Chap 17: Real Estate Closing

Question 1

Consult Real Estate Lawyer

Answer 1

An experienced real estate lawyer will cost anywhere from $800 - 1500

Question 2

Escrow Account

Answer 2

Open an escrow account for safety. As all money is held by a third party. The money is released to the seller when everything is settled.

Question 3

Learn to negotiate

Answer 3

Speak up. You may be able to get the junk fees removed like admin fees photocopy fees etc

Question 4

Home Inspection

Answer 4

Before signing contract, buyer needs to ensure that the home has been inspected for any potential problems. If any issues are found, the buyer must tell

Question 5

Pest Inspection

Answer 5

Required

Question 6

Repairs

Answer 6

If the home is in need of repair, you may want to negotiate the price of the home.

Question 7

Fixed Interest Rate

Answer 7

Lock in your rate.

Question 8

Earnest Money

Answer 8

When a buyer likes a property, he or she will put down a deposit or otherwise known as earnest money. If the buyer backs out the seller can keep the money. If the seller backs out the money is returned

Question 9

The Actual Closing and Paperwork

Answer 9

Agreed upon interest rate
Amount of loan
duration of loan
Finally compare the closing costs to the good faith estimate that was given to the borrower at the start of the process

Question 10

Closing Costs

Answer 10

2 to 6%