Posts from March 2021

In the state of Pennsylvania, an oral agreement in real estate is not legally recognized.  Therefore, in order to be represented by a real estate agent as a buyer you must have a signed buyer's agency agreement.  

So what does this Buyer Agency Contract entitled you as a buyer to.  First, it ensures that a real estate professional is representing your interest, and not only the seller's interest.  You will have someone to explain and walk you through each step of the process, assist you with the lending process and getting connected to a lender.  You will have someone to help you find the home you are looking for, as well as help with negotiating the right price and terms for you.  You will have an advocate with lenders, appraisers, and the seller's.

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So you have decided to move.  Either you are selling your home, or maybe you have decided it is time to buy that first starter home.  You contact a real estate agency, and set up an appointment.  While getting in the car you say to yourself repeatedly, "I'm just asking question, gathering the information, no commitments yet.  I am not going to sign anything."  You arrive at the real estate office, are greeted by an the agent, and sit down, and the first thing that happens is a form is put infront of you, that the agent says you need to sign.  Your excitement falls, this wasn't the plan, and now your just looking for the door.  I just wanted to talk to somebody about moving you think to yourself.

Honestly, I get it! I am just like you.  I hate feeling like I am pushed into signing something, and I will try to avoid it.

So let me take a few minutes and explain this form that was put in-front of you.

The form is called the Consumer Notice, it has the PA...

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You have been looking for a few weeks or more for your perfect home and you found it!  You have been pre-approved and your mortgage requires you to put 10% down.  You are excited about writing up your contract, but now your agent has put a one page form with a bunch of other fees you will need to pay.  What are they all?

This can be confusing and seem a little overwhelming when you first look at it.  The closing costs are the fees that the lender has charged to process the loan, the title/settlement company fees, inspections, and lender escrow requirements, and they are seperate from the down payment.

Some basic examples are below.

Title Charges:  Wire Transfer Fee, Notary Fee, Closing Protection Letter, Deed Recording may vary by county, Mortgage Recording, Title Endorsements (usually 3 on a residential property).  Title Insurance, Broker Fees.

Lender Fees:  Mortgage Origination and Underwriting Fees, Credit Report, Appraisal, Esc...

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