Golden Opportunities

Buying or selling a home is a very big deal so why is it so many of us are willing to risk losing thousands of dollars because we don’t read what we’re signing? Here to sign us on to becoming educated is Rachel Torchia of Gateway Title Agency.

Question: We've discussed this before-even though buying or selling a home is one of the biggest purchases/sales most people will ever take part, they more often than not go into the transaction blindly.

Answer: Too many buyers and sellers enter into a real estate transaction blindly. It doesn't seem to matter if they have hired a real estate agent or are going "by owner." They just "sign" on the line.
We see many disappointments at the closing table because they didn't bother to read when they were signing the purchase agreement.

Question: What should every buyer and seller read and understand before signing their purchase agreement?

Answer: Never, ever, sign a real estate contract until you understand what you are agreeing to. Even though we offer, buyers and sellers seldom ask to preview the HUD-1 Settlement Statement before they sign final papers.

Questoin: Can you explain what a HUD-1 Statement is?

Answer: The HUD-1 is a form used by the closing agent to itemize all charges imposed upon a borrower and seller for a real estate transaction. It gives each party a complete list of their incoming and outgoing funds.
For the seller, it shows you the amount of money you receive-your profit. c.) For the buyer, it's the amount of money you must bring to the closing-the down payment, including closing costs.

Question: This all sounds like it can be confusing. Where can we learn more?

Answer: You really do have to educate yourself. It can mean the difference of thousands of dollars. We have free workshops where we go over this information, or we can help in private consultation.

Don't sign what you don't understand. Call Gateway Title for information on informative workshops or to receive a free closing kit. My thanks to Rachel Torchia.