Thank you for thinking of Florida Mortgage
Corporation, the mortgage lender that cares! If you are a buyer or
seller involved in a "For-sale-by-owner"
transaction, you have come to the right place. We have put together
some basic information to help you in the mortgage process. All
matters in real estate contracts are negotiable, however, local custom
usually prevails when discussions between buyer and seller is
Florida Mortgage Corporation will arrange
everything, including the the title company, and make sure that the
transaction goes as smooth as possible. A few of the items we will
- Our title company will do all the work!
- Termite inspection
- Home inspection (optional)
- Flood certification
- Hazard insurance company
- Other items
For The Seller:
We will pre-qualify the buyer for you. This is
important so that you do not waste your time negotiating with a
buyer who may not qualify. We will keep you informed and coordinate
the closing date. It is common for the seller to pay the "Document
Stamps and the "Owners title insurance policy".
If you have agreed to pay the buyer's closing
costs, put a limit on them. Setting overall limits can prevent
surprises. Sometimes the limit is set by the lender depending upon
the amount of down payment.
Document Stamps: It is common for the
seller to pay for conveying the property of $7.00 or more per
thousand dollars of sales price.
Owner's title insurance policy: Based on
the sales price of the home.
Good luck in your efforts to market the
home yourself! If you aren't successful in a short time, call or
e-mail us. We can recommend a real estate professional in your area
that can help you get your home sold fast!
Agreement To Sell Real Estate - Form
For The Buyer:
We will pre-qualify you for a loan by determining
the maximum loan amount. A certificate will be issued indicating the
loan amount and period of time. With this information you can shop
for a home and know what price range of homes to look at.
Do I need an Attorney?: Few buyers or
sellers obtain an attorney. Only you can make that decision, but if
you choose to use legal counsel make certain they are experienced in
real estate. An attorney "not" familiar with standard forms, the
mortgage process and closing procedures could cost you hundreds of
dollars without corresponding benefits and delay the closing. Beware
of the attorney that offers free legal advise in exchange for other
services such as the title work.
Title Insurance......what is it? Title
insurance is perhaps the most unique form of insurance offered
today. It was first issued in 1878, but it remains widely
misunderstood by consumers.
Basically, it protects the insured from losses as
the result of claims on the one's ownership of land. For instance, a
seller may forge a signature of another, creating a loss for the new
owner. Other problems that can occur include improper court
proceedings, unfiled liens, recording mistakes, incompetence
involving previous sellers, etc.
There are two basic forms of Title insurance - an
Owner's Policy and the Lender's Policy. As the names indicate, the
Owner's Policy covers the land owner and the Lender's Policy covers
the Lender on a particular parcel of real estate. If a Lender's
Policy is issued, why do I need an Owner's Policy? A Lender's Policy
offers no protection to the land owner. A claim may arise that does
not jeopardize the lender's interest, but may, in fact, cause a
great loss to the owner.
Probably one of the most comforting features of
title insurance is the obligation of the insurer to defend you
against claims of others. A neighbor may claim rights to a portion
of your land. Without Title Insurance, you would have to bear the
cost of settling this dispute through the courts, regardless of the
validity of the claim.