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Closing or Settlement >Estimated Closing Costs
There is a federal law that requires mortgage lenders to give prospective buyers an itemized, "good-faith" estimate of their closing costs. Sometimes buyers arrive at the closing with this document in hand and proceed to question each item on the final closing statement that does not match the estimate exactly.
These "good-faith" estimates are just that--estimates. The lender's charges will be fairly accurate, but the charges for attorneys, termite inspections, title insurance, and other items that appear on the closing sheet may vary from the estimate. Some pro-rated items, such as taxes or homeowner's association fees, will also be different if you don't close on the date that was used to calculate the estimate. The purpose of the disclosure law is to give you a ball park figure of your closing costs. But the estimate you are given won't be to the penny--probably not even to the dollar!
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Where and when was the first motel introduced on the American commercial real estate scene?
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The first motel, appropriately named the "Motel Inn", opened in San Luis Obispo in 1925. |
See More Real Estate Trivia > |
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Leslie Benczik, Broker RE/MAX All-Stars Realty Inc., Brokerage 4592 Highway 7 East Unionville, ON. L3R 1M5 Phone: 905.477.7766 Downtown Toronto Direct: 416.597.0077 Toll Free: 1.888.762.7081 Fax: 905.477.0566 Email: Rachel@GetBenczik.com
I Guarantee to Sell Your Home in 90 Days or I'll Buy it for CASH! *
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