYI, the seller pays for the buyer agent's commission, not the buyer, if that's an issue for you]. If your state allows dual agency, the seller's Realtor may help you out if you sign a buyer agency agreement with him/her, but I doubt you'll get much help without that [and, yes, most agents I know would absolutely love to do that under these circumstances, it's an easy commission for them since you're buying anyway, and will reduce the risk of problems at closing].
2007-07-28 08:34:26 · answer #4 · answered by Raine Carraway - NC Real Estate 2 · 0⤊ 0⤋
The HUD-1 can be provided to you, however, since you haven't closed yet, offer a Realtor or an attorney a fixed amount to peruse the paperwork.
You may be paying too much, and now is the time to find out.
2007-07-28 10:20:25 · answer #5 · answered by Venita Peyton 6 · 0⤊ 0⤋
Call the title company as soon as possible and tell them you're coming over to look at the HUD-1
Today go see this site
http://www.hud.gov/offices/hsg/sfh/res/sfhrestc.cfm
Best of luck to you
2007-07-28 09:39:29 · answer #6 · answered by newmexicorealestateforms 6 · 0⤊ 1⤋