SELLERS
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What closings costs am
I required to pay at closing? |
| Documentary Stamps on the Deed. This is
equal to 70 cents per thousand dollars of the sales
price in Florida and varies from state to state. Call
484.534.4940 for current rates in your area. |
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What is a 1031 exchange
and under what circumstances may a seller benefit from
one? |
| A 1031 exchange is a vehicle under the
Internal Revenue Code that allows a seller to use the
proceeds from the sale of investment property for the
purchase of replacement investment property. As long as
the rules are strictly adhered to the procedure allows a
seller to defer the payment of capital gains taxes.
Please call 484.534.4940 if you require additional
information. |
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The buyer of my
property hired a home inspector and asked me to make
numerous repairs to the property. Which repairs am I
required to make? |
| The terms of your contract dictate which
repairs are required. Your contract also specifies a
time frame in which you must respond to the buyer's
request. Please call 484.534.4940 if you would like
assistance in interpreting your contract. |
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REFINANCERS |
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I am refinancing my
home that I just purchased last year. Do I have to
purchase title insurance again, and if so, why? |
| Regardless of the length of time you
have owned your home, your lender will require that you
purchase title insurance to protect the lender's
interest. However, you will receive a re-issue credit if
you provide us with your prior Owner's Title Insurance
Policy. The re-issue credit could be several hundred
dollars depending on a variety of factors. Some firms
fail to advise borrowers of the availability of the
re-issue credit. It is the policy of Platinum
Settlements to always issue our clients with a
re-issue credit if one is available. The credit is given
regardless of who issue your Owner's Policy. |
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What types of claims
would a Title Policy guard against? |
- False impersonation of a seller or other persons
previously in title
- Forgery
- Improperly executed deeds
- Deeds executed without a required spouse's
signature.
- Fraud
- Undisclosed heirs or descendants of former
owners of your property
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