Blog Elements – Page 19 – Elite Title Agency

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No Signs Of Stopping

U.S. home sales are hitting new highs by breaking through to a 10-year record. It appears buyers are not concerned with higher prices or the slight uptick in mortgage rates. This would seem to be a healthy sign that home buyers have confidence in the direction of the economy. The National Association of Realtors […]

March 15, 2017/0 Comments/by support_8dba

They Are Not The Same Thing. Know The Difference

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All of Florida’s Realtor contracts have space for the escrow agent’s information for a reason. This information allows the buyer to know where to send the deposit that is due upon entering into the contract. Then, getting past the contract section there is a place that lists who the closing agent will be. […]

March 1, 2017/0 Comments/by support_8dba

No Signs Of Stopping

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March 15, 2017/0 Comments/by support_8dba

They Are Not The Same Thing. Know The Difference

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March 1, 2017/0 Comments/by support_8dba

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No Signs Of Stopping

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The National Association of Realtors released a report in January showing that sales of existing homes have bumped up over 3 percent to a seasonally adjusted annual rate of almost 5.7 million units. The country has not seen numbers this high since back in Februarys of 2007.

At the end of 2016 researchers had updated the numbers to over 5.5 million units from what was reported prior as 5.49 million units. National economists had previously forecasted sales to increase slightly at a 1.1 percent pace rising to 5.54 million. The National Association of Realtors also went and updated all of their numbers going back to 2014. These changes were only minor in nature and had no impact on housing market characterization.

The trends seem to be continued as sales at the beginning of 2016 were up 3.8 percent. Demand in the housing market appears to be related to the strength on the labor front, which is increasing job opportunities for the younger generation and growing their desire for home ownership.

On the other side of the data is the shortage of available properties for sale, which is naturally leading to an increase in listing prices. This point is an apparent roadblock to a robust housing marketplace. At the same time, the 30-year fixed mortgage rate has seemed to level out after rising quickly over the past months; it still is over 4 percent, however. In a clear contrast to this, annual wages have grown below 3 percent.

March 15, 2017/0 Comments/by support_8dba

They Are Not The Same Thing. Know The Difference

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Then, getting past the contract section there is a place that lists who the closing agent will be.

Now, the roles of the escrow agent and the closing agent can sometimes be fulfilled by the same person or company. Although, that does not always need to be and it is not wise to assume they are on in the same. Once you understand the differences between the two roles the less likely, you will encounter future issues.

For example, a buyer has his attorney hold the initial deposit, and the attorney’s information is placed in the appropriate escrow-agent position on the contract page. However, in this case, the seller has placed in the contract that they want and will choose the closing agent, and then they pick a well-known title company.

In the contract, it says the deposit is due three days after the effective date, and of course, the buyer goes ahead and sends the money to his attorney to meet the deadline. The seller in their mind contacts their title company to make sure the deposit is in place, but they are told the buyer’s money never was deposited. Obviously, the seller would be quite disappointed. They will then contact the buyer and inquire about the funds, and the now confused buyer tells the seller that per the contract they sent the funds to their attorney.

The seller is not happy. They rightly assumed the money would be placed with the title company they chose to act as the closing agent.

Did the buyer default? Can the seller start demanding that the buyer deposit the funds immediately with their selected title company? Well, both answers are NO.

The seller should have changed the information in the contract since the escrow, and closing agent is not one and the same.

One cannot repeat this warning enough. Carefully read the contract and avoid confusion later.

March 1, 2017/0 Comments/by support_8dba

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