Short Sale (Title Search for Seller):
Recently I have been required by the short sale negotiator to provide a title rundown to determine what other liens (inferior Deeds of Trust and Judgements) may be on the property. Sometimes in negotiating the short sale approval you can wait for the contract purchasers to complete their title search. It may be a better strategy to obtain a title rundown (current owner search) early in the short sale process. This will enable the Seller to know exactly what other liens have to be dealt with as part of the short sale approval. (An additional advantage is it will allow the Seller or their attorney to begin obtaining releases of any Deed of Trust and/or Judgements which have been paid off but not released of record.) Please contact me if you have any questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia
434-973-7474
Tucker@TGBlaw.com
http://www.tgblaw.com/
http://www.tgblaw.blogspot.com/
May 21, 2009
Tip 17-2009: Real Estate Taxes and Mortgage Escrow
Real Estate Taxes and Mortgage Escrow:
For any closings occurring between (April-June) and (October-December) we are usually required by the lender to prepay the real estate taxes (due June 5th & December 5th). Depending on the date of the closing, there may be a problem with the current mortgage company also paying the real estate taxes from its escrow account. Accordingly, the real estate taxes may be paid twice (by the closing attorney and by the mortgage company from its escrow account). We try to prevent the second payment from the mortgage company, but sometimes we can not stop the escrow department or verify that the payment was made. If the taxes are paid twice, the second payment will be refunded but it may take a while for the second payment to find its way back to the client. Please contact me if you have any questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia
434-973-7474
Tucker@TGBlaw.com
http://www.tgblaw.com/
http://www.tgblaw.blogspot.com/
For any closings occurring between (April-June) and (October-December) we are usually required by the lender to prepay the real estate taxes (due June 5th & December 5th). Depending on the date of the closing, there may be a problem with the current mortgage company also paying the real estate taxes from its escrow account. Accordingly, the real estate taxes may be paid twice (by the closing attorney and by the mortgage company from its escrow account). We try to prevent the second payment from the mortgage company, but sometimes we can not stop the escrow department or verify that the payment was made. If the taxes are paid twice, the second payment will be refunded but it may take a while for the second payment to find its way back to the client. Please contact me if you have any questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia
434-973-7474
Tucker@TGBlaw.com
http://www.tgblaw.com/
http://www.tgblaw.blogspot.com/
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