Do you feel like you are drowning in alphabet soup? Acronyms have become common-place in the title insurance industry. In fact, acronyms have come so far that there are acronyms of acronyms! One of the newest is TRID, an acronym for TILA-RESPA Integrated Disclosure Rule. Some acronyms are part of an industry group or association, such as ALTA, NAHB, DOI, or DFR; sometimes an acronym may describe certain standards. There are so many acronyms that it can be confusing and certainly overwhelming. The table below contains some of the industry’s most commonly used acronyms and their meanings.
Whether you are purchasing a home or selling a house, knowing what to expect and being prepared at the “closing” can help eliminate stress and result in a pleasant experience. Although the settlement process can vary from state-to-state, here are some common items that may be required from you at closing and can help your closing go as smoothly and quickly as possible: » Closing Instructions » Purchase Agreement » Valid Photo Identification » Amendments or Addenda » All Closing Party Members If Applicable: » Buyer(s) Pre-Approval Letter » Home Warranty Application » Payoff Authorization to Release Information » Association/Condominium… read more →
Often times home buyers and sellers of real estate are unaware of what is encompassed by the term “closing costs”. This is especially true for first time home buyers. What is included as closing costs for your particular transaction may vary. However, below are some common closing costs, some of which you can expect to pay at the closing of your next home purchase. Generally speaking, closing costs are defined as miscellaneous fees charged by those involved with the home sale (such as your lender for processing the loan, the title company for handling the paperwork, a land surveyor, local government offices for… read more →