Michelle Blain - Your Real Estate Closing Explained Simply: What Smart Buyers & Sellers Need to Know

Your Real Estate Closing Explained Simply

What Smart Buyers & Sellers Need to Know

By Michelle Blain

Your Real Estate Closing Explained Simply: What Smart Buyers & Sellers Need To Know

Copyright 2007 Atlantic Publishing Group, Inc.

1405 SW 6th Avenue Ocala, Florida 34471 Phone 800-814-1132 Fax 352-622-1875

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ISBN-13: 978-1-60138-032-6 ISBN-10: 1-60138-032-1

Library of Congress Cataloging-in-Publication Data

Blain, Michelle, 1974

Your real estate closing explained simply : what smart buyers & sellers need to know / by Michelle Blain.

p. cm.

Includes bibliographical references and index.

ISBN-13: 978-1-60138-032-6 (alk. paper)

ISBN-10: 1-60138-032-1 (alk. paper)

1. Settlement costs--United States. 2. Mortgage loans--Law and legislation--United States. 3. Vendors and purchasers--United States. I. Title.

KF681.B53 2007

346.7304373--dc22

2006038842 2006034245

LIMIT OF LIABILITY/DISCLAIMER OF WARRANTY: The publisher and the author make no representations or warranties with respect to the accuracy or completeness of the contents of this work and specifically disclaim all warranties, including without limitation warranties of fitness for a particular purpose. No warranty may be created or extended by sales or promotional materials. The advice and strategies contained herein may not be suitable for every situation. This work is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. If professional assistance is required, the services of a competent professional should be sought. Neither the publisher nor the author shall be liable for damages arising here from. The fact that an organization or Web site is referred to in this work as a citation and/or a potential source of further information does not mean that the author or the publisher endorses the information the organization or Web site may provide or recommendations it may make. Further, readers should be aware that Internet Web sites listed in this work may have changed or disappeared between when this work was written and when it is read.

Table of Contents

Author Dedication & Biography

This book is dedicated to those embarking on the American Dream journey.
May you get your wishes.
Also to my husband, Shawn Miller,
thank you for your support.

Born and raised in Carlisle, Pennsylvania, Michelle Blain studied English Literature and Education at Le Moyne College in Syracuse, New York. While in New York, she worked in the public school system as a reading and grammar tutor. She later graduated from the University of Arizona with a BA in English and Business Administration. She currently lives in Tucson, Arizona, where she works as a freelance writer for various businesses and publications.

She became interested in real estate while maneuvering the maze of her first home purchase. After which, she realized the need for a comprehensive guide, and wrote this book, a compilation of research and advice from professionals, at the suggestion and through the generous support of Atlantic Publishing.

Acknowledgments

Through the generous contributions of top professionals and everyday people, this book will guide your understanding of the basics of real estate, the various players, their responsibilities to you and each other, and the documents they will present to you. Thank you to the following individuals and organizations:

Eric T. Magoon, Esquire
Law Offices of Eric T. Magoon
1031 Ives Dairy Road, Suite 228
North Miami Beach, Florida
T: 305-914-3765 / F: 305-914-0158
E-Mail:

Noelle Matzek
Recent Home Buyer

Terry and Roger Blain
Rental Property Owners

Chris Florko
Recent Home Buyer

Geneva Jones
Benchmark Mortgage, Inc
3990 SW Collins Way #202
Lake Oswego, OR 97035

Eric Bozinny
Agent, Consultant, Investor
Seattle, Washington
Visit his blog at
http://seattlerei.blogspot.com

Nancy Spivey
Coach and Speaker
Transformation Consultants, Inc.
P.O. Box 190075
Atlanta, GA 31119
T: 770-377-1847
http://www.transformit.net

Fred Ugast of Home Tech
for granting copyright privileges
for the home inspection forms
http://www.hometechonline.com

Foreword

Many people dream of owning a home or business property, but not so many actually make the leap. If you are considering home ownership for the first or the tenth time, become familiar or update your experience by becoming aware of the requirements of having a successful closing. That information is what this book is all about: getting you through closing efficiently and without undue costs. If fear of closing is holding you back, remember that real estate ownership has historically yielded high returns.

By reading this book, because it is more than just a typical how to guide, you will be prepared to glide through a process that can trip up even professionals. This is a comprehensive guide that explains the basic concepts in easy-to-understand terms, showing you concrete ways you can buy and sell smoothly. For the seasoned buyer, there are tips and ideas for saving yourself many a headache from the unexpected.

The difference between this book and others is that this book focuses on really doing a real estate deal correctly. You must have a solid understanding of the business and good practices to be a success. By following the map that has been laid out, anyone will be able to create real estate closing success.

If you are facing a real estate deal and are wondering what the closing costs consist of and how to reduce them, what are points, when do you need prepaid homeowners insurance, how much is an appraisal fee, lawyers fee, recording fee, title search and insurance, how to calculate tax adjustments, agent commissions, and mortgage insurance, this is the book for you.