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      • id39
      • slugwhy-homes-fall-out-of-escrow
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      • autor_nameLightspeed Escrow
      • titleWhy Do Homes Fall Out of Escrow? 5 Common Reasons
      • body<p><meta charset="utf-8" /></p> <p>Real estate transactions often come with various ups and downs, sometimes resulting in a happy ending and other times disappointment. It’s not easy navigating a home sale as it’s such an uncertain time. And just when you think you’re safe because you’ve entered escrow, things can still go south. Ever heard of a house that fell out of escrow? </p> <p>Of course, we hope this won’t happen, but it’s good to be prepared. That’s why we want to tell you about the most common reasons for homes falling out of escrow and taking you back to square one. What does falling out of escrow mean in the first place? Don’t worry, we’ll explain that too. Keep reading to learn more and hopefully prevent that from happening.</p> <h2>What Does It Mean to Fall Out of Escrow?</h2> <p>You may already know that escrow is an arrangement in which third parties hold and regulate the payment of funds required for two parties involved in a given transaction. The escrow process helps protect both buyers and sellers by ensuring that all necessary conditions are met before the sale is finalized. Well, when a home falls out of escrow, it means that <strong>the buyer and seller have failed to meet the conditions necessary for the sale to be completed</strong>. </p> <h2>5 Reasons for Falling Out of Escrow</h2> <p>The home buying and selling process is not always a walk in the park. A lot of issues or complications can come up along the way. Therefore, there are a variety of reasons why a home might fall out of escrow. We’ll explain the most common things that can lead to falling out of escrow. </p> <h3>Buyer Financing Fell Through</h3> <p>One of the most common reasons for falling out of escrow is that <strong>the buyer wasn’t able to secure financing</strong>. If a homebuyer doesn’t have enough funds or fails the loan qualification process, their offer will most likely be rejected, and their escrow will fall through. </p> <p>It’s not uncommon for a buyer to be pre-approved for a mortgage loan at the beginning of the home-buying process. However, by the time escrow is opened, circumstances can change, leaving the buyer in a worse financial position. This can be a consequence of a job loss, new debt, or other unforeseen factors that negatively affect the buyer’s credit score. </p> <p>So, even though the mortgage lender had previously pre-approved the buyer, now they don’t qualify for the loan after all. What happens if financing falls through on a house? More often than not, because they lost financing, the buyer has to back out of escrow. </p> <h3>Appraisal Value not Met</h3> <p>The buyer’s lender will appraise the property in order to determine whether it is actually worth the sales price. They have to make sure that the property they will underwrite is appropriately priced. For that reason, the buyer’s loan is contingent on the appraisal. </p> <p><strong>If the appraisal value is lower than the purchase price, the lender won’t approve the loan. </strong>But there are a few ways to resolve the issue. </p> <ol> <li>The buyer orders a new appraisal in hopes of getting a higher value. </li> <li>The buyer can negotiate with the seller for a lower price. </li> <li>The buyer pays the difference between the appraised value and the purchase price. </li> </ol> <p>In case none of these three solutions work, a new price cannot be negotiated, and the buyer can’t come up with the difference, they might have to back out of the sale, and the home falls out of escrow.</p> <h3>Property Title Issues</h3> <p>Another thing that’s a must in the home sale process is a title search. The lender requires the buyer to conduct a title search of the property to <strong>check if the title is clear</strong>. A title company will be appointed to take care of this, and you (the buyer) will be paying a <a href="https://lightspeedescrow.com/blog-post/what-is-sub-escrow-fee" rel="noopener" target="_blank">sub-escrow fee</a> for their services. A title search will uncover all the liens and claims, such as unpaid taxes, judgments, or estate paperwork. </p> <p>If these issues arise with any of these liens and claims, they have to be resolved before the sale can go through. In some cases, this might not be possible in a timely manner. And if it’s not possible to resolve the title issues, then the home can fall out of escrow.</p> <h3>Issues with the Home Inspection</h3> <p>One common contingency in a real estate contract is that buyers have the right to inspect the property prior to closing. <em>The inspection is meant to find any problems with the home and its systems so that both parties are aware of the conditions of the home before closing.</em></p> <p>If the inspection finds any major issues or problems with the property, it could lead to a dispute between the buyer and seller about who should pay for repairs. This could lead to negotiations that may not be successful, and if both parties cannot agree on how to handle the issue, then the sale can fall out of escrow.</p> <h3>The Buyer Has a Change of Heart</h3> <p>Lastly, an escrow can fall through if the buyer has a change of heart about purchasing the home. <em>Once in escrow, buyers have the opportunity to freely back out of their purchase without any legal repercussions. </em></p> <p>However, if they do back out and fall out of escrow without a valid reason, they may have to pay some penalties, such as a fee to the escrow company or a penalty fee to the seller. This is usually included in the purchase contract, so it’s important for buyers to read and understand all of its terms before entering into an agreement. </p> <p>It’s not unusual for buyers to back out of their purchase due to jitters or simply because they’ve found a better home, so it is important to make sure that buyers are ready to commit before entering into an escrow agreement. </p> <h2>Can You Back Out of Escrow as the Seller?</h2> <p>Yes, the seller can back out of escrow as well. <em>The seller has the right to back out if they are not happy with the buyer’s financing or if they decide to keep the home rather than sell it. </em></p> <p>The seller may also be able to back out if there is a legal issue that comes up during the escrow period. Additionally, if the buyer does not meet their obligations on time or does not fulfill all the terms of the contract, then the seller may be able to back out as well.</p> <p>It's important for sellers to consult their attorney before making any decisions about backing out of an escrow agreement. In some cases, they may be able to back out without penalty, but it depends on the specific circumstances and the property sale agreement. </p> <h2>Need Help with Escrow?</h2> <p>As you can tell, the escrow journey is not as straightforward and simple as one might wish. Many things can go sideways and impact the deal. If you’re worried about falling out of escrow or find the entire process intimidating, we’re here to help. <a href="https://lightspeedescrow.com/" rel="noopener" target="_blank">Lightspeed Escrow</a> is here to make sure you handle all your real estate transactions at the speed of light. </p> <p><strong>If you want to make your closing quick, simple, and painless, give us a call. </strong>We offer top-notch <a href="https://lightspeedescrow.com/services" rel="noopener" target="_blank">escrow services</a> that will put your mind at ease, no matter what transaction you’re dealing with. Even if you just want to better understand your <a href="https://lightspeedescrow.com/blog-post/what-is-escrow-balance-on-mortgage-statement" rel="noopener" target="_blank">escrow balance</a> and other escrow-related terms, you can count on us. Get in touch, and let us help you buy or sell your property!</p> <script type="application/ld+json"> { "@context": "https://schema.org", "@type": "Article", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://lightspeedescrow.com/blog-post/why-homes-fall-out-of-escrow" }, "headline": "Why Do Homes Fall Out of Escrow? 5 Common Reasons", "description": "Wondering why homes fall out of escrow and if you can prevent that? Let us tell you about the 5 most common reasons for falling out of escrow and help you out.", "image": "https://lightspeedescrow.com/files/blog/142f40fa-750f-4db2-9cfa-5912fb9a97ff_real-estate-woman-with-house-mod%20(1).jpg", "author": { "@type": "Organization", "name": "Lightspeed Escrow", "url": "https://lightspeedescrow.com/" }, "publisher": { "@type": "Organization", "name": "Lightspeed Escrow", "logo": { "@type": "ImageObject", "url": "https://lightspeedescrow.com/theme/Public/images/logo.svg" } }, "datePublished": "2023-01-24" } </script>
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      • short_descriptionWondering why homes fall out of escrow and if you can prevent that? Let us tell you about the 5 most common reasons for falling out of escrow and help you out.
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      • id38
      • slugwhat-is-escrow-balance-on-mortgage-statement
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      • autor_nameLightspeed Escrow
      • titleWhat Is the Escrow Balance on Your Mortgage Statement?
      • body<script type="application/ld+json"> { "@context": "https://schema.org", "@type": "BlogPosting", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://lightspeedescrow.com/blog-post/what-is-escrow-balance-on-mortgage-statement" }, "headline": "What Is the Escrow Balance on Your Mortgage Statement?", "description": "What is the escrow balance on your mortgage statement? Learn all about maintaining a healthy escrow account to avoid any surprises down the road!", "image": "https://lightspeedescrow.com/files/blog/9fc11b55-d854-457a-ad30-9b8be354e3f8_escrow-account-balance.jpg", "author": { "@type": "Organization", "name": "LightSpeed Escrow", "url": "https://lightspeedescrow.com/" }, "publisher": { "@type": "Organization", "name": "LightSpeed Escrow", "logo": { "@type": "ImageObject", "url": "https://lightspeedescrow.com/theme/Public/images/logo.svg" } }, "datePublished": "2023-01-20", "dateModified": "2023-01-20" } </script> <p>Welcome to the mind-boggling world of mortgage payments and escrow balances that often leaves many scratching their heads! Like most homeowners, you probably have a vague idea of what an escrow balance is, but may not fully understand <em>how</em> it works. Don't worry; you're not alone. That's why we're here to demystify what’s an escrow balance and explain why it's an important part of the mortgage process.</p> <p>So grab a cup of coffee, sit back, and get ready to learn something new. Trust us, understanding your escrow balance is like having a superpower. It empowers you to take control of your mortgage payments and avoid any unpleasant surprises down the road.</p> <p><strong>Are you ready to uncover the veil of mystery surrounding the escrow balance meaning once and for all?</strong> Let’s dive right in!</p> <h2>First Things First: What Is a Mortgage (Escrow) Statement?</h2> <p><strong>A mortgage (escrow) statement is a document that shows up-to-date details about your mortgage loan </strong>– the current balance in an escrow account, as well as a breakdown of upcoming property-related expenses and the amount that will be paid from the escrow account. It's like a snapshot of your escrow account's health.</p> <p>This statement is usually provided by a <em>mortgage lender (</em>who is required to send a mortgage statement for each billing cycle, usually monthly). It can be accessed through an online portal or by requesting a copy. It is important to regularly review the statement to ensure that all information is accurate, and manage the escrow balance.</p> <p>If you have an escrow account, you can see two different balances on your mortgage statement: the<em> escrow balance</em> and the <em>principal balance</em>. We’ll get into both in more detail in a minute.</p> <h3>How to Reconcile Your Escrow Statement</h3> <p>Reconciling your escrow statement is pretty straightforward – it’s like balancing your checkbook. Simply <em>compare</em> the information on your statement to your own records, and make sure everything matches up.</p> <p>If you notice any discrepancies, be sure to reach out to your lender to get them resolved.</p> <h2>What Is Escrow Balance?</h2> <p>So, you've been paying your mortgage for a while now, and you've probably heard the term "escrow balance" thrown around, but do you know <em>what </em>escrow balance means, exactly? In layman's terms, it's simply the amount of money set aside in an escrow account to pay for property-related expenses, such as property taxes and insurance premiums.</p> <p>In other words, <strong>the escrow balance on your mortgage statement refers to the amount of money that is currently being held in your escrow account</strong>. When you make your monthly mortgage payments, a portion of the payment is deposited into the escrow account, building up your escrow balance. This balance is then used to pay for property-related expenses when they come due.</p> <p>As we mentioned above, your mortgage servicer takes care of those pesky property-related expenses by paying them on your behalf from the funds in your escrow account. They keep a close eye on the payments and <em>review</em> them periodically to ensure that there are always enough funds in the account to cover the expenses, minimize the chances of any unpleasant surprises, and make any necessary adjustments to the monthly escrow payments.</p> <h3>What Is Principal Balance?</h3> <p>The principal balance on a mortgage statement refers to the <strong>amount of money still outstanding on your mortgage loan</strong>. It is the original loan amount minus the total payments made toward the principal. The principal is the loan amount borrowed, as opposed to the interest, which is the cost of borrowing the money.</p> <p>As you make payments on your mortgage, a portion of each payment goes towards paying down the interest, and the rest goes towards paying down the principal. Over time, the principal balance will decrease as you make payments, and the amount of interest you pay will also decrease.</p> <p>The principal balance is an<em> important</em> factor in determining the total cost of your mortgage over time. The larger the principal balance, the more interest you will pay over the life of the loan. You can monitor the principal balance on your mortgage statement, which usually shows the current outstanding balance, the payments made, and the remaining payments.</p> <h3>Escrow Vs. Principal Balance: What’s the Difference?</h3> <p><strong>Let’s do a quick recap. </strong>So, what is an escrow balance? Your escrow balance is the amount of funds in your escrow account – an account used in transactions for the deposit of funds or assets to be held by the third party until certain conditions are met.</p> <p>On the other hand, a principal balance refers to the <em>original </em>amount of money borrowed or invested in a financial product, such as a loan or mortgage, before interest and fees are added. The principal balance does not include any interest or fees accumulated over time.</p> <h2>The Importance of Escrow Balance in the Mortgage Process</h2> <p>Now, why do we need this escrow balance, you might ask? Well, it's all about making sure that these important expenses are paid on time, without any hiccups. Imagine having to come up with a lump sum of money to pay your property taxes all at once. It's not only inconvenient, but it could also be financially draining.</p> <p>So,<strong> the escrow account (balance) acts as a safety net, ensuring that these expenses are paid in a timely and manageable manner</strong>.</p> <h3>Understanding How Escrow Balances Work</h3> <p>Let’s start with an explanation of the escrow account. Think of the escrow account as a piggy bank – <strong>every month, a portion of your mortgage payment is deposited into this account, building up your escrow balance</strong>. This balance is used to pay for property-related expenses when they come due. Escrow accounts are usually set up and managed by your <em>lender </em>or another third party.</p> <p>The amount that goes into the escrow account each month is determined by your lender based on <em>estimates</em> of your upcoming property-related expenses. These estimates are usually based on the previous year's expenses, but they can change based on property value, insurance premiums, and local tax rates.</p> <p>When it's time to pay property taxes or insurance, your lender will use the funds from the escrow account to cover the cost. It's important to keep your escrow balance <em>positive; </em>otherwise, your mortgage lender may require you to pay the negative balance before making the payments.</p> <h2>The Impact of Escrow Balance on Mortgage Payments</h2> <p>How can changes in property-related expenses affect your escrow balance? Remember how we said that the amount that goes into the escrow account is based on estimates of property-related expenses? Well, if those estimates are too low, you may have a <em>shortage</em> in your escrow account. On the other hand, if the estimates are too high, you may end up with a <em>surplus</em>. Both of these scenarios can affect your mortgage payments.</p> <p><strong>How are escrow shortages and surpluses handled, you might ask?</strong> A shortage in the escrow account means that there’s not enough money to pay for the expected expenses. In that case, the lender may <em>increase</em> your monthly mortgage payments to make up for it or ask you to pay for the shortage. On the other hand, if there's a surplus, your lender may <em>lower </em>your monthly payments or provide you the option to have the surplus refunded to you.</p> <p>It's important to regularly review your escrow statement to ensure that the estimated expenses are accurate and that there are enough funds in the account to cover the expenses. If you notice any discrepancies or if you have any questions or concerns, be sure to reach out to your lender to get them resolved. This way, you can take control of your escrow balance and <em>minimize</em> the impact on your mortgage payments.</p> <h3>Negative Escrow Balance</h3> <p>Having a negative escrow balance can be a real bummer. <strong>A negative escrow balance means that you have an escrow deficiency</strong>. This can happen if the expenses increase unexpectedly or the payments into the escrow account are insufficient. You will not only lack sufficient funds to pay for your upcoming tax and insurance expenses, but you will also have to pay additional money to bring your account balance up to date.</p> <p>To get rid of a negative escrow balance and bring it to a <em>positive balance</em>, you can increase the monthly mortgage payment to cover the shortfall in the escrow account or pay off the amount in a lump sum. If you don't have enough money to cover the cost, it could be a good idea to set up an installment plan with your bank or look into other payment options. Whatever you do, take care of this quickly and responsibly so you can get back on track!</p> <p>If the mortgage servicer determines that the negative escrow balance is caused by a miscalculation on their part, they are required to correct the error and adjust the payments accordingly.</p> <h3>Do Escrow Balances Earn Interest?</h3> <p><strong>It depends on the escrow agreement and the financial institution or third party holding the escrow funds</strong>. Generally, banks and other mortgage lenders are not required to generate interest on money held in escrow accounts.</p> <p>In some cases, the escrow funds may be placed into an interest-bearing account, in which case they would earn interest. It's important to check with the third party or financial institution managing your escrow account to determine whether the funds held in escrow will earn interest.</p> <h2>Unlocking the Secrets of Escrow Balance: Time to Take Control of Your Mortgage Statement</h2> <p>And there you have it, folks, a crash course on the escrow balance and why it's an important part of the mortgage process. <strong>Now that you understand how it all works, you can ensure that your escrow balance is always in tip-top shape and avoid any unpleasant surprises down the line</strong>.</p> <p>So, make sure to review your escrow statement regularly, and if you have any questions, or concerns or simply need a helping hand dealing with any escrow matters that make your head spin, don't hesitate to <a href="https://lightspeedescrow.com/contact-us" rel="noopener" target="_blank">reach ou</a>t to experts at <a href="https://lightspeedescrow.com/" rel="noopener" target="_blank">Lightspeed Escrow</a> for reliable and fast estate transaction on any escrow service.</p>
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      • titleBuyer Escrow Timeline - What to Expect from the Process
      • body<script type="application/ld+json"> { "@context": "https://schema.org", "@type": "BlogPosting", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://lightspeedescrow.com/blog-post/buyer-escrow-timeline" }, "headline": "Buyer Escrow Timeline - What to Expect from the Process", "description": "Purchasing a home has a lot of moving parts, the escrow timeline being one of them. Prepare in advance by learning all about the escrow process flow!", "image": "https://lightspeedescrow.com/files/blog/76738473-a207-4fe1-a0c5-afc0f0d9dcc8_cheerful-elegant-mature-business-man.jpg", "author": { "@type": "Organization", "name": "Lightspeed Escrow", "url": "https://lightspeedescrow.com" }, "publisher": { "@type": "Organization", "name": "Lightspeed Escrow", "logo": { "@type": "ImageObject", "url": "https://lightspeedescrow.com/theme/Public/images/logo-dark.svg" } }, "datePublished": "2022-10-13", "dateModified": "2022-10-13" } </script> <p>Buying a new home is one of life’s little joys… until you’re faced with an array of mind-boggling entanglements of the biggest investment of your life to keep up with. Although the escrow timeline is pretty straightforward, it often confuses first-time home buyers.</p> <p>On top of all the tasks this life-changing step adds to your to-do list, the last thing you want is to get stuck trying to figure out all the complexities and deciphering confusing legal jargon you may stumble upon while trying to fit all the pieces of the escrow timeline puzzle together.</p> <p><strong>Luckily, we’ve gathered key information and insider tips and tricks under one roof to help you prepare</strong>. Knowing what to expect from the process will help you navigate the escrow timeline when purchasing a home with ease.</p> <h2>What Is Escrow and How Does It Work?</h2> <p>In simple terms, <strong>escrow is a legal arrangement</strong> in which an impartial third party (the stakeholder or escrow agent) temporarily holds money or property (on an <a href="https://lightspeedescrow.com/blog-post/how-to-open-escrow-account">escrow account</a>) while negotiating a real estate deal until all contractual conditions, such as the fulfillment of a purchase agreement, have been met.</p> <p>Escrow services are usually <em>mandatory </em>in a home purchase as they show the seller that the potential buyer is serious about buying the home and ensure taxes and insurance premiums get paid on time.</p> <h3>Why Do You Need Escrow When Buying a Home?</h3> <p><strong>Escrow is important because it acts as a “vote of confidence,” resulting in peace of mind for all included</strong>. In real estate, escrow is a gesture of <em>good faith</em> - a “mediator” that reduces risk on both sides of a transaction, ensuring all parties involved are protected. In the case of buying a home, it would be the sale, purchase, and ownership of a home.</p> <p>As a home buyer, escrow gives you leverage, knowing that if the deal falls through due to failed contingencies listed in the contract, you will get your earnest deposit back. You’re taxes and insurance will be dealt with through monthly payments, so you won’t pay them in big lump sums or fall behind.</p> <h2>Buying a Home Timeline from the Escrow Perspective</h2> <p>First things first: What is the escrow timeline, exactly? When negotiating a purchase contract, the home buyer and the seller will agree on an escrow timeline, which can vary depending on numerous factors we will explain in more detail below. The term “escrow timeline” itself refers to the time frame and events between signing the contract and closing the deal.</p> <p>But, before we dive any deeper into the nitty-gritty of escrow timelines, let’s break it down to ease you into it – <strong>have a sneak peek into the key steps of the home buying escrow process</strong>:</p> <p><strong>Step 1: Offer & Escrow Account</strong></p> <p>The buyer and seller agree on a purchase price and escrow timeline, putting the escrow process in motion.</p> <p><strong>Step 2: Making a Deposit</strong></p> <p>The buyer’s <a href="https://lightspeedescrow.com/blog-post/earnest-money">earnest money</a> (“goodwill deposit”) is transferred into the newly opened escrow account.</p> <p><strong>Step 3: Disclosures, Home Inspections & Appraisals</strong></p> <p>While inspections take place, the seller fills out and signs disclosures about the property as mandated by state law to outline any faults the property has. If the buyer’s offer includes an appraisal contingency, somebody will also come to visit and inspect the home for property appraisal.</p> <p><strong>Step 4: Repairs & Negotiations</strong></p> <p>Any negotiations or requests resulting from the completed inspections and appraisals now take place, like fixing an issue by doing the necessary repairs or negotiating the property price reduction to compensate.</p> <p><strong>Step 5: Contingencies</strong></p> <p>This is when contingency releases that involve signing all necessary paperwork are handled. Once a decision has been reached, the buyer signs the inspection results, thus removing their inspection contingency.</p> <p><strong>Step 6: Mortgage Process & Loan Approval</strong></p> <p>This is when the home buyer submits a mortgage application and waits for the mortgage loan to be approved by their lender (directly or through a mortgage broker) to be able to secure the funds for closing the purchase.</p> <p><strong>Step 7: Title Searches & Title Insurance</strong></p> <p>The Title Company runs a title search to ensure the seller provides a clear title to the buyer, and the buyer may secure <a href="https://lightspeedescrow.com/blog-post/is-title-insurance-a-waste-of-money">title insurance</a>. Finally, the buyer’s mortgage lender sends the final loan documents to the escrow agent.</p> <p><strong>Step 8: Finalizing the Deal</strong></p> <p>An optional walk-through is offered to the home buyer to ensure the property is in the state agreed-upon state. If all goes well, the magic happens, and the escrow timeline closing is complete!</p> <h2>Connecting the Timeframe Dots: What to Expect from the Escrow Process Timeline</h2> <p><strong>If you’re a first-time home buyer, you may not have a clear picture of what the escrow process actually looks like.</strong></p> <p>Keep reading to find out what happens next in the escrow timeline and how it all works, so you know what to expect and prepare for your personal home buyer timeline in advance.</p> <h3>When Does Escrow Start?</h3> <p><strong>The escrow process begins when a seller accepts a buyer’s offer to purchase a home, signs the purchase agreement, and an escrow account is opened</strong>. Home buyers often back their offer up with an <em>earnest money</em> deposit to show they’re serious about following through with the purchase. The funds are put into the escrow account, where the they remain until closing, after which they are disbursed.</p> <h3>How Long Does Escrow Take?</h3> <p>There is no standard escrow timeline the process must follow. <strong>Typically, the escrow process takes between 30-60 days to complete on average and will probably fit somewhere within this timeframe if all goes well</strong>. The escrow process timeline largely depends on the purchase agreement, how quickly all parties (seller, buyer, lender, real estate agents, loan officers) act, and the home inspection and home appraisal timeline.</p> <ul> <li>The escrow timeline can vary due to various factors determining the length of escrow, including:</li> <li>Mortgage pre-approval</li> <li>Time requirements for all the tasks</li> <li>Preparing the proper documents</li> <li><a href="https://lightspeedescrow.com/blog-post/california-escrow-requirements">State requirements for escrow</a></li> <li>The time it takes to get the underwriting done, and more.</li> </ul> <p>Simply put, more complicated transactions can take longer to close, and more straightforward transactions can be sped up. In most cases, escrow can be closed successfully within the agreed-upon time frame specified in the contract. However, if the process lasts longer than this timeframe, it might be indicative of some mishaps that have delayed closing and prolonged the escrow timeline, such as failed inspections or legal issues that arise during the title search.</p> <h2>What Is The Escrow Process Closing Timeline?</h2> <p>“How long after escrow closes can I move in” is one of the most common questions we get. As a home buyer, you’re probably eager to find out how long it will take for the keys to your home to fall into your hands officially, and this is primarily affected by the escrow timelines. The escrow process timeline officially ends when the sale of a house is complete, and the home buyer takes possession at closing.</p> <p><strong>During the final five days, the <a href="https://lightspeedescrow.com/blog-post/close-of-escrow">close of escrow</a> takes place</strong>. After the home buyer covers the remainder of the down payment and closing costs that are due (loans, liens, and Vendor bills) and both parties sign all documents relating to the sale, the deed will be recorded, the funds will be dispersed, and the closing will be finished. The escrow company will then update the status to reflect the transfer of ownership, making it the final step in the escrow process. The buyer then gets the keys, and the seller receives the money from the sale.</p> <h3>What Happens If Escrow Doesn’t Close on Time?</h3> <p>Nobody wants their escrow timeline to drag on longer than it should, but sometimes you can run into some bumps on the road. <strong>Although unpleasant, there are no penalties if an escrow process does not close on time unless the contract has no stipulations regarding the closing timeline</strong>. However, the purchase contract will expire, meaning the parties are no longer under contract. Asking the seller to extend the closing date is typically the next step, but they must agree.</p> <p>Some of the possible reasons that might <em>delay</em> the escrow process and stop it from closing timely are unorganized and late-scheduled inspections and failure to locate and provide the required documentation. It can also simply be the result of a slow and inefficient escrow service provider.</p> <p>Therefore, <strong>addressing all potential challenges before they arise is important to ensure a seamless closing process</strong>. In order to speed up your escrow process timeline as much as you can as a home buyer and avoid any hiccups down the road, ensure you hire a reliable and trusted escrow company and inform yourself about the necessary paperwork you should prepare in advance.</p> <h3>What Is the Shortest Time for Escrow?</h3> <p>You might be wondering what the shortest escrow possible is. If everything goes smoothly, home buyers purchasing in cash can close the escrow process in as little as 7-14 days (one to two weeks). However, it’s important to have realistic expectations since the average escrow timeline is usually longer, especially if you have to apply for a loan.</p> <h3>What Is the Shortest Time for Escrow?</h3> <p>You might be wondering what the shortest escrow possible is. If everything goes smoothly, home buyers purchasing in cash can close the escrow process in as little as 7-14 days (one to two weeks). However, it’s important to have realistic expectations since the average escrow timeline is usually longer, especially if you have to apply for a loan.</p> <h3>The California Escrow Process Timeline: How Long Does Escrow Take to Close in California?</h3> <p>Maybe you’re reading this because you’ve just made an offer on your dream home in the South Bay. If so, congrats! If you’re a home buyer thinking about living their California dream and buying a property, you’re probably wondering how the escrow timeline works along the golden coast.</p> <p><strong>The truth is, things aren’t much different in California when it comes to the escrow closing process – just like in most US states, real estate escrow processes take around 30-40 days on average</strong>.</p> <h2>Speed Up The Escrow Timeline Without Sacrificing Quality</h2> <p>Escrow is a complicated process, full of deadlines, legal terms, and documents to cut through. Coordination of all the moving parts of the escrow process can make or break your closing and moving timeline. <strong>We make it a breeze</strong>.</p> <p>With an experienced, reliable, and efficient escrow company like <a href="https://lightspeedescrow.com/blog-post/escrow-fees">Lightspeed Escrow</a> in your corner to clarify the <a href="https://lightspeedescrow.com/blog-post/escrow-fees">escrow fees</a> and guide you through the process every step of the way, you won’t have to think twice about hitting the 30-day escrow timeline mark.</p> <p>Feel free to reach out to get an answer to any question you may have, or hire our fast, quality, and secure escrow services to walk you through one of the biggest financial decisions of your life and close your real estate transaction at the speed of light.</p>
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      • titleWhat Should You Expect from an Escrow Period?
      • body<script type="application/ld+json"> { "@context": "https://schema.org", "@type": "BlogPosting", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://lightspeedescrow.com/blog-post/escrow-period" }, "headline": "What Should You Expect from an Escrow Period?", "description": "What Should You Expect from an Escrow Period?", "image": "https://lightspeedescrow.com/files/blog/6391fa2e-e5f1-44c6-b745-fdad42a94201_adult-couple-in-the-office-with-real-estate-agent.jpg", "author": { "@type": "Organization", "name": "Lightspeed Escrow", "url": "https://lightspeedescrow.com/" }, "publisher": { "@type": "Organization", "name": "Lightspeed Escrow", "logo": { "@type": "ImageObject", "url": "https://lightspeedescrow.com/img/logo.png" } }, "datePublished": "2022-07-14", "dateModified": "2022-07-14" } </script> <p>Escrows exist to minimize conflict and increase the likelihood of a successful transaction. Buyers usually want to pay less than the asking price, sellers want to receive at least as much as they asked for, and both sides would prefer that neither side pays too much or receives too little. The escrow period helps to manage these risks by holding part of the payment until certain conditions are met.</p> <p>An escrow period begins after a contract is signed but before a funds transfer occurs. This gives buyers time to verify the seller's credentials and confirm that he or she hasn't previously sold the house in question. If something goes wrong during this phase, the escrow agent acts as an intermediary to resolve the problem.</p> <h2>What Is Escrow?</h2> <p>An <a href="https://lightspeedescrow.com/blog-post/how-to-open-escrow-account">escrow account</a> is a way to hold the money until certain conditions are met, such as the completion of a sale. It is used by real estate agents to protect buyers against sellers who fail to complete the transaction. In general, there are three stages of an escrow: the Pre-closing Stage, Closing Stage, and Post-Closing Stage.</p> <p>The pre-closing stage begins when the buyer and seller agree on the terms of the deal. During this phase, both parties must sign documents that confirm what they agreed upon. These include contracts, agreements, disclosures, etc. Once everything is signed, it is time to move into the next stage.</p> <p>In the closing stage, the <a href="https://lightspeedescrow.com/blog-post/the-role-of-an-escrow-officer-in-real-estate">escrow officer</a> completes the purchase and the buyer pays the full amount owed. This usually happens within one week of signing the contract. After the seller pays, he/she receives a receipt for the payment. At this point, the escrow holder takes over. They keep the money and the title and exchange one for the other once everything is settled.</p> <p>During the post-closing stage, the escrow holder reviews the paperwork and verifies that the buyer has completed the purchase. Once that is done, the escrow holder releases the funds to the seller.</p> <h2>What Is An Escrow Account?</h2> <p>There are two types of escrow accounts:</p> <p>1. During the home buying period, the escrow agent holds the money until closing.</p> <p>2. Throughout the life of the loan, the lender holds it until all payments are made – including those paid by the borrower.</p> <p>The escrow account protects the buyer's down payment against loss. If the seller doesn’t meet the contingencies, the escrow company gives back the escrow money to the buyer and the seller gets nothing. If the buyer backs out of the sale under unexpected circumstances, the seller gets the <a href="https://lightspeedescrow.com/blog-post/earnest-money">earnest money</a> during the escrow period, even though the sale is off.</p> <p>If you use an escrow account as a homeowner, you are just making monthly mortgage payments together with small installments for an insurance premium and homeowner tax. Your lender might request you do this, so they don’t have to pay for the consequences of your defaults or liens.</p> <h2>What is an Escrow Agreement?</h2> <p>An <a href="https://lightspeedescrow.com/blog-post/escrow-agreement">escrow agreement</a> is a legally binding contract that governs how money or properties are exchanged between two parties. In most cases, it requires both parties to agree to certain terms before money changes hands. For example, one party might pay another party the deposit, and the second party must return the deposit once he receives the full payment.</p> <p>Sellers who sell houses through online listing services require escrow agreements because they want to ensure that no problems occur after the sale. Buyers who purchase homes through these sites need escrow agreements too, because they don't want to lose out on their deposits if something happens during the transaction.</p> <h2>What Is the Escrow Period?</h2> <p>The escrow period is the length of time it takes to close a real estate transaction. During this time, both buyers and sellers work together to make sure everything goes smoothly. In some cases, the escrow period can take up to three months.</p> <p>Buyers typically spend about two weeks looking for houses and another month negotiating with the seller. After the offer is accepted, the next step involves getting financing approved. Once the loan is finalized, the buyer needs to pay a deposit into the escrow account. This is usually done within one week of the agreement being reached. On average, the escrow period lasts for about a month. If the buyer pays in cash - it can take even just a couple of weeks.</p> <p>After the deposit is paid, the seller gets paid out of the escrow account. There is no refund if the sale does not go through. The conditions of the payment are listed in a purchase contract, where the parties specify contingencies for backing out of the sale.</p> <p>If something happens outside those listed contingencies, that makes either of the parties give up the contract - the escrow holder has to work according to the previously agreed conditions.</p> <h2>The Home Buyer’s Responsibilities During the Escrow Period</h2> <p>The escrow period is one of the most important times during the home-buying process. The buyer and seller negotiate the terms and conditions of the sale, including price, financing, inspections, etc. Here are some tips to keep in mind while you are house shopping.</p> <h3>1. Make Sure Your Finances Are In Order</h3> <p>Once you've found the perfect house, you'll need to figure out how you're going to finance it. Most buyers use a mortgage loan to purchase a home, but there are plenty of options available. Some people choose to put down cash, others go with a traditional bank loan, and still, others decide to rent rather than own. Whatever route you choose, make sure you have enough money set aside to cover the cost of the home.</p> <h3>2. Get Preapproved For A Mortgage Loan</h3> <p>If you plan to use a mortgage loan to fund your home purchase, you'll need to get preapproved. This allows lenders to see how much you can afford to borrow and gives you a chance to shop around for the best rates. Lenders typically require borrowers to submit three months' worth of income tax returns, W-2 forms, proof of employment, and a credit report. Once you've been approved, you can begin looking for properties.</p> <h3>3. Inspections, Title Checks, and More</h3> <p>An escrow period is a very busy time for a buyer. This is when they need to hire professionals who check if the property is in order. From inspectors to title companies, there are a lot of things to do, and a lot of things that could go wrong. If the inspector finds major issues, the buyer can either negotiate with the seller to pay for the repayment or they can back out of the sale.</p> <h2>The Seller’s Responsibilities During the Escrow Period?</h2> <p>The seller should always try to maintain the property throughout the escrow period. This includes keeping it clean, secure, and free of clutter. The seller should also make sure that they provide clear instructions about how to access the property and what items are allowed inside.</p> <p>Any problems that arise during the escrow period must be resolved quickly and efficiently. Both parties should attempt to work together to solve issues. If you are selling a house, here are some things you should know about the escrow process:</p> <h3>1. You Should Keep Your Property Clean</h3> <p>During the escrow period, the buyer needs to see the property in good shape. Make sure that everything is neat and tidy. Remove personal belongings like photos, plants, and decorations. Don't allow pets or children inside the home unless they are supervised.</p> <h3>2. Never Leave Valuables Unattended</h3> <p>You should lock up anything that could be stolen. Locks should be installed on windows and doors. Also, don't let the keys out of your sight. It is your responsibility to make sure that the house stays safe until the new owner gets it.</p> <h2>How Long Does the Escrow Period Last?</h2> <p>The escrow period refers to the amount of time it takes for a buyer and seller to agree to terms and conditions. This process typically begins once both parties are ready to close on a property. During the escrow period, the buyer pays earnest money (also called a deposit), which is held by the real estate agent, title company, or an escrow officer while the deal is negotiated. Once the agreement is reached, the earnest money is returned to the buyer.</p> <p>Escrows typically last anywhere from 30 to 90 days, depending on the type of transaction. A longer escrow period allows buyers and sellers more time to work out any problems that arise during negotiations. However, some buyers and sellers choose to shorten the escrow period because they don’t want to wait around for too long. They might prefer to buy another home immediately rather than waiting until the end of the month.</p> <h2>Anticipating Escrow Problems</h2> <p>Buyers are running into problems getting pre-approval for loans because lenders want to see certain documents, such as appraisals and title reports, before approving the loan. Some homeowners have reported problems with their insurance companies. If the lender requires an inspection of the property and the homeowner doesn’t have coverage, they may not be able to close on the property. In this case, the buyer will probably ask that the seller pays for the inspection.</p> <p>The IRS has issued guidelines regarding the types of taxes that must be paid when buying and selling homes. The government wants lenders and brokers to verify that all taxes are paid before the deal closes and to help homeowners understand their responsibilities.</p> <p>For example, if the seller receives a “deed in lieu of foreclosure” payment from his bank, he should check the IRS form 1099 to confirm whether he owes federal income taxes. Sellers who sell rental properties often encounter problems collecting rent. To avoid these challenges, renters need to sign leases and provide proof of employment.</p> <h2>Are You Looking for a Short Escrow Period?</h2> <p><a href="https://lightspeedescrow.com/">Lightspeed Escrow</a> is the answer to your prayers. We are real estate experts who know how tiring this process can be and we figured out a way to make it as quick and easy as possible. We want to accelerate the home selling process, by minimizing costs and removing unnecessary obstacles.</p> <p><a href="https://lightspeedescrow.com/contact-us">Contact Lightspeed Escrow</a> with all and any questions regarding escrow accounts, escrow agreements, and other escrow-related questions.</p> <quillbot-extension-portal></quillbot-extension-portal>
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      • titleExplaining Escrow Terms: The Principal in Real Estate Transactions
      • body<script type="application/ld+json"> { "@context": "https://schema.org", "@type": "BlogPosting", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://lightspeedescrow.com/blog-post/explaining-escrow-terms" }, "headline": "Explaining Escrow Terms: The Principal in Real Estate Transactions", "description": "Are real estate terms causing you confusion? This article explains who the principal in real estate transactions is and how the process works.", "image": "https://lightspeedescrow.com/files/blog/162f5475-7977-4db7-923c-45285ff935a9_looking-for-real-estate-financing.jpg", "author": { "@type": "Organization", "name": "Lightspeed Escrow", "url": "https://lightspeedescrow.com/" }, "publisher": { "@type": "Organization", "name": "Lightspeed Escrow", "logo": { "@type": "ImageObject", "url": "https://lightspeedescrow.com/theme/Public/images/logo-dark.svg" } }, "datePublished": "2022-12-26", "dateModified": "2022-12-26" } </script> <p>If you are buying or selling real estate, you want everything done safely, quickly, and efficiently. The entire process involves multiple parties that ensure successful transactions during the purchase or sale. If you're looking to buy or sell real estate or take out a mortgage, then you've probably heard terms like the principal in real estate and escrow.</p> <p>If you are not a real estate expert and are not familiar with escrow terms, don't worry! This article will give you a detailed insight into what principal in real estate transactions is. But before that, we will refer to the very concept of escrow so that you can better understand the role of the principal in real estate. So, let's get started!</p> <h2>What Is Escrow?</h2> <p>Escrow is a legal arrangement in which a third party temporarily holds money or property, and it protects both the buyer and the seller during the buying process.</p> <p><strong>You can use escrow for 2 reasons:</strong></p> <ol> <li>to protect the deposit so that the money goes into the right hands (the deposit will remain in the escrow account at all times until the transaction is closed);</li> <li>to protect the property owner's funds for insurance and property taxes.</li> </ol> <p>There are two types of escrow accounts, one you can use when buying a property and the other during the loan repayment process. Most lenders require you to open an escrow account for the property taxes and home insurance that go along with your mortgage.</p> <h3>How Does It Work?</h3> <p>We'll give you an example. Let's say you want to buy or sell your house. For the entire purchase process to be valid, you must sign the purchase agreement. As with any paperwork, you are required to sign certain documents.</p> <p>The escrow company will hold all your documents and funds until you and the buyer have fulfilled all the rules of the contract. Then it is time to close escrow.</p> <p>But who manages the escrow account? It is a neutral third party (your escrow agent or company) whose job it is to ensure a reliable, high-quality, and fast transaction, with the principals in real estate being the most important clients.</p> <p>Also, there is a difference between escrow and principal in real estate that you should know. If you are paying toward the principal of your mortgage, you are paying toward the original debt. When you pay in escrow, you must set aside funds to pay future interest and taxes.</p> <p>Below, you will find out who they are, what their duties are, and their relationship with agents who also play an important role in real estate transactions.</p> <h2>Who Is the Principal in Real Estate Transactions?</h2> <p>In simple terms, the principals in real estate transactions would be the buyer and seller, landlord or tenant, licensor or licensor, broker or property manager involved in the contract. In the escrow process, <strong>principals are the primary parties of the transaction - the buyer and the seller</strong>.</p> <p>The buyer is the party who purchases the real estate property for a price set by the seller. They are typically represented by a real estate agent or broker and are responsible for obtaining financing, making offers, and negotiating the purchase contract.</p> <p>The seller is the party who owns the real estate property and is offering it for sale. They are typically represented by a real estate agent or broker and are responsible for setting the price, accepting offers, and negotiating the sale contract. They are also responsible for paying any taxes, fees, and closing costs associated with the sale.</p> <p>To avoid confusion, the term principal in real estate has several meanings in the world of finance. It can refer to money borrowed as a loan or put into an investment. In the context of lending, the principal is the initial amount of the loan, and in the context of investing, the principal is the initial amount invested.</p> <h2>What Is the Relationship Between Principals and Real Estate Agents?</h2> <p>Each principle in a real estate transaction has its own relationship with the agent, consequential with their needs and goals. They both want to get the most out of the transaction. There can either be two agents representing each principal, or one agent that tries to meet them in the middle. Either way, those two relationships are different.</p> <h3>Real Estate Agent and a Seller</h3> <p>The relationship between the seller and the real estate agent is a professional business relationship. The real estate agent acts as the seller's representative and is responsible for marketing the property, showing the property to potential buyers, negotiating the terms of the sale, and closing the deal.</p> <p>The seller pays the real estate agent a commission, typically a percentage of the sale price, upon completion of the sale. The seller relies on the real estate agent to represent their interests and to find a buyer for the property. The real estate agent is obligated to act in the best interests of the seller and must adhere to ethical standards and local laws.</p> <h3>Real Estate Agent and a Buyer</h3> <p>The relationship between the buyer and the real estate agent is one of trust and collaboration. The buyer relies on the real estate agent to provide expertise, guidance, and honest advice throughout the home-buying process.</p> <p>The real estate agent is responsible for finding the right home for the buyer, negotiating the terms of the sale, and providing information about the local market. The buyer trusts the real estate agent to provide accurate and up-to-date information and guidance, as well as to represent their best interests throughout the transaction.</p> <h2>What Are the Rights and Duties of the Principal in Real Estate?</h2> <h3>Rights of the Seller:</h3> <ol> <li>Right to set the price.</li> <li>Right to negotiate the terms of the sale.</li> <li>Right to receive payment for the property.</li> <li>Right to accept or reject any offers made on the property.</li> </ol> <h3>Rights of the Buyer</h3> <ol> <li>Right to inspection: The buyer has the right to inspect the property prior to purchasing it. This includes a physical inspection of the property to identify any physical defects or structural issues.</li> <li>Right to reasonable disclosure: The seller must disclose any material facts about the property that could affect the buyer's decision to purchase.</li> <li>Right to legal representation: The buyer has the right to have a lawyer present during the sale and during the negotiation process.</li> <li>Right to revoke the contract: The buyer has the right to revoke the contract if the seller fails to meet the terms of the agreement.</li> </ol> <h3>Duties of the Seller</h3> <ol> <li>Duty to disclose all material facts about the property</li> <li>Duty to provide accurate and complete information about the property</li> <li>Duty to transfer a clear title to the buyer</li> <li>Duty to comply with all applicable laws, ordinances, and regulations</li> <li>Duty to provide good faith, fair dealing, and honesty throughout the transaction</li> <li>Duty to promptly respond to all inquiries made by the buyer.</li> </ol> <h3>Duties of the Buyer</h3> <ol> <li>Duty to pay: The buyer has the duty to pay the purchase price according to the terms of the contract</li> <li>Duty to perform: The buyer has the duty to perform any obligations outlined in the contract, such as making necessary repairs or paying for additional services</li> <li>Duty to disclose: The buyer has the duty to disclose any material facts about the property that could affect the buyer's decision to purchase</li> <li>Duty to notify: The buyer has the duty to notify the seller of any changes in the buyer's</li> </ol> <h2>How to Find a Professional and Efficient Escrow Company?</h2> <p>Through this article, you learned about the unique role of a principal and its duties in real estate transactions and the escrow process. Although buying or selling real estate never sounds easy at first impression, in reality, you can really get lucky with an escrow company that makes all your buying process go smoothly and without difficulties.</p> <p>If you are looking for a reliable company in real estate that will professionally entrust all real estate transactions to your agent, <a href="https://lightspeedescrow.com/">Lightspeed Escrow</a> is the right place for you.</p> <p>Have more questions about escrow or principals? For quick and quality services, <a href="https://lightspeedescrow.com/contact-us">contact us</a>, and we will give you answers as soon as possible and provide you with an expert principal and fast real estate transaction on any escrow service.</p> <quillbot-extension-portal></quillbot-extension-portal><quillbot-extension-portal></quillbot-extension-portal><quillbot-extension-portal></quillbot-extension-portal><quillbot-extension-portal></quillbot-extension-portal>
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      • slughomeowners-ultimate-final-walkthrough-checklist
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      • autor_nameLightspeed Escrow
      • titleHomeowner’s Ultimate Final Walkthrough Checklist
      • body<script type="application/ld+json"> { "@context": "https://schema.org", "@type": "BlogPosting", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://lightspeedescrow.com/blog-post/homeowners-ultimate-final-walkthrough-checklist" }, "headline": "Homeowner’s Ultimate Final Walkthrough Checklist", "description": "Take ownership of your dream home with peace of mind – arm yourself with the ultimate homeowner’s final walk-through checklist and insider tips & tricks!", "image": "https://lightspeedescrow.com/files/blog/87b1358e-9aee-4bd6-a886-241fa892268b_real-estate-guiding-a-couple-through-the-house.jpg", "author": { "@type": "Organization", "name": "Lightspeed Escrow", "url": "https://lightspeedescrow.com/" }, "publisher": { "@type": "Organization", "name": "Lightspeed Escrow", "logo": { "@type": "ImageObject", "url": "" } }, "datePublished": "2022-12-18", "dateModified": "2022-12-18" } </script> <p>Congratulations! You’ve made it to the final stretch before you become the proud owner of a brand-new home. With all the excitement around the closing day, it’s easy to forget all the little details that need to be scrutinized. But don’t get too complacent just yet. Before you can call yourself a homeowner, you’ll need to make sure your house is in <em>perfect </em>condition, and that’s where the all-but-necessary final walkthrough comes in.</p> <p>While it may seem daunting at first glance, knowing precisely what needs addressing can help alleviate some stress during this busy time as a homebuyer. <strong>Armed with our final walkthrough checklist and tips, you'll be ready to take ownership of your dream home in no time with peace of mind!</strong></p> <h2>What Is the Final Walk-Through Before Closing?</h2> <p>The final walk-through is one of the final and essential steps in a real estate purchase – it's a visit to the new home or property that you could soon call yours.<strong> It’s a chance to take one last look at your future home before making things official. </strong></p> <p>The final walk-through is an opportunity to review any recent repairs the seller made before closing and ensure that the property you have signed up for is in the condition you agreed on when making an offer. If there are any discrepancies or issues that need to be taken care of, <em>this </em>is the time to bring them up so that they can be rectified or compensated for accordingly during closing negotiations or forever hold your peace.</p> <p>If all checks out, then you can finally go ahead and enjoy the rewards of all your hard work hunting down a home sweet home!</p> <h3>Why Is the Final Walk Through Important?</h3> <p>Although final walkthroughs aren’t home inspections or required by law, it doesn’t make them any less vital. Nothing can replace the experience of seeing your soon-to-be home in person, and that's why it's absolutely essential. So, what is the purpose of the walkthrough?</p> <p>The final walk-through allows you to take everything in one last time before the purchase – it is the ideal (and last!) opportunity for homebuyers to inspect their new property right before sealing the deal to avoid any unpleasant surprises down the line, ensure all agreed-upon items have been completed, and any necessary repairs have been addressed before signing the official paperwork. </p> <p>It also provides an opportunity to check for any unexpected issues that may have cropped up since you last viewed the property.<strong> Essentially, it’s your chance to get a “last look” and shake hands with confidence. After all, peace of mind is priceless.</strong></p> <h2>Scheduling the Run Around: When Should the Final Walkthrough Take Place?</h2> <p>Getting to the closing table is a big deal, so it's important to make sure everything looks exactly as it’s supposed to. To help reduce some of the pressure at this crucial moment in your home-buying journey, <strong>it's best for the final walkthrough to take place about 24 hours before you're scheduled to close.</strong></p> <p>This gives buyers enough time to ensure there are no unexpected issues that could pop up and delay things while still getting them to the finish line with time to spare. And, if something isn’t right, you’ll still have time to ask for fixes or negotiate anything else needed before you move in, so you can start settling in peace!</p> <h3>How Long Does a Final Walk-Through Take?</h3> <p>Depending on the size of the home, how thorough you are with your “inspection,” and the number of potential issues you might encounter, <strong>a final walk-through generally takes around an hour or two </strong>– not quite the epic quest you may have been imagining.</p> <p>Another common question is: Does the house have to be empty for the final walk-through? It should, as you’ll be much quicker and thorough with your assessment without furniture getting in the way.</p> <p>So, while it may seem daunting at first glance, don't get too worked up about it. With our house or apartment walk-through checklist in hand, you'll be in and out quicker than you might think.</p> <h2>The Ultimate Final Walkthrough Checklist for Homeowners Who Want a Stress-Free Move-In Day</h2> <p>Moving into your dream home is an exciting time, but it can also be stressful. You want to take a good last look and make sure that everything is in order before you finally settle down. There’s a lot to keep track of, and it's normal to feel overwhelmed. But don't worry – we’ve got your back. </p> <p><strong>With our ultimate final walkthrough checklist for homeowners at hand, you can rest easy knowing that nothing will get overlooked before your move-in day! </strong>Follow these steps and tips closely, and soon enough, you'll be settled in your dream home without any major hiccups along the way.</p> <p>Here’s a detailed checklist of everything you need to do and look out for on your final walk-through before closing.</p> <ol> <li> <h3>Arm Yourself with All the Essentials</h3> </li> </ol> <p>You'd be forgiven for thinking the final walk-through might require nothing but some time and a cheery smile, but don't get caught unprepared. The crucial piece of equipment to bring with you is a <em>solid grasp</em> of what needs to get done. </p> <p>On top of that, come armed with:</p> <ul> <li>our new home walkthrough checklist in hand</li> <li>a notepad and pen in your pocket to keep notes</li> <li>a phone or camera to document any potential issues (don’t forget the phone charger!)</li> <li>your copy of the purchase contract and inspection report to know what to keep an eye out on</li> <li>a flashlight for better visibility during dark spots in the house.</li> </ul> <p>You wouldn’t be out of place bringing a magnifying glass or a friend or family member with you either, as an extra set of eyes just to make sure everything gets double-checked!</p> <ol start="2"> <li> <h3>The Basics</h3> </li> </ol> <p>Now, the burning question: What to look for in the final walk-through? </p> <p>On the day of your final walkthrough, ensure all of the agreed-upon repairs have been taken care of and that any items included in the sale (like kitchen appliances or security systems) are still in working order. Pay attention to details like cracked windows or doors that don’t open correctly; if something was supposed to be fixed, make sure it has been fixed!</p> <p>And if any items are missing or broken, <em>don’t </em>be afraid to speak up, even if it’s a minor issue — that’s what the final walkthrough is for!</p> <ol start="3"> <li> <h3>Check All Utilities</h3> </li> </ol> <p>Don't forget to test all utilities like water fixtures, electrical systems, and gas. You should turn on all light fixtures and check all outlets to ensure they work properly. Check the water pressure and hot water.</p> <p>If you're not 100% sure about how something works (like a shower with multiple knobs), <em>ask </em>questions until it makes sense—you don't want to be surprised by an unexpected flood when you move in!</p> <ol start="4"> <li> <h3>Scratch Beyond the Surface</h3> </li> </ol> <p>Sometimes, there is <em>more</em> than meets the eye. It's easy to overlook some of the less obvious aspects of a house during the final walkthrough—things like air conditioning filters, exhaust fans, ceiling fans, or dryer vents that might need cleaning after months of being closed up.</p> <p>Make sure to look at everything with a critical eye, so nothing gets overlooked; even things like checking behind large furniture pieces can save you time and money down the road. It's also important to note any changes from when you first saw the property; for example, did any paint colors change? If so, make sure those changes were agreed upon before the day of closing. </p> <ol start="5"> <li> <h3>Look for Signs of Mold & Pests</h3> </li> </ol> <p>Don't forget to check for any<em> unwelcome guests</em>, such as pest infestations and mold, as they can be dealbreakers! Don't let them sneak in unnoticed – they need to move out before you move in. Check the corners of closets and other hidden areas for signs of pests – you never know where little critters might be lurking, and also ensure no fuzzy spots have cropped up in damp places.</p> <ol start="6"> <li> <h3>Take a Spin Around the Block</h3> </li> </ol> <p>When you do the final walk-through of your new property, don’t forget to tour the outside too. Just like you paid attention to the nitty-gritty details inside, scope out how things look on the <em>exterior</em>. Check the landscape for any unexpected surprises like rogue weeds or trampled gardens, as well as irrigation systems, garage door openers, and gates.</p> <p>After all, there’s nothing more infuriating than signing for your house, then noticing that a crooked set of shrubs have become part of the front yard décor. So, before sealing the deal with a handshake and a smile, get out there, put on some insect repellent and take a look around—you may even have fun doing it!</p> <ol start="7"> <li> <h3>Leverage Mother Nature’s Tantrums</h3> </li> </ol> <p>Pro tip? If Mother Nature gives a pre-close blessing of bad weather, use this as an opportunity for another walkthrough to <em>double-check</em> that your future home is still in tip-top condition. Quick checklist for home walkthrough No. 2? Get those eagle eyes ready to spot any potential water damage or sinkhole surprises that could have been overlooked the first time!</p> <h2>Walk the Talk: Cross the Finish Line with Confidence & Peace of Mind</h2> <p>The final walk-through before closing is a crucial step in the property buying or selling process that should <em>never </em>be overlooked. With so much riding on completing a successful sale, it's best to make sure it all goes off without a hitch and that you’re getting your money’s worth before you sign on the dotted line. If you want to make the real estate closing process quick and painless, <a href="https://lightspeedescrow.com/" rel="noopener" target="_blank">Lightspeed Escrow</a> experts are at your service, whether you’re a buyer or a seller.</p> <p><strong>Don't throw in the towel if you encounter any issues – </strong>if something unexpected pops up while performing your final walkthrough, don't wave goodbye to your dream home just yet! Get your agent and seller involved, speak up, and have some patience. Sure, it may push back move-in day slightly, but at least they'll have time to work on a solution so you can get on the same page. </p> <p><strong>Whatever happens, just remember – human error might be inevitable, but moving-day blunders don't have to be! </strong>So, get ready to do one last lap around your soon-to-be new place, and take comfort in knowing that afterward, you'll have officially crossed over into "happy homeowner" territory!</p>
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      • titleHow Does Escrow Work when Refinancing?
      • body<script type="application/ld+json"> { "@context": "https://schema.org", "@type": "BlogPosting", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://lightspeedescrow.com/blog-post/how-does-escrow-work-when-refinancing" }, "headline": "How Does Escrow Work when Refinancing?", "description": "Are you refinancing your home and wondering what will happen with your escrow account? Read the article to learn how escrow works when refinancing!", "image": "https://lightspeedescrow.com/files/blog/1356ffd1-b850-4e81-8316-76b578c81777_real-estate-agent-offering-refinancing.jpg", "author": { "@type": "Organization", "name": "Lightspeed Escrow", "url": "https://lightspeedescrow.com/" }, "publisher": { "@type": "Organization", "name": "Lightspeed Escrow", "logo": { "@type": "ImageObject", "url": "https://lightspeedescrow.com/theme/Public/images/logo-dark.svg" } }, "datePublished": "2022-12-09", "dateModified": "2022-12-09" } </script> <p>Becoming a homeowner comes with a fair share of big financial decisions. <em>Sometimes, opting to refinance your home after some time is the best way to make sure you are getting the most favorable terms on your mortgage</em>. But what happens to escrow once you refinance your mortgage?</p> <p>Escrow is a significant part of the home-buying process, and understanding it in its entirety helps you realize its importance. So, today we will answer the question, ''How does escrow work when refinancing?'' and help you comprehend what happens with your funds during this process. If you want to find out what you can expect when refinancing your home, keep reading.</p> <h2>How Does Refinancing a Home Work?</h2> <p>Refinancing a home means getting a new mortgage to replace the old one. This can be a good idea if you want to get a better interest rate or change the length of your mortgage. When you refinance, your old mortgage is paid off, and the new one starts. Part of this process includes putting money into escrow.</p> <p>When you refinance your existing mortgage, the new lender pays off the balance of your old loan. The remaining funds are used to finance a new loan with more favorable terms. After that, the process of how escrow works is similar to when you initially purchased your home.</p> <p><strong>A new escrow account will be established with the new lender</strong> who is responsible for collecting your monthly payments. The funds are then used to pay off your insurance premiums, property taxes, and other fees.</p> <h2>When Should You Refinance a Mortgage?</h2> <p>Refinancing a mortgage is an attractive option for homeowners who want to gain access to better terms and save money. Some common reasons you might opt for refinancing are:</p> <ul> <li>You can get a <em>lower interest rate</em> than your current one. Many lenders say that reducing the interest rate by 1% is enough reason to refinance a home, while others advise to only refinance your home if you can reduce the interest rate by 2%.</li> <li>You have the opportunity to take out a different loan that would <em>shorten the term of your loan without big changes in your monthly payments</em>.</li> <li>You want to switch from an adjustable-rate mortgage (ARM) to <em>a fixed-rate mortgage</em>. While ARMs often have lower interest rates initially, you can experience a hike in rates over time. That’s why people sometimes decide to move to a fixed-rate mortgage, as it can result in lower interest rates and more stability.</li> <li>You have <em>equity in your home</em> that can be used for other purposes such as consolidating debt or funding renovations.</li> </ul> <p>No matter what your motivation is for refinancing your home, it's always important to consider the fees associated with the process, as well as any long-term implications.</p> <h2>What Happens to the Escrow when You Refinance?</h2> <p>When you refinance your home, a new escrow account is established with your new lender. This means that the old one will be closed, and the funds will be used towards paying off your old loan.</p> <p>However, if there is a positive balance in the old account, you will <strong>get an</strong> <a href="https://lightspeedescrow.com/blog-post/escrow-refund">escrow refund</a> after the new lender has paid off your old loan. Unfortunately, escrow funds cannot be moved to new loans, even if they are with the same lender. You will get a refund for all property tax and insurance payments you have made to that account since the last payment, typically within 45 days. The amount will then be used towards your new loan or credited to you at closing.</p> <p>In some cases, the refund of escrow after refinance may be larger than the amount needed to pay off the previous loan. This is because your new lender may be able to get a better deal on insurance and taxes for you, resulting in a lower escrow payment.</p> <p>It is typically impossible to apply held escrow funds from a previous loan to your new escrow account on the refinanced mortgage because the money will be sent to you later. So, you need to have extra money available at closing to fund your new escrow account. The lender might also request that you pay a sizable amount of taxes into escrow in advance, depending on the time of year you are refinancing. If you're refinancing later in the year, this is something to keep in mind.</p> <h3>How Is Escrow Calculated on Refinance?</h3> <p>When you refinance your home, your escrow payments will likely change as well. This is because the amount of money that goes towards insurance and taxes can vary from one loan to another.</p> <p><em>Your new lender will use your annual property taxes and insurance premiums to</em> <a href="https://lightspeedescrow.com/blog-post/estimated-escrow"><em>estimate escrow</em></a>. This information is then used to calculate how much you need to pay each month for your escrow account. Depending on the new terms of your loan, this amount may be higher or lower than before.</p> <p>For instance, if your annual property tax bill is $2,400 and your insurance premiums are $1,800, your lender would divide these amounts by 12 to determine how much needs to be paid each month. That means you would have to pay $200 for taxes and $150 for insurance each month</p> <h3>Does Escrow Go up when You Refinance?</h3> <p><strong>It is possible for your escrow payments to increase when you refinance</strong>, especially if the terms of your new loan require a larger down payment. This means that more money will be needed in the escrow account to cover the insurance and taxes associated with the loan. However, it is also possible that your escrow payments will go down. If your loan has lower interest rates or if you have a shorter repayment period, then the amount of money needed in escrow could decrease.</p> <h2>Work with Reliable Escrow Holders</h2> <p><a href="https://lightspeedescrow.com/refinancing">Refinancing your mortgage</a> can be a great way to access better terms and save money. However, it's important to understand how escrow works when refinancing so that you are aware of any changes in your payments. Knowing the details of the process can help you make an informed decision and ensure that you get the best terms possible.</p> <p>Understanding and taking care of escrow can be very stressful for both first-time buyers and those with multiple properties. If you’re having trouble differentiating between the different <a href="https://lightspeedescrow.com/blog-post/different-types-of-escrow">types of escrow</a>, learning the rules, and understanding how it works, you have nothing to worry about. <strong>Lightspeed Escrow is at your service</strong>!</p> <p>With our expedient services, you can have peace of mind knowing that experienced escrow professionals are handling every step of this complex process. We aim to provide you with a <em>smooth, quick, and stress-free escrow experience</em>. So, no matter what type of real estate transaction you need help with, you can <a href="https://lightspeedescrow.com/contact-us">contact us</a> and rely on our experts to take care of everything.</p>
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      • short_descriptionAre you refinancing your home and wondering what will happen with your escrow account? Read the article to learn how escrow works when refinancing!
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      • titleBuying a Property from a Foreigner: What Is FIRPTA?
      • body<script type="application/ld+json"> { "@context": "https://schema.org", "@type": "BlogPosting", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://lightspeedescrow.com/blog-post/what-is-firpta" }, "headline": "Buying a Property from a Foreigner: What Is FIRPTA?", "description": "Knowing about FIRPTA comes in handy when buying a property from a foreigner or when a non-US citizen wants to buy, sell, or invest in the US real estate market.", "image": "https://lightspeedescrow.com/files/blog/84d416aa-87be-471c-bcc2-2a7285e64e52_individual-income-tax.jpg", "author": { "@type": "Organization", "name": "Lightspeed Escrow", "url": "https://lightspeedescrow.com/" }, "publisher": { "@type": "Organization", "name": "Lightspeed Escrow", "logo": { "@type": "ImageObject", "url": "https://lightspeedescrow.com/theme/Public/images/logo-dark.svg" } }, "datePublished": "2022-08-24", "dateModified": "2022-08-24" } </script> <p>When scrolling through listings and preparing yourself for the inevitable stress that comes with property purchase, you might stumble upon a property that will give you more headaches than you can imagine. But, If you get familiar with something called FIRPTA, the sale process might be a standard walk in the park.</p> <p>Buying a property from a foreigner is a bit more complicated because of the federal law that obligates you, as the buyer, to withhold a certain amount of the selling price and send it to the IRS. In this article, we will talk all about FIRPTA procedures, forms, and circumventions.</p> <h2>Foreign Investment Real Property Tax Act</h2> <p>FIRPTA stands for Foreign Investment Real Property Tax Act. This act was initially enacted in 1980 to encourage foreigners to invest in the US and enable the influx of foreign money into the country.</p> <p>Anyone can buy a property in the US, as long as they have enough money and they want to spend it in the States - no regulations exist to discourage such actions. However, FIRPTA’s quest was to eliminate the part when the foreigners sold the property, collected the gains, and took them to their native country.</p> <p>So, knowing about FIRPTA comes in handy when buying a property from a foreigner or if you are a non-US citizen looking to buy, sell, or invest in the US real estate market. Of course, you are not alone in that process. You need a reliable and knowledgeable <a href="https://lightspeedescrow.com/blog-post/the-role-of-an-escrow-officer-in-real-estate">escrow officer</a> and/or real estate agent to hold the money and help you along the way.</p> <h2>What Does FIRPTA Mean for the Buyer</h2> <p>A foreign citizen can buy a property in the US with no fuss or worries, and he is treated the same as any other buyer. So, for now, FIRPTA does not concern him. He does not need a green card, tax identification number, or residence status.</p> <p>However, the buyer who is purchasing the property from a foreign citizen has to be aware of the responsibilities that come with it. Before opening the escrow, they are required to become a withholding agent and withhold a certain amount of the agreed property value.</p> <p>After the sale is closed, <strong>the buyer has the responsibility to transfer that money to the IRS</strong>. The residual amount of the selling price they transfer to the foreign seller. In the next chapter, we’ll dive into the selling process and the obligations that the seller has before the closing.</p> <p>Before that, it is important to note that the buyer holds responsibility for the withheld money. That means - a buyer is responsible for finding out if the seller is a foreigner or not. If he doesn’t have a social security number - he is a foreigner, and one part of the selling price goes to the IRS.</p> <h3>Buyer’s Declaration</h3> <p>The buyer’s responsibility in cases like this can become problematic if the seller has no ITIN number. To avoid or reduce the FIRPTA withholding, the buyer can sign the Buyer’s Declaration. Depending on the selling price and if the property serves as a primary residence for the buyer (or his immediate family) 50% of the time during the first two years, the withholding can be circumvented or decreased.</p> <p>A buyer can <strong>avoid FIPTA</strong> withhold entirely if:</p> <p>The selling price is less than $300,000</p> <p>A buyer (or their family member) plans to live in the property for at least 50% of the time for two years after closing</p> <p>A buyer will <strong>withhold only 10%</strong> if:</p> <p>The selling price is between $300,000 and $1,000,000</p> <p>A buyer (or their family member) plans to live in the property for at least 50% of the time for two years after closing</p> <p><strong>Total withhold, or a maximum of 15%</strong>, is required if:</p> <p>The selling price is over $1,000,000</p> <p>OR if the buyer doesn't intend to use the property as their residence, regardless of the sale price</p> <p><strong>If the buyer does not sign the FIRPTA declaration - the withholding will be 15% no matter the primacy of the residency or the price.</strong></p> <h2>What Does FIRPTA Mean for the Seller</h2> <p>Although the seller technically owes the IRS a part of their proceeds from the sale, they are not responsible for the transfer. Even though this might seem inconvenient, this requirement ensures that the seller does not leave the country with the money before paying it to the US government.</p> <p>But, you might wonder, how does one prove that they are or aren’t a US citizen? Upon opening a <a href="https://lightspeedescrow.com/blog-post/different-types-of-escrow">real estate escrow account</a>, the escrow holder sends a FIRPTA affidavit for the seller to sign and state that they are an American citizen. If the seller isn’t a US citizen, they send the document back blank - stating that they are a “non-resident alien.”</p> <p>Settlement agents (usually escrow holders) or withholding agents are not responsible for checking the accuracy of the document and will not be liable in case the seller has committed perjury. Their responsibility is activated only when the seller admits their foreign status.</p> <h3>Do You Need an ITIN Number to Buy a Property in the US?</h3> <p>One important thing to remember if you are looking into buying a property for cash as a foreigner is that you don’t need an ITIN number for now. However, you will probably need it after you’ve become a property owner, and <strong>you will most definitely need it once you’re trying to sell it.</strong></p> <p>An ITIN stands for <em>Individual Tax Identification Number</em>, and it is the way by which an IRS recognizes you. Without this number, you will be unable to pay taxes and get a return on your income.</p> <p>Without this number, you cannot sell your property as a foreigner, as you might violate FIRPTA. Only if the buyer signs the declaration that they will make the property their primary residence and if the purchasing price is $300,000 or less can you skip creating an ITIN number - as you can avoid FIRPTA withholding.</p> <h3>Can You Claim a Refund?</h3> <p>Twenty days after the closing date is the time frame during which the buyer needs to send what is due to the IRS, along with two filled-out forms with all essential information - the seller’s ITIN is one of them.</p> <p>The IRS then credits the seller’s account, and the seller has the right to a refund. He is eligible for a refund only if he:</p> <ol> <li>Declared the sale of the property on an income tax return;</li> <li>Included the copy of the forms the buyer sent to the IRS upon closing;</li> <li>Had no other major financial activities in the US market.</li> </ol> <h3>How Does FIRPTA Look at Foreigners Married to Natives?</h3> <p>If you are a foreigner wanting to sell a property in the US and are married to a US citizen - the law looks at you as two unrelated individuals. Your spouse will not be withheld, but your proceeds are going to be required by the IRS.</p> <h2>What Is Important When Buying/Selling Under FIRPTA?</h2> <p>It doesn’t matter if you are the buyer or the seller - the most important thing you can do when entering a sale under FIRPTA is to find a good escrow agent. That is when <a href="https://lightspeedescrow.com/">Lightspeed Escrow</a> comes onto the stage. You need more than just informed agents; what you need is an expert.</p> <p>We are a team of experienced professionals with excellent knowledge of real estate law, who work towards eliminating inconveniences in the selling process. For any and all escrow needs or questions -<a href="https://lightspeedescrow.com/contact-us"> contact us today</a>, and we’ll assist you as soon as possible.</p>
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      • titleWhat Is a Closing Disclosure and What Does It Contain?
      • body<script type="application/ld+json"> { "@context": "https://schema.org", "@type": "BlogPosting", "mainEntityOfPage": { "@type": "WebPage", "@id": "https:/lightspeedescrow.com/blog-post/closing-disclosure" }, "headline": "What Is a Closing Disclosure and What Does It Contain?", "description": "Closing disclosure is an important document that captures all your financial obligations to your mortgage lender. Read more about disclosures in this article.", "image": "https://lightspeedescrow.com/files/blog/0b7aad86-d351-4c01-adb3-cd1d19a67482_midsection-of-hands-holding-document.jpg", "author": { "@type": "Organization", "name": "Lightspeed Escrow", "url": "https://lightspeedescrow.com/" }, "publisher": { "@type": "Organization", "name": "Lightspeed Escrow", "logo": { "@type": "ImageObject", "url": "https://lightspeedescrow.com/theme/Public/images/logo-dark.svg" } }, "datePublished": "2022-08-23", "dateModified": "2022-08-23" } </script> <p>People often feel discouraged when talking to their lenders and do not understand a word. Some greedy lenders do it on purpose - confuse their clients so they can take as much money. However, with closing disclosures, there should be nothing left unclear and unresolved. Especially when you can compare it with your loan estimate.</p> <p>But let’s start from the beginning. In this article, we’ll cover the purpose of closing disclosures, what you can expect from each page, how long you have to analyze it, and more. You'll learn all about the final processes of mortgage purchase.</p> <h2>What is a Closing Disclosure And Why Is It Important?</h2> <p>A closing disclosure is an important legal document that summarizes everything related to your home loan. Depending on where you live and what type of lender you use, your closing disclosure may include information about your mortgage payment, fees, taxes, insurance, <a href="https://lightspeedescrow.com/blog-post/how-to-open-escrow-account">escrow account</a>, and more.</p> <p>A closing disclosure gives borrowers three days to review the documents before signing off on the loan agreement. This allows borrowers to ask questions about the terms of the deal and ensure everything is accurate.</p> <p>Closing disclosures differ from credit reports because they don't report negative items like late payments or bankruptcies. Instead, they provide a list of corrections lenders might want to make to ensure the borrower understands what he or she is getting into.</p> <p>The Federal Trade Commission recommends that lenders provide a one-page summary of the key points of the loan agreement, including the APR, total amount financed, monthly payment, term length, interest rate, fees and costs, and whether there are pre-payment penalties.</p> <h2>Closing Disclosure Usually Has 5 Pages</h2> <p>Your closing disclosures include all the important information you need to know before closing on your home purchase. Everything you need to know about closing costs, property taxes, and mortgage rates is written in five pages.</p> <p>Lenders sometimes charge extra for certain types of loans. If you take out a 30-year fixed-rate mortgage, you could end up paying a premium for the longer duration. Similarly, if you finance part of your down payment with a gift, you'll likely be charged a fee to cover the tax implications.</p> <p>The good news is that most lenders offer some sort of discount for paying off closing costs early. But there are exceptions. For example, if you're buying a house in California, you won't qualify for a cash-back incentive if you close within 60 days of signing the contract. And while you can receive discounts for prepaying your principal, you must wait three months.</p> <p>In addition to standard closing costs, you'll also face additional charges if you choose to buy a home with no money down. These costs include points, origination fees, credit reports, and appraisals. You may also have to pay a seller contribution, which is a percentage of the sales price that goes toward helping fund local schools.</p> <h3>First Page</h3> <p>The first page of the closing disclosure presents you with general information about the loan and the key part-takers. There you have the information about the buyer, seller, and lender, the purpose of the loan, loan type, terms, and projected payments.</p> <p>The <em>loan terms section</em> shows you how much you have borrowed, how much is the monthly principal, and how much are going to be your monthly payments with an added rate. There, you’ll learn more about balloon payments and prepayment penalties.</p> <p>The smart thing to do it to have your loan estimate next to you and compare these two documents. A loan estimate is a loan prediction you get when you get preapproved. Estimate and closing disclosure do not have to be exactly the same, but you should have insights about potential changes, as well as the reasons behind them.</p> <h3>Second Page</h3> <p>Closing disclosure has a section on its second page that presents you with particular costs that go along with mortgage and property purchase - origination charges, projected taxes, title service, home inspection fees, commissions for real estate agents, and so on.</p> <p>Be patient when combing through errors in this part of the disclosure, as there will be many different numbers that might seem small, but can stack up over time.</p> <h3>Third Page</h3> <p>The third page of the home page is where you'll find some of the most important information about closing costs. There are many items that buyers want to know about as they approach closing.</p> <p>The third page will contain the summary of all closing transactions - how much you are due to the seller, how much is paid by the lender on your behalf, and the seller’s closing costs and taxes. It will be disclosed how much money the seller makes from the transaction.</p> <h3>Fourth Page</h3> <p>On the fourth page, you will find your <a href="https://lightspeedescrow.com/blog-post/escrow-fees">projected escrow fees</a> - annual property taxes, insurance premiums, and other costs that fall under escrow payments. Additionally, the fourth page is the one that answers hypothetical questions about your loan and your property. For example, there you will find answers to questions such as:</p> <ul> <li>What if I want to transfer a property title to another person?</li> <li>Can my lender ask for balloon payments?</li> <li>What if I don’t pay my monthly mortgage payment in time?</li> <li>What if I want to sell my property?</li> </ul> <p>All these things you need to know beforehand, so you don’t end up in an unfavorable situation that can cost you and the lender a lot of recourses.</p> <h3>Fifth Page</h3> <p>There you’ll find contact information of the parties involved, as well as additional loan calculations. Here, you can find a detailed explanation of foreclosure - in the event of several missed payments, your lender has the right to start a foreclosure process. You will find out after how many months the process will start.</p> <h2>Closing Disclosure Three-Day Rule</h2> <p>The lender needs to provide you with a copy of the closing disclosure statement at least three business days before the scheduled closing date. You'll receive it via email, fax, mail, or hand delivery.</p> <p>If you don't receive the closing disclosure statement within three business days, contact your loan servicer immediately. You're entitled to a written explanation of why you haven't received the document. Your loan servicer will send you a written response explaining what happened.</p> <p>Then, you have 10 calendar days to request a hearing. If you find errors or omissions in the closing disclosure statement, notify your loan servicer. They'll work to correct the problem.</p> <h2>Your Loan Cannot Be Denied After You Get a Closing Disclosure</h2> <p><strong>Only in case you’ve drastically changed your life in a span of a few days</strong> - lost a job, lost a lot of money, or it is proven that you have tampered with information you’ve provided - <strong>can the lender deny your loan so late in the process</strong>. In that case, the seller has the right to keep your <a href="https://lightspeedescrow.com/blog-post/earnest-money">earnest money</a>, and you even might have to pay some penalties.</p> <h2>Sellers at Closing</h2> <p>Sellers receive a closing disclosure at the same time as the buyer and have the same three-day period to respond with any complaints. At closing, sellers pay closing costs and other real estate fees.</p> <p>Oftentimes, it is the escrow holder that slows down the closing process. Precisely why a group of real estate experts and professionals founded <a href="https://lightspeedescrow.com/">Lightspeed Escrow</a> - a company for all your escrow needs.</p> <p>We are trustworthy, efficient, and we understand how important it is for each party that the process runs smoothly. <a href="https://lightspeedescrow.com/contact-us">Contact us today</a> for more information about escrows.</p>
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  • 1Number
  • 2Session
  • 3Html
  • 4Gallery
  • 5Form
  • 6Paginator
  • 7Acl
  • 8SimpleGraph
  • 9DebugTimer
  • 10Toolbar
  • 11App
  • 12HtmlToolbar

App Constants

CakePHP Constants

PHP Environment

Included Files

Include Paths

• 0/home/lightspeedescrow/public_html/lib
• 2/usr/share/php
• 3-> /home/lightspeedescrow/public_html/lib/Cake/

Included Files

• core(array)
  • Behavior(array)
    • 0CORE/Model/Behavior/TreeBehavior.php
    • 1CORE/Model/Behavior/AclBehavior.php
  • Cache(array)
    • 0CORE/Cache/Cache.php
    • 1CORE/Cache/Engine/FileEngine.php
    • 2CORE/Cache/CacheEngine.php
  • Component(array)
    • 0CORE/Controller/Component/AclComponent.php
    • 1CORE/Controller/Component/Acl/DbAcl.php
    • 2CORE/Controller/Component/Acl/AclInterface.php
    • 3CORE/Controller/Component/SessionComponent.php
    • 4CORE/Controller/Component/CookieComponent.php
    • 5CORE/Controller/Component/PaginatorComponent.php
    • 6CORE/Controller/Component/AuthComponent.php
    • 7CORE/Controller/Component/RequestHandlerComponent.php
    • 8CORE/Controller/Component/Auth/FormAuthenticate.php
    • 9CORE/Controller/Component/Auth/BaseAuthenticate.php
  • Config(array)
    • 0CORE/Config/routes.php
    • 1CORE/Config/config.php
  • Configure(array)
    • 0CORE/Configure/PhpReader.php
    • 1CORE/Configure/ConfigReaderInterface.php
  • Controller(array)
    • 0CORE/Controller/Controller.php
    • 1CORE/Controller/ComponentCollection.php
    • 2CORE/Controller/Component.php
  • Datasource(array)
    • 0CORE/Model/Datasource/Database/Mysql.php
    • 1CORE/Model/Datasource/DboSource.php
    • 2CORE/Model/Datasource/DataSource.php
    • 3CORE/Model/Datasource/CakeSession.php
  • Error(array)
    • 0CORE/Error/exceptions.php
    • 1CORE/Error/ErrorHandler.php
  • I18n(array)
    • 0CORE/I18n/I18n.php
    • 1CORE/I18n/L10n.php
  • Log(array)
    • 0CORE/Log/CakeLog.php
    • 1CORE/Log/LogEngineCollection.php
    • 2CORE/Log/Engine/FileLog.php
    • 3CORE/Log/Engine/BaseLog.php
    • 4CORE/Log/CakeLogInterface.php
  • Model(array)
    • 0CORE/Model/Model.php
    • 1CORE/Model/BehaviorCollection.php
    • 2CORE/Model/ConnectionManager.php
    • 3CORE/Model/Permission.php
    • 4CORE/Model/Aro.php
    • 5CORE/Model/AclNode.php
    • 6CORE/Model/Aco.php
    • 7CORE/Model/ModelBehavior.php
  • Network(array)
    • 0CORE/Network/CakeRequest.php
    • 1CORE/Network/CakeResponse.php
  • Other(array)
    • 0CORE/bootstrap.php
    • 1CORE/basics.php
    • 2CORE/Core/App.php
    • 3CORE/Core/Configure.php
    • 4CORE/Core/CakePlugin.php
    • 5CORE/Core/CakeObject.php
    • 6CORE/Event/CakeEventListener.php
    • 7CORE/Event/CakeEvent.php
    • 8CORE/Event/CakeEventManager.php
  • Routing(array)
    • 0CORE/Routing/Dispatcher.php
    • 1CORE/Routing/Filter/AssetDispatcher.php
    • 2CORE/Routing/DispatcherFilter.php
    • 3CORE/Routing/Filter/CacheDispatcher.php
    • 4CORE/Routing/Router.php
    • 5CORE/Routing/Route/CakeRoute.php
    • 6CORE/Routing/Route/PluginShortRoute.php
  • Utility(array)
    • 0CORE/Utility/Hash.php
    • 1CORE/Utility/ObjectCollection.php
    • 2CORE/Utility/ClassRegistry.php
    • 3CORE/Utility/Inflector.php
    • 4CORE/Utility/Debugger.php
    • 5CORE/Utility/CakeText.php
  • View(array)
    • 0CORE/View/HelperCollection.php
• app(array)
  • Config(array)
    • 0APP/Config/core.php
    • 1APP/Config/bootstrap.php
    • 2APP/Config/database_logger.php
    • 3APP/Config/database.php
    • 4APP/Config/routes.php
  • Controller(array)
    • 0APP/Controller/BlogPostsController.php
    • 1APP/Controller/AppController.php
  • Model(array)
    • 0APP/Model/AppModel.php
    • 1APP/Model/BlogPost.php
    • 2APP/Model/Setting.php
    • 3APP/Model/User.php
    • 4APP/Model/Blog.php
  • Other(array)
    • 0APP/webroot/index.php
  • Routing(array)
    • 0APP/Lib/Routing/Route/SlugRoute.php
• plugins(array)
  • ContactUsManager(array)
    • Config(array)
      • 0ContactUsManager/Config/bootstrap.php
  • CountryManager(array)
    • Model(array)
      • 0CountryManager/Model/StateProvince.php
      • 1CountryManager/Model/CountryManagerAppModel.php
      • 2CountryManager/Model/Country.php
  • DatabaseLogger(array)
    • Plugin(array)
      • 0DatabaseLogger/Lib/Log/Engine/DatabaseLog.php
    • Model(array)
      • 0DatabaseLogger/Model/Log.php
      • 1DatabaseLogger/Model/DatabaseLoggerAppModel.php
  • DebugKit(array)
    • Component(array)
      • 0DebugKit/Controller/Component/ToolbarComponent.php
    • Plugin(array)
      • 0DebugKit/Lib/DebugMemory.php
      • 1DebugKit/Lib/Panel/HistoryPanel.php
      • 2DebugKit/Lib/DebugPanel.php
      • 3DebugKit/Lib/Panel/SessionPanel.php
      • 4DebugKit/Lib/Panel/RequestPanel.php
      • 5DebugKit/Lib/Panel/SqlLogPanel.php
      • 6DebugKit/Lib/Panel/TimerPanel.php
      • 7DebugKit/Lib/Panel/LogPanel.php
      • 8DebugKit/Lib/Log/Engine/DebugKitLog.php
      • 9DebugKit/Lib/Panel/VariablesPanel.php
      • 10DebugKit/Lib/Panel/EnvironmentPanel.php
      • 11DebugKit/Lib/Panel/IncludePanel.php
      • 12DebugKit/Lib/DebugTimer.php
  • Gallery(array)
    • Config(array)
      • 0Gallery/Config/bootstrap.php
      • 1Gallery/Config/routes.php
    • Plugin(array)
      • 0Gallery/Vendor/ZebraImage.class.php
    • Component(array)
      • 0Gallery/Controller/Component/UtilComponent.php
  • MaintenanceMode(array)
    • Plugin(array)
      • 0MaintenanceMode/Lib/Routing/Filter/MaintenanceMode.php