www.federaltitle.com/quote Closing costs include taxes, lender fees and title fees that a homebuyer pays at settlement. www.federaltitle.com/homebuying
@@Navyblue0785 I just purchased my home and I learned all of this through research. My parents paid $17,000 for my Catholic high school education and not ONCE did they cover buying a house! Guess what! I went to the military in which they paid for my tuition in business administration. Not once did one college professor review the home buying process! So what are you talking about? The library doesn’t go over the stressors involved in a house nor the do’s and don’t at closing.
Not only is this visual excellent to break down closing for the buyers or even the sellers. It also re-enforces my knowledge of closing procedures! Great to use for study cap to prepare for the Real Estate exam!
Very good for first time homebuyers. In fact I shared on my Facebook page, Free Help 4 CA Real Estate Agents. This is so simple and easy to understand. Thanks.
We disagree. Unlike other types of insurance that cover future incidents, title insurance protects against loss prevention. A title search would likely not be able to uncover fraud, for example, until well after closing. With a title insurance policy, the homeowner would be indemnified for losses. Without one, the homeowner could be on the hook for legal expenses and be at risk of losing his/her financial stake in the property should another claim prove superior to theirs. About 30% of transactions lean on their title insurance policy in some way.
The title company should have their own insurance in case they didn't do their job properly. Better yet, the record keepers (ie the Gov't) should keep infallible records so no one would need to buy insurance to protect themselves. There should be a law that says if your name is not on record as the owner, you should not, in any circumstance, have a say regardless of what was verbally promised to you. The focus should be on minimizing unnecessary fees by empowering involved parties. I loathe the word "insurance". If we all do our job properly, no one would need 'insurance'. I wonder if I can just go get the record myself. I'm guessing there is a law against that. I don't know anything about buying a house but it should be way easier than that.
@@beenn15 yes, there are way too many agents, intermediaries within the property purchasing process. All with their hand out looking for money, just to do some paperwork. Most people work hard for their money, but these intermediaries seem like some sort scam. Just as you say, insurance, in case people in the bureacracy didn't do their job right. Then wth are we paying all these taxes for?
Sure, the only thing not clear to me is how the closing cost can vary by thousands with each lender, from 5k to 13k from chase recently......for exactly the same loan amount and terms. Loan officers are like car salesman, candy coat a loan cost and interest then slip in a 2k fee......why isn't this regulated and stop the swindling of clients?
What do you mean exactly? If you're a real estate agent, you are welcome to post our video on your website with attribution. We can also connect you with the company that help create ours.
what if the price showed by the company is not the real price...is thebuyer entitled for a refund bec there is a mistake with the companys or developer staff ?
Researching because I'm considering buying a condo. So much money goes into a buying home. Unless you make really good money you're better off renting.
So we pay tax. Gov keeps the record of legal property right/owner. Then we pay private companies again to make sure that gov did right. Then we pay more to insurance to make sure previous two did right.... Then pay more to transfer gov record paper from one person to another person... .. Soo.. tell me again what is our tax money is for????
OK, so first I pay someone to look to see if the home has any heirs that the home could possibly belong to and just in they didn’t do their due diligence and finding heir then pay for insurance, just in case somebody out the woodworks gd we will neva wiiiiiinnnnnn!
You can ask them to, in the form of sellers concessions. But they are less likely to pick your offer if they have other offers without sellers concessions.
Farmer Nate I ended up getting them to :) Luckily my area has so many homes on the market they can't really be picky. Got a new roof, AC and 4500 in closing costs covered on a 132000 house lol. LUCKY!
Who pays for closing costs really depends on the region. In the Washington, D.C. metro area where we work, it is generally the buyer who pays for closing costs (and therefore it is the buyer's right to choose the title company). A seller may choose to pay some or all of the closing costs. We've see that happen more when home inventories are high and there aren't a lot of buyers.
well i can say with forclosed homes u pay for EVERYTHING. me and my hubby are trying to find an affordable home not too far from the city but its alot harder than we thought :/
They want $55K in closing costs for selling my home. That's a lot of money for some high school educated (if that) people who can spend 30 seconds on the internet doing a title search and filing the new title. (When I bought the home 10 years ago the title papers were filled with errors from a teenager preparing them and explaining their errors to the teenager got me a confused dog look.) Also, I can understand paying 6% commission when houses were $25K and it took a lot of knowledge and professionalism to sell a house but now it's really just corruption.
You can learn more about title insurance and closing costs on our website, federaltitle.com/title-insurance. Your real estate agent and/or lender can also help make sense of closing costs.
Helpful explanation and would be even better if the persons illustrated showed some diversity instead of all appearing to be white, heteronormative, able-bodied, slim, etc. Public depictions of "typical" people matter as a display of norms. Very easy to fix.
I can't help but imagine trying to consume this video with low vision / blindness / a cognitive disorder. Please work on improving accessibility. Quick tip: Replace the word "this" with the actual thing you're referring to.