Understanding Your Mortgage Company’s Good Faith Estimate
Your Good Faith Estimate is a key part of your mortgage process. Read this article to understand the ins and outs of what makes it so important.
→ Read MoreClosing on a House
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What legal recourse do I have if repairs promised by the home seller were never made?
A contract for the purchase of a home is just that – a contract. It is legally binding on the home seller who agreed to make the repair. As such, you may have a few different options. If the home seller agreed to repair something before the sale but did not make that repair, their failure to honor the details of the contract is called breach of contract. Even though they sold the home as promised, the home seller must also satisfy other promises contained in the contract such as a promise to repair a furnace or leaky windows.
→ Read MoreIf the seller of a home cannot close on the agreed-upon date, is this breach of contract and what recourse does the buyer have?
Failing to close on the agreed-upon date would be a breach of contract (assuming that the closing date was one of the contractual terms). However, not all contractual breaches are created equal.There is no single answer as to what happens if the seller can’t close on time.
→ Read MoreAfter a real estate transfer, how can I remove a holdover seller who refuses to leave the property?
The best way to avoid dealing with the problem of a holdover homeseller is to examine the property before closing while you still have some leverage. You should also make sure that your real estate contract contains provisions to provide remedies for a failure to vacate the property or failure to close by a certain date. If that doesn’t work, there are other ways to persuade the holdover home seller to leave, such as agreeing to pay moving fees. You may need to use the unlawful detainer laws in your state to evict the holdover seller.
→ Read MoreThere has been a delay in the date escrow will close on the house we are selling. The buyers want to move in before the new escrow closing date. Is this a problem if they agree to pay rent?
There has been a delay in the date escrow will close on the house we are selling. The buyers want to move in before the new escrow closing date. Is this a problem if they agree to pay rent?
→ Read MoreI have heard the terms “color of title” and “cloud over title”. Other than colorful phrases, how do they impact title?
I have heard the terms ‘color of title’ and ‘cloud over title’. Other than colorful phrases, how do they impact title?
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