Just as soon as one type of wire scam is uncovered it seems like a new one pops up. One of the latest versions involves the perpetrator sending the funding lender wiring instructions to a legitimate account belonging to an innocent, unknowing title company. In verifying the account number, the lender will see that the funds are being wired to a legitimate title entity.
Once the wire has gone through, the scammer contacts the unknowing title company and states that the funds were sent in error. The scammer gives the title company instructions for sending the funds back, but those instructions are fraudulent and the funds will be sent to the scammer. The title company then confirms that it was not entitled to the funds and sends them back using the account information that it has received from the scammer.
The lesson to be learned here is that if you receive wired funds in error, the wire should be rejected. In doing so, the funds will automatically go back to the original sender.
Everyone needs to be vigilant in dealing with wire transfers, verifying information by directly contacting the other parties through secure channels and being skeptical when instructions are changed at the last minute or appear out of the ordinary.
A Buyer normally pays for the following:
Recording the new deed
Their share of the tax stamps. Tax stamps in New Hampshire are 1.5% of the purchase price and are split equally between the buyer and seller
The title examination and closing
The owner’s and lender’s title insurance policy
All costs associated with getting a new loan
A Seller normally pays for the following
Their share of the tax stamps
Any commission to the realtor for the sale of the property
To prepare the Purchase and Sales Agreement when no realtor is involved
Recording any lien release documents pertaining to their loan
For the preparation of the new deed conveying the property
Both parties share in the proration of the real estate taxes and there may be other miscellaneous costs associated with the sale. Give us a call at 603-836-5309, if we can help with the sale or purchase of your home!
Closing on your home soon…here is how changes aimed at helping you could end up hindering you. Your real estate Agent plays a large role in getting the deal to Settlement. One of the big challenges that real estate agents have now encountered has to do with the new consumer privacy rules.
Agents are used to being provided with copies of the settlement documents. The agent was then able to explain the documents to their clients and help check the numbers to ensure everything was correct prior to the closing. Under the new TRID rules, agents may now be on the outside looking in. Sometimes the agent is not able to see the disclosures until they are sitting with their clients at the settlement table.
As of now, some lenders and title companies lack clarity about what they are allowed to share with whom. That leaves it up to the consumers to be proactive about sharing the document with their agent. If the consumers fail to do so, it means the agent cannot catch mistakes early on that could end up delaying the settlement.
The roll-out of TRID was a big deal for the industry and the changes have not been without frustration. There has been a lot of discussion about whether the changes are a real value to the consumer and whether lenders may have to increase fees to account for the added time and manpower now needed to process loans. While it’s nice that the consumer can now get their costs and fees well in advance of closing, the new rules are adding time and some anxiety to the closing process.
Purchasing a home may be the single biggest investment you will ever make. Before closing on the home you will want to know that no other individual or entity has a right, title, lien or claim to the property. Seeing that your rights and interests to the property are clear is the business of a title insurance company. For a one-time title insurance premium you will receive continuous title insurance protection in an amount equal to the purchase price of the property or its current market value.
Prior to a policy being issued, the title insurance company will complete extensive research into relevant public records, maps and documents to trace ownership of the property and determine if anyone other than you has an interest in the property. Through its research, the title insurance company can usually identify any title problems that may arise and have these problems cleared-up prior to closing.
Typically your title insurance will protect you from loss if someone contests your title in a legal action or if there is a title defect that cannot be eliminated. The title insurance company will protect you from financial loss up to the amount of the policy.
Need more information, give us a call at 603-836-5309 or email email@example.com.