Financial Services _Çô Client Services RFC121 Lecture Notes - Lecture 7: Home Insurance, Mortgage Insurance, Title Insurance
5 Jun 2018
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Step 5:
Close the Purchase Transaction
Closing Costs are fees and charges paid when a real estate transaction is
completed and include;
▪ Title insurance and search fee
▪ Attorney’s and appraisers fees
▪ Property survey
▪ Land transfer taxes
▪ Mortgage insurance
▪ Home Insurance
▪ Tax and utility adjustments
▪ Moving expenses
▪ Real estate commission
Important Closing Considerations
▪ Title Insurance
▪ Insurance protected the owner or lender against financial loss
resulting from defects in the title, during the mortgage term
▪ Deed or Title
▪ A document that transfers ownership of property from one party to
another
▪ Escrow Account
▪ Money deposited with lending institution for payment of property
taxes and homeowners insurance
Learning Objective # 5
Develop a strategy for selling your home.
Selling Your Home
▪ Prepare your home for showing to prospective purchasers
▪ Determining the selling price
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Selling your home: prepare your home for showing to prospective purchasers, determining the selling price, appraisal - estimate of current market value, for sale by owner, listing with a real estate agent. Summary of learning objectives: evaluate available housing alternatives, your needs, life situation and financial resources are major factors that influence your selection of housing, assess renting and buying alternatives, in terms of their financial and opportunity costs. Summary of learning objectives: analyze the costs and benefits associated with renting, advantages are, mobility, fewer responsibilities, lower initial costs, disadvantages are, few financial benefits, restricted lifestyle, legal concerns. Summary of learning objectives: implement the home-buying process. Summary of learning objectives: obtain mortgage financing. As well as an awareness of types of mortgages. Summary of learning objectives: develop a strategy for selling a home. Decide whether to make certain repairs and improvements.
