by Francine D'Elia Wirsching on February 11, 2010
Major snow events equate to major expenses for homeowners living in a community development; and unfortunately, there may not be enough money in the coffer to pay for the salting, de-icing, and snow removal.
Special Assessments are not uncommon when major storms hit; therefore, make sure when you are purchasing a property that is a CONDO or a PUD (Homeowners’ Association) that you speak directly with the association manager the day of closing if not at the time of closing (start calling the day before) and get in writing any outstanding dues and in particular, ask when the next meeting is to occurr and if any special assessments have already been voted upon.
Your title insurance professional may be doing this service for you but don’t leave this important task to chance. Start the dialogue with your real estate agent and the seller if your settlement is pending.
If you have yet to sign the Agreement of Sale, pay particular attention to the clause relating to special assessments. Discuss with your real estate agent or attorney how to best protect yourself against special assessments not yet voted upon but which are anticipated to cover expenses incurred prior to your ownership.
by Francine D'Elia Wirsching on October 26, 2009
You may find it convenient to have someone come to your home with notary stamp in hand and a pile of papers for you to sign. What you might not realize is:
- You may be charged a significant settlement fee – sometimes costing you several hundred dollars. While the fee is allowable in Pennsylvania under certain circumstances, the borrower must be informed of the cost in advance.
- The “closer” may only be authorized to witness your signatures and not be able to describe or explain any of the documents. [click to continue…]
by Francine D'Elia Wirsching on October 22, 2009
In Why Shop for Title Insurance, we explained how consumers can protect themselves from inappropriate charges simply by comparing charges from various providers. Now we’d like to provide you information on how to shop for title insurance.
First, check the rates and fees
We’ve developed a Title Insurance Shopping Guide for use in Pennsylvania. This will allow you to compare quotes side-by-side. A detailed comparison will quickly highlight any glaring discrepancies such as incorrect application of the rates or inappropriate or “junk” fees. [click to continue…]
