Thank you for thinking of Florida Mortgage Corporation, the mortgage lender
that cares! If you are a buyer or seller involved in a "For-sale-by-owner"
transaction, you have come to the right place. We have put together some basic information
to help you in the mortgage process. All matters in real estate contracts are negotiable,
however, local custom usually prevails when discussions between buyer and seller is
consummated.
Florida Mortgage Corporation will arrange everything,
including the the title company, and make sure
that the transaction goes as smooth as possible. A few of the items we will perform:
- Our title company will do all the work!
- Appraisal
- Survey
- Termite inspection
- Home inspection (optional)
- Flood certification
- Hazard insurance company
- Other items
For The Seller:
We will
pre-qualify the buyer for you. This is important so that you do not waste your time
negotiating with a buyer who may not qualify. We will keep you informed and coordinate the
closing date. It is common for the seller to pay the "Document Stamps and the
"Owners title insurance policy".
If you have agreed to pay the buyer's closing costs, put a limit on them. Setting
overall limits can prevent surprises. Sometimes the limit is set by the lender depending
upon the amount of down payment.
Document Stamps: It is common for the seller to pay for conveying the property
of $7.00 or more per thousand dollars of sales price.
Owner's title insurance policy: Based on the sales price of the home.
Good luck in your efforts to market the home yourself! If you aren't successful
in a short time, call or e-mail us. We can recommend a real estate professional in your
area that can help you get your home sold fast!
Agreement To Sell Real
Estate - Form
For The Buyer:
We will
pre-qualify you for a loan by determining the maximum loan amount. A certificate will be
issued indicating the loan amount and period of time. With this information you can shop
for a home and know what price range of homes to look at.
Do I need an Attorney?: Few buyers or sellers obtain an attorney. Only you can
make that decision, but if you choose to use legal counsel make certain they are
experienced in real estate. An attorney "not" familiar with standard forms, the mortgage
process and closing procedures could cost you hundreds of dollars without corresponding
benefits and delay the closing. Beware of the attorney that offers free legal advise in exchange for other
services such as the title work.
Title Insurance......what is it? Title insurance is perhaps the most unique form
of insurance offered today. It was first issued in 1878, but it remains widely
misunderstood by consumers.
Basically, it protects the insured from losses as the result of claims on the one's
ownership of land. For instance, a seller may forge a signature of another, creating a
loss for the new owner. Other problems that can occur include improper court proceedings,
unfiled liens, recording mistakes, incompetence involving previous sellers, etc.
There are two basic forms of Title insurance - an Owner's Policy and the Lender's
Policy. As the names indicate, the Owner's Policy covers the land owner and the Lender's
Policy covers the Lender on a particular parcel of real estate. If a Lender's Policy is
issued, why do I need an Owner's Policy? A Lender's Policy offers no protection to the
land owner. A claim may arise that does not jeopardize the lender's interest, but may, in
fact, cause a great loss to the owner.
Probably one of the most comforting features of title insurance is the obligation of
the insurer to defend you against claims of others. A neighbor may claim rights to a
portion of your land. Without Title Insurance, you would have to bear the cost of settling
this dispute through the courts, regardless of the validity of the claim.
