What Is Mortgage Payoff and How Does It Affect Your Closing?
Ensuring a quick and consistent closing for clients is key for title and escrow companies that want to remain competitive in the changing market of real estate.
However, the various tasks in the closing process, such as gathering HOA documents or property tax data, can present a significant challenge for professionals. Especially when they require additional hours of research and acquisition.
What is an HOA Resale Package and Do You Need It for Closing?
To close a real estate transaction, you would usually need a resale package of documents, that is varied per state. A standard HOA resale package has two parts: a resale certificate and a collection of governing documents, like CC&Rs, Bylaws, Budget, Balance Sheet, and Reserve Study.
HOA Fees and Expenses: Where is Your Money Going?
There is no better feeling than being a homeowner, but sometimes owning your own home can feel like a lot of work. Mowing your lawn, replacing that old furnace, or even fixing a leaky faucet all have tangible costs, which can feel like a lot out-of-pocket as well.
HOA Reserves: How Much Does Your Association Need to Set Aside
Much like running a traditional corporate business, operationally, the functions of a homeowners association tend to overlap in many ways. For example, there is a board of directors, a set of underlying rules or principles governing the organization (i.e., bylaws and CC&Rs), and the unit owners who, in some capacities, are the shareholders.