Land we rent sold

[RobJ]

Thanks Eddie, looks like it is all coming together, got my numbers I need to bring, got the time set, the bank and the attorney say everything is tracking, all I have to do is show up and bring a cashiers check...

Mold remediation 101 Wed after lunch

Interesting a cashiers check. I thought everything would be done by wire. Good to see you are near the end and you can start a new thread on the home makeover!!

 

[gemini5362]

Interesting a cashiers check. I thought everything would be done by wire. Good to see you are near the end and you can start a new thread on the home makeover!!

Rob the title company will issue the checks paying off the mortgage and the realtors commision check etc etc out of their escrow fund. Since most title management personnel hate the idea of going to jail they treat that escrow fund with a great deal of reverence. The amount of the loan will be funded by wire. The cash part that the seller brings has to be in a form that has no doubt about the money being available. A cashiers check does that since you have to pay for it up front. They like cashiers checks because all they have to do is endorse it and deposit it. I think technically they would have to take cash if you brought it although I would imagine that the title company would have a fit and try to argue that they dont take cash. Cash is legal tender for all debts and they should be required to accept it. The one thing that i would be sure of is except for special occasions they wont take personal checks. If a personal check bounced the title company has already issued checks to all parties. They would have to make up the amount of a bounced check from personal funds in order to make their escrow acount balance.

One time a title company took a personal check from me. They gave me the wrong amount to bring to the closing. My loan papers were late getting finished so my branch managers secretary brought them for me to sign at the closing. When they told me I needed more money ( about 250.00 i think) I told them we would have to stop the closing while I went to the bank unless they wanted a personal check. The secretary from the bank assured them that I had the fund and guaranteed that the bank would honor the check even if I did not have the funds. Under those conditions they took a personal check. Those circumstances are very rare though.

 

[rox]

Alan,

Jsut make real sure and actually read the Title report before you sign. to bad you did not go look at a copy now before closing. the actual Title report isthe final final link in this chain. You made this happen it is exciting to see you get such a good chunk of land, you have possibilities now. good luck tomorrow.

 

[gemini5362]

Alan,

Jsut make real sure and actually read the Title report before you sign. to bad you did not go look at a copy now before closing. the actual Title report isthe final final link in this chain. You made this happen it is exciting to see you get such a good chunk of land, you have possibilities now. good luck tomorrow.

Alan rox makes a very good point here. I do not know whether you go by title insurance or by an attorneys opinion in your state. Whichever way it is they will issue a title opinion and except out anything that they feel might be a problem and is not insurable. An example of this would be if you did not have a survey they would exempt out insuring the boundaries of your property from boundary disputes. If there are any exemptions ask why those items are exempted and if it is something that you are worried about being a problem in the future ask what needs to be done to satisfy the requirements so that they release those exemptions.


I am also going to give you the most important piece of advice I have given you in all my posts on this subject. READ EVERY DOCUMENT THEY PUT IN FRONT OF YOU. This is so important I am going to repeat it again READ EVERY DOCUMENT THEY PUT IN FRONT OF YOU. Most real estate agents and closers hate when someone reads all the documents they just say sign here and sign there and tell you basically what the form is for. Do not do that. They want to get you out of the closing and go on to their next deal. They dont really care if you sign something that is not in your best interest they have been paid and if you sign something that is going to cause problems for you in the future that is your problem. You are paying them for their services and as the customer it needs to go at your pace. Read each and every page and every line. If you dont know what it means then ask. If they cannot tell you what you are signing then stop the closing until they can answer you. I went to a closing once and my wife and I read every page they gave us. One of the pages was an IRS form. In the instructions on the form it said " Do not sign this form if lines 15 and 16 are blank they were blank and we said we were not going to sign as long as they were. The closing agent said that it had to be signed or we could not close that it would be a deal breaker. We got up and said ok we are going home. The made some calls and said it would be ok to fill it in. We put in the required information and finished.

 

[AlanB]

So my Agent calls this evening, and says she has reviewed the closing settlement and it is wrong.....

Go figure, now who do I believe, my agent, my bank, or the title company, hopefully they will all argue this out and make it straight before signing time.

Do I need title insurance for me? My agent said they had title insurance in their for the lender, but not for me, when I was read the statement, they just said title insurance $XXXX I guess another of those things I did not realize that there would be two....

Still on track, though.

Man Gem, that is some tough advice for me too follow, I am the guy they love, OK, where do I sign???? I have not looked at a tax form in the last umpteen years, other then to find the "sign here" tab

Sounds like words of wisdom though.

I will call the processing lady tomorrow and ask if she can send me a copy of the Title report.

Thanks yall.

 

[midlf]

Definitely read the title report. On our first house the title report had 13 items above the normal items (current water and current taxes) that had to be cleared. We had a our lawyer at the closing as we didn't know anything about the whole process and it was worth it to have him there. Each of those 13 items had to have a check cut to clear it. Even then as it was winding up we were told we needed to cough up $250 for something. Attorney looked it over and determined the seller had to pay, not us.

On our present place we had the attorney present at closing as we knew the wife would not be there and we wanted to make sure everything was in order. Our banks attorney was very miffed at that. He said "I'm here to represent you", we said "no you represent the banks interest". "Our attorney represents our interests".

Make sure YOUR interests are properly represented.

 

[EddieWalker]

Just be careful that you understand what you read. When I sold a piece of land to an Airline Pilot, I thought it was all good. He picked up the title papers a week before the closing and started reading them. He's one of those very bright people, but he didn't read the report correctly, or he didn't understand it, and canceled the closing and said the sale was off because of an easement that I didn't disclose.

I made the mistake of assuming he had read the title documents correctly and spent a week digging up the original documents. When I had them, I was able to show that the last paragraph exempted him from anybody being able to put a well on the land. They had no right to enter the land or disturb in in any form.

I then read his copy of the title documents and saw the exact same paragraph in his papers. He just didn't read them all the way through, or didn't understand the language.

We had other issues like this, but that was the worse.

Eddie

 

[AlanB]

OK, seems my realtor did not understand the way some of the stuff was done by this law office (yes, the one that she specified in the contract) and everything was correct and on track. Go figure.

Crunch time for me.

I will be asked if I want to buy Title insurance (for me) at the table.

DO I NEED THIS?

I asked the lawyers office to send me a copy of the Title report and she kind of chuckled. Said she could send it if I would like, but the she (the processor) had never seen as clean of one as what is on this property. She said the owner had an outstanding loan on the property, that I was clearing with my purchase, and there was county tax, which I would be assuming and they would credit me two months worth (Jan and Feb) in the closing statement.

There is nothing else on the title report to look at she said. So I will verify that in the morning before signing, but think I have accomplished due dilligence at this point.

So, question of the day, should I buy the title insurance tommorrow when offerred? I know I bought title insurance for Farm Credit already in the loan.

 

[EddieWalker]

I don't understand this. Is your lender is offering title insurance seperate from your title company?

Eddie

 

[AlanB]

Certain I do not understand it either. But if I have it correct.

I will be paying for (in closing) Title insurance for Farm Credit as part of my closing costs.

Apparently there is also a seperate policy available to me, from the title company (lawyer) that is Title insurance for me. The processor at the title company (lawyer) said I would be offered that seperately at closing if I wanted it.

 

[gemini5362]

ABSOLUTELY BUY TITLE INSURANCE If you are buying the lenders policy the combination policy that will cover both of you is not going to be very much more money. This is the only time that you will be able to buy insurance that will cover you if something happens. I hear stories from my wife all the time about her office where someone starts to sell something and they find that the legal description is wrong on their deed. There have been some cases where the person did not have the right property. If it is something that happened in her office ( generally these are older claims that happened before she started there) They just fix it for free. If it is from another office they charge the seller to fix it. If it is just something they can fix easily it is not a big deal. Let me give you the worst example that I can think of that she told me. A developer bought a lot for development. A main city sewage line went through the lot. Someone missed that the line was there and did not include the easement for it in the legal description. The developer built several home to the tune of 500,000 each over the line. Several years later the line collapsed and when they went to dig it up guess what it ran under several very expensive living rooms. The title company fixed the problem by running a whole new section of sewer line at the edge of the property and paying for it. It they would have not had title insurance those property owners would have had a big problem. Or the developer would have. Call the title company and ask them how much more the combination policy that will include you costs. If they have to pay on a lenders policy all they will pay is the amount owed on the house. You would lose your down payment if something happened that the title were clouded

 

[AlanB]

OK, everything is tracking again, should be able to pick up my check this afternoon, and go to the lawyers in the morning and get this deal closed out.

Will buy the additional title insurance to cover myself tomorrow as well.

Hopefully it will all work..... Where are all those little sign here arrows

 

[AlanB]

Closed..
Very, very little paperwork (at least for buying a house)
Bought the additional title insurance for me. $150.
Transferred Electricity,,
Transferred Water
Got registered as a farm.....

All by 11 am, then let my Realtor take me out for a steak dinner but somehow, I think I still paid for it

Yee Haaaa, different threads upcoming....

Thanks for everyone's help.

 

[mudcat]

Congratulations!!!

 

[EddieWalker]

Good Job.

Eddie

 

[gemini5362]

I am glad you got it. You have had to do a lot of legwork to get to this point. We are looking forward to seeing what you do in your constant battle to improve things. NOW you can get started eradicating the mold. I just bought a new to me type of sheetrock that is paperless. It is supposed to stop mold from forming on it since there is no paper for it to eat. You might look into that. I believe it was you and if not I apologize for being old and having a faulty memory. I believe you were asking about prices for windows. The place that I was talking about was Window World, Inc.. Around here they advertise any size window up to a 4ft x4 ft installed for 189.00 these are double pane vinyl windows. They do the tilting in thing for cleaning and have an interesting warranty. If one gets broke for something that mother nature does and your insurance company will pay for they are not covered. but if something happens like a lawnmower, or a neihbors kid or your kid throws a rock or a softball through the window then the window is replaced for free. If I remember right there is a one time fee of ten dollars per window when you purchase them for this warranty but I am not sure if that is a correct amount for sure.

I thought the title insurance that put you on the policy would not be very much. 150.00 versus what the house cost is a pretty small investment.
Depending on how much and what kind of wine the wife drinks at dinner that would just about cover the two of us going out for a nice dinner.

 

[AlanB]

I think I will move over to the "projects" area, and start posting some of them there.

I really do appreciate everyone's help and support.

Rox, you would have been proud of me,,, Lawyer goes through everything, and I say, OK, great, just let me read through all this and then we will sign it I am not real sure but he did not immediately go to his "happy Place" I don't think,,,,, Then again, as I was paying all the bills for that party, I figured I should do my best to make sure everything was covered.

Only thing that came up was nobody was certain if it had been checked for the flood plain thing or not, Quick call to Farm Credit, and they had verified it and it was not.

Other interesting point, was somewhere at the start, as I like to be blunt and ask direct questions, I looked at the lawyer and said, "you are working for me and looking out for my interests correct?" He looked right back at me and said, "NO, I am working for the Lender". I like that... Although I wish he was working for me as I think I actually paid the bill, but then my realtor piped in that she was looking out for me...................... Yeah, that made me sleep better...............

It was good though, now just have to make the other things happen, but I think they are more in my control.

 

[MarkV]

Happy to see it worked out Alan. Now the fun begins so load up the tools.

MarkV

 

[gemini5362]

I think I will move over to the "projects" area, and start posting some of them there.

I really do appreciate everyone's help and support.

Rox, you would have been proud of me,,, Lawyer goes through everything, and I say, OK, great, just let me read through all this and then we will sign it I am not real sure but he did not immediately go to his "happy Place" I don't think,,,,, Then again, as I was paying all the bills for that party, I figured I should do my best to make sure everything was covered.

Only thing that came up was nobody was certain if it had been checked for the flood plain thing or not, Quick call to Farm Credit, and they had verified it and it was not.

Other interesting point, was somewhere at the start, as I like to be blunt and ask direct questions, I looked at the lawyer and said, "you are working for me and looking out for my interests correct?" He looked right back at me and said, "NO, I am working for the Lender". I like that... Although I wish he was working for me as I think I actually paid the bill, but then my realtor piped in that she was looking out for me...................... Yeah, that made me sleep better...............

It was good though, now just have to make the other things happen, but I think thy are more in my control.

It sounded like you said in an earlier post that the lawyer had said something about looking at the title and how clean it was etc etc. If so that sounds an awful lot like something we used to use a lot in arkansas called a lawyers title opinion. If you paid for the lawyer to do work make sure that any opinions they gave in writing are in your closing packet. If not call someone and ask for them. Since the attorney informed you that he was not working for you then you are not the client but it still is a good idea to have everything that the attorney said. if you can get it.

I know that the idea of having the lawyer work for the lender and you pay him seems strange but acctually an attorney is working for their client no matter who pays the bill. I had to use my attorney in a matter for my son. Even though I paid his fees my attorney told me that he could not discuss any aspect of the case with me without my sons written permission.