Fees paid on the closing date to cover future costs like property taxes, interest, mortgage insurance and hazard insurance
Lenders want to make sure that their investment is secure, so they may require you to deposit a sum of money in an escrow account to prepay recurring costs, such as:
(1) your first six months of property taxes
(2) your first two months of hazard insurance
(3) your first two months of mortgage insurance, if required
Mortgage definitions and Real Estate Terms, Consolidating loans, refinancing mortgages and reverse mortgage process available to anyone. This consumer information site contains several tools and guides to aid in purchasing or refinancing a home or commercial property.
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Showing posts with label property taxes. Show all posts
Showing posts with label property taxes. Show all posts
Tuesday, June 27, 2006
Preliminary title report
The results of a title search on a property
Before you go to closing, you will receive a preliminary title report from a title company. This report proves that the seller is the rightful owner of the property that you want to buy, and lists any claims against the property for unpaid debts, such as property taxes and income taxes. Be sure to bring any claims that need to be cleared to the seller’s attention.
Before you go to closing, you will receive a preliminary title report from a title company. This report proves that the seller is the rightful owner of the property that you want to buy, and lists any claims against the property for unpaid debts, such as property taxes and income taxes. Be sure to bring any claims that need to be cleared to the seller’s attention.
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