Credit Card Center Advertiser Disclosure

Reply
Moderator
Posts: 10,649
Registered: ‎03-06-2010
0 Kudos

Re: When can I feel safe


Sbrooks1 wrote:
I don't see that anywhere, only mention regarding title is act if sale

I don't know what that means. You are buying real estate and it doesn't discuss escrow and title and closing in the contract?  That doesn't make sense.

Valued Contributor
Posts: 1,224
Registered: ‎04-08-2015
0 Kudos

Re: When can I feel safe

I read the whole thing twice, it talks about act of sale
Moderator
Posts: 10,649
Registered: ‎03-06-2010
0 Kudos

Re: When can I feel safe


Sbrooks1 wrote:
I read the whole thing twice, it talks about act of sale

Every state has their own "standard" forms that the Realtors use. Sometimes there is more than one standard form.  In addition to that, builders have totally different contracts (each builder and each community). Naturally, attorney's can and do write different contracts if they decide to not use the state forms. So the specifics are different.

 

In general  you will have (brief notations here, not complete by any means):

  • Indentifying the parties to the contract and the real estate being sold by address & legal description + any non-realty items included such as appliances
  • Purchase price & closing date
  • Financing - details and contingency if the contract is subject to financing
  • Inspections - contingency if the contract is subject to an inspection period
  • Disclosures - standard by geographic area - some are federal like lead based paint or energy efficiency
  • Title Insurance - due dates and who is to pay
  • Seller duties, Buyer duties and escrow agent duties
  • Seller default definitions and buyer default definitions
  • Standards and dispute resolutions
  • Plus any addenda that may be specific to your purchase (HOA for example)

The title information can be in its own paragraph or under the standards.  Your contract may not have such a paragraph. I don't know your contract at all. But the contract defines the duties of all the parties - including closing agents and escrow agents and that is where the due dates for the title insurance commitment will be located. In any event, lenders want to make sure that the property on which they are making a loan is free and clear of any defects so they require a title commitment before you get your final clear to close.  Since you are very close to closing now, the closing attorney or title company (whoever is closing your purchase) should have that info by now. Just call them. They can email it to you. 

 

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.