Earnest money is a monetary deposit made by the buyer to the seller showing the buyer’s good faith in a real estate transaction. It shows… Read More
Category: Did You Know?
Inspection Period
Within the Inspection Period defined per the Sales Contract, the buyer is entitled to purchase one or more written home inspection reports deemed necessary. (Sales… Read More
Survey: Deadline Date
The only way for a buyer to know with certainty what they are purchasing (and to obtain survey coverage on their title insurance policy) is… Read More
What you need to know about liens
During the financial collapse of 2008, many title insurance underwriters suffered loss because of mechanic’s lien claims. For this reason, title insurance underwriters tightened their… Read More
Changes to the CPL
CHANGES TO THE CPL As a result of legislation, all parties of sales transaction are now required to receive a Closing Protection Letter (CPL)… Read More
Wire Transfers
Fedwire, operated by the Federal Reserve System, began operations in 1918, originally using Morse code to send messages over leased telegraph lines. It now connects… Read More
When is Closing?
As defined in the residential sales contract, paragraph 5, line 69: “The Closing is the exchange of the Seller’s Deed for the total purchase price.”… Read More