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Heather Schelling

Closing Fees | pricing Blog

Wednesday, April 10, 2019   /   by Connie Tracy

Why You Should Avoid Fridays and the 15th for Closing on a Home

Choosing the day or week of the month to close escrow on your house purchase can have significant advantages. 

If you are the buyer, you might prefer to close toward the end of the month and avoid pre-paid interest on your new mortgage. (Interest on a mortgage is always paid in arrears). Sellers often prefer to close on the first of the month and receive their sales proceeds early on in order to accommodate their purchase of a replacement house or moving plans.

Both parties should consider if there is a possibility they might be out of town- or the country- when the closing date is selected. You will want to be sure you do not choose a day that falls on a weekend or holiday.

Backup Offer... What is that?

Advantages to closing in the first two weeks of the month

** They tend to be less busy then the end of the month for both the lender and closing agent. 

** Closing early in the month allows time to take care of any unforeseen problems that might dela ...

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Saturday, March 30, 2019   /   by Dixie Simon

Real Estate Attorney vs Title Company

Can someone please explain the difference?

What a great question for both the Seller and the Buyer

A Title Company is an insurance agency. They represent title insurance companies that ensure clean title to buyers and lenders. A title needs to be free and clear of encumbrances or any cloud on said title that would cause a financial loss. The potential financial loss is what is insured.

The settlement transaction (the order in which documents are executed and filed for public record) together with the financial accounting of said transaction is insured in the event any error or omission. For the title insurance company to ensure the closing, they will require that it be done by a qualified closing agent who represents their company.  A title company is used to close the deal.

In many areas, especially in smaller communities where there are no title insurance company offices, attorneys can close a real estate transaction. The attorney submits a resume and ...

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Monday, March 25, 2019   /   by Dixie Simon

Who Pays What in Closing Costs?

We get asked this question more times than I can count. Honestly, it can be very confusing to us, and we do this every day. If it has been a while or if this is your first time buying, you need to have an idea and a reminder of the expense involved. Don’t feel bad that you don’t have these tidbit’s memorized.

Seller Pays: 
«  Real estate commission
«  Owner’s title insurance premium
«  Escrow fee, one half
«  Real estate excise tax (1.78%
«  based on sales price)
«  Loan costs required under the FHA/VA provisions of
«  contract 
«  The payoff of all loans in Seller’s name (or existing loan
«  balance if being assumed by Buyer)
«  Statement fees, reconveyance fees (including
«  associated recording charges) and any loan
«  pr ...

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Haven Real Estate Group
Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201

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