We have all been talking about the TILA/RESPA Integrated Disclosure rule, also known as TRID. Since this rule is designed to help borrowers understand the terms of their home financing transaction, there is a trend to start referring to this rule as the Know Before You Owe rule instead of TRID. The Know Before You Owe rule took effect October 3, 2015. So what can you expect now that…
Read MoreIs Your Transaction Subject to FIRPTA
The Foreign Investment in Property Tax Act (FIRPTA) Among the many documents which are presented and processed during escrow is a certificate of non-foreign status. The reason for this document is to protect the property buyer from liability for the IRS withholding tax which applies if the seller is a foreign person. If the Seller is a US Citizen or a US Resident then FIRPTA does not apply. If the Seller is not…
Read MoreTitle Commitment- Easy Guide
What information is found in the Title Commitment? Upon opening escrow and the completion of the title search, you will receive a Commitment for Title Insurance, and copies of those matters as disclosed in Schedule B Section 2-Exceptions (NOTE: If you do not receive these documents with the Commitment for Title Insurance, request them from your Escrow Officer). The Commitment for Title Insurance has three schedules: Schedule A and Schedule B…
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