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Displaying blog entries 11-15 of 15

5 Things to Know About Title Insurance

by Kijner & Sons International Realty

Title insurance protects the holder from any losses sustained from defects in the title. It’s required by most mortgage lenders. Kijner & Sons International Realty is pleased to share with you five other things you should know about title insurance.

1. It protects your ownership right to your home, both from fraudulent claims against your ownership and from mistakes made in earlier sales, such as mistake in the spelling of a person’s name or an inaccurate description of the property.

2. It’s a one-time cost usually based on the price of the property.

3. It’s usually paid for by the sellers, although this can vary depending on your state and local customs.

4. There are both lender title policies, which protect the lender, and owner title policies, which protect you. The lender will probably require a lender policy.

5. Discounts on premiums are sometimes available if the home has been bought within only a few years since not as much work is required to check the title. Ask the title company if this discount is available.

If you are looking to purchase a property in Sarasota or Miami Florida, do not hesitate to contact us. You can also register to our free email alerts and receive, at your convenience, a list of properties available in the Sarasota or Miami Florida areas. To do so, just click on the desired link.

> For French, click here 
> For English, click
here and for short sales and foreclosures, click here

Closing Documents You Should Keep

by Kijner & Sons International Realty

You have finally found your dream house in Florida thanks to Kijner & Sons International Realty. On closing day, expect to sign a lot of documents and walk away with a big stack of papers. Here’s a list of the most important documents you should file away for future reference.

  • HUD-1 settlement statement: Itemizes all the costs — commissions, loan fees, points, and hazard insurance - associated with the closing. You’ll need it for income tax purposes if you paid points.
  • Truth in lending statement: Summarizes the terms of your mortgage loan, including the annual percentage rate and recision period.
  • Mortgage and note: Spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.
  • Deed: Transfers ownership to you.
  • Affidavits: Binding statements by either party. For example, the sellers will often sign an affidavit stating that they haven’t incurred any liens.
  • Riders: Amendments to the sales contract that affect your rights. Example: The sellers won’t move out until two weeks after closing but will pay rent to the buyers during that period.
  • Insurance policies: Provide a record and proof of your coverage.

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Sources:

The National Association of Realtors® (NAR)
Credit Union National Association
Mortgage Bankers Association
Home-Buyer’s Guide (Real Estate Center at Texas A&M
, 2000)

8 Tips to Guide for Your Home Search

by Kijner & Sons International Realty

Kijner & Sons International Realty is pleased to share with you 8 tips for our home search whether you want to buy in Sarasota or Miami Florida

1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.

2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.

3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.

4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.

5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.

6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.

7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.

8. Get help from a REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment. 

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Source: The National Association of Realtors® (NAR)

6 Creative Ways to Afford a Home

by Kijner & Sons International Realty

If you are looking to purchase a property in Miami or Sarasota Florida, but fell like you don't have the funds, here is a list of 6 creative ways to afford a home: 

1. Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, www.getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, www.hud.gov.

2. Explore seller financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you would do with a mortgage.

3. Consider a shared-appreciation or shared-equity arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors' names are usually on the mortgage. Companies are available that can help you find such an investor, if your family can’t participate.

4. Ask your family for help. Perhaps a family member will loan you money for the down payment or act as a co-signer for the mortgage. Lenders often like to have a co-signer if you have little credit history.

5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.

6. Consider a short-term second mortgage. If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you’re in good financial standing, with a strong income and little other debt.

If you are looking to purchase a house in either Sarasota or Miami Florida, contact Kijner & Sons International Realty at info@kijner.com

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Source: The National Association of Realtors® (NAR)

Lender Checklist: What You Need for a Mortgage

by Kijner & Sons International Realty

If you are considering a mortgage in the US, here is a simple checklist of documents that might be required. 

□ W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for every person signing the loan.

□ Copies of at least one pay stub for each person signing the loan.

□ Account numbers of all your credit cards and the amounts for any outstanding balances.

□ Copies of two to four months of bank or credit union statements for both checking and savings accounts.

□ Lender, loan number, and amount owed on other installment loans, such as student loans and car loans. 

□ Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.

□ Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account. 

□ Copies of your most recent 401(k) or other retirement account statement. 

□ Documentation to verify additional income, such as child support or a pension.

□ Copies of personal tax forms for the last two to three years. 

For more information on houses for sale in Sarasota or Miami Florida, contact us at info@kijner.com

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Source: The National Association of Realtors® (NAR)

Displaying blog entries 11-15 of 15

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83-85 Boulevard de Charonne, 75011 Paris, France


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