All money changing hands between the Parties must be reflected on the settlement statement and approved by the Buyer’s lender. Before negotiating any credits or escrows, always be sure to check with the lender and the settlement company to make sure that credit/escrow complies with all lender and title company requirements. The lender must approve… Read more »
People will frequently ask to add their kids to title of their house. While it may seem like this protects your child, any potential benefits are typically far outweighed by the numerous downsides. It is typically better to have an estate plan that distributes your assets and protects your heirs. Remember … Once you add… Read more »
What if the Earnest Money Deposit Deadline is missed? The Northern Virginia Association of Realtors (NVAR) Contract specifies that the Earnest Money Deposit is due ____ Business Days after Ratification. If Buyer misses the EMD deposit deadline, can that be cured? Yes, you can cure as long as the Seller has not yet Delivered the… Read more »
Source: https://www.housingwire.com/articles/many-homeowners-dont-understand-their-escrow-account/ According to a recent survey, only 52% of homeowners fully understand how their escrow account works. The survey also found that 80% of respondents said they know what an escrow account is and that its purpose is to pay property taxes, homeowners insurance, and sometimes mortgage and/or flood insurance, but they do not… Read more »
Source: https://www.attorneygeneral.gov/taking-action/attorney-general-henry-files-lawsuit-against-mortgage-brokers-who-conspired-in-kick-back-scheme/ Pennsylvania’s Attorney General filed a complaint against a Lehigh Valley-based mortgage broker and their manager regarding a kick-back scheme that involved real estate agents directing potential home buyers to the mortgage broker. The complaint alleges that the mortgage broker discounted ownership in a joint venture mortgage brokerage company and handed out sporting event… Read more »
Source: https://www.fcc.gov/document/fcc-eb-issues-c-cist-classification-green-mirage There are so many types of fraud that real estate professionals should be aware of: wire fraud, title fraud, mortgage payoff fraud, foreclosure relief scams … the list goes on and on! Beware! Recently, there has been a surge in scammers that are posing as the homeowner’s mortgage provider. The scammers tend to… Read more »
As we step into 2025, the real estate industry continues to evolve. Wondering how you can stay ahead of the curve? As one of the top title companies in the DC Metro region, we’re covering the big trends you need to be aware of to reach your full potential in the new year. Transactions Will… Read more »
Maybe the single most talked about topic in any industry today is AI (Artificial Intelligence). For some this is a new technology, and as with any major industry shift, many will be apprehensive to capitalize on the possible advantages AI can provide. For mortgage lenders, AI can present a number of opportunities worth investigating. Here’s… Read more »
When it comes to buying a home, there are countless details to consider, from securing a mortgage to selecting the right property. Amidst all the excitement and decision-making, one crucial aspect that often gets overlooked is the importance of owner’s title insurance. But just like staging your home for sale will maximize your profit, purchasing… Read more »