Blog :: 05-2014

Memorial Day 2014 - Local Events

Memorial-Day-26A

 

This weekend, in honor of those who gave the ultimate sacrifice for our freedom, the following events will be held:

 

Saturday May 24th:

  • Essex Parade & BBQ: 9:00 a.m. parade beings from the 5 Corners
  • Winooski Parade & BBQ: 12:00 noon parade begins at Winooski school
  • Burlington Vermont City Marathon: Begins at Battery Park and ends at the waterfront

 

Monday May 26th:

  • St. Albans Parade: 10:30 a.m. parade begins at Taylor Park
  • Jericho Parade: 11:00 a.m. parade begins - spectators are encouraged to view near school

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Closing documents you'll want to keep

On closing day, you can expect to sign a lot of documents and walk away with a big stack of papers. Here's a list of the most important documents you should file away for future reference.

  • HUD-1 settlement statement. Itemizes all the costs -- commissions, loan fees, points, and hazard insurance --associated with the closing. You'll need it for income tax purposes if you paid points.
  • Truth in Lending statement. Summarizes the terms of your mortgage loan, including the annual percentage rate and recision period.
  • Mortgage and note. Spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.
  • Deed. Transfers ownership to you.
  • Affidavits. Binding statements by either party. For example, the sellers will often sign an affidavit stating that they haven't incurred any liens.
  • Riders. Amendments to the sales contract that affect your rights. Example: The sellers won't move out until two weeks after closing but will pay rent to the buyers during that period.
  • Insurance policies. Provide a record and proof of your coverage.

Common Closing Costs for Buyers

 

Closing costs are fees and expenses other than the cost of the home that buyers and sellers will have to pay on the day of the closing. Your lender will provide a good-faith estimate prior to the settlement date for these costs so that you can come prepared.

These costs will include:

  • Down payment
  • Loan origination
  • Points, or loan discount fees, which you pay to receive a lower interest rate
  • Home inspection
  • Appraisal
  • Credit report
  • Private mortgage insurance premium
  • Insurance escrow for homeowner's insurance, if being paid as part of the mortgage
  • Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
  • Deed recording
  • Title insurance policy premiums
  • Land survey
  • Notary fees
  • Pro-rations for your share of costs, such as utility bills and property taxes

A Note About Pro-rations: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first five days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.

 

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10 Questions to Ask Home Inspectors

Before you make your final buying or selling decision, you should have the home inspected by a professional. An inspection can alert you to potential problems with a property and allow you to make an informed decision. Ask these questions to prospective home inspectors:

  1. Will your inspection meet recognized standards? Ask whether the inspection and the inspection report will meet all state requirements and comply with a well-recognized standard of practice and code of ethics, such as the one adopted by the American Society of Home Inspectors or the National Association of Home Inspectors. Customers can view each group's standards of practice and code of ethics online atwww.ashi.org or www.nahi.org. ASHI's Web site also provides a database of state regulations.
  2. Do you belong to a professional home inspector association? There are many state and national associations for home inspectors, including the two groups mentioned in No. 1. Unfortunately, some groups confer questionable credentials or certifications in return for nothing more than a fee. Insist on members of reputable, nonprofit trade organizations; request to see a membership ID.
  3. How experienced are you? Ask how long inspectors have been in the profession and how many inspections they've completed. They should provide customer referrals on request. New inspectors also may be highly qualified, but they should describe their training and let you know whether they plan to work with a more experienced partner.
  4. How do you keep your expertise up to date? Inspectors' commitment to continuing education is a good measure of their professionalism and service. Advanced knowledge is especially important in cases in which a home is older or includes unique elements requiring additional or updated training.
  5. Do you focus on residential inspection? Make sure the inspector has training and experience in the unique discipline of home inspection, which is very different from inspecting commercial buildings or a construction site. If your customers are buying a unique property, such as a historic home, they may want to ask whether the inspector has experience with that type of property in particular.
  6. Will you offer to do repairs or improvements? Some state laws and trade associations allow the inspector to provide repair work on problems uncovered during the inspection. However, other states and associations forbid it as a conflict of interest. Contact your local ASHI chapter to learn about the rules in your state.
  7. How long will the inspection take? On average, an inspector working alone inspects a typical single-family house in two to three hours; anything significantly less may not be thorough. If your customers are purchasing an especially large property, they may want to ask whether additional inspectors will be brought in.
  8. What's the cost? The national average for single-family homes is about $320, but customers with large homes can expect to pay more. Customers should be wary of deals that seem too good to be true.
  9. What type of inspection report do you provide? Ask to see samples to determine whether you will understand the inspector's reporting style. Also, most inspectors provide their full report within 24 hours of the inspection.
  10. Will I be able to attend the inspection? The answer should be yes. A home inspection is a valuable educational opportunity for the buyer. An inspector's refusal to let the buyer attend should raise a red flag.