Closing Documents – Full Overview

 

If you remember, the last few weeks’ videos covered the Closing Disclosure, Promissory Note, and Mortgage. But that’s not all you’re going to see when you sit down to sign for your purchase or refinance.

During the closing process you’ll be giving out lots and lots of autographs, and it can feel overwhelming and monotonous. However, each one is important in its own way. Before you get there, give this video explanation a watch so you know just what to expect.

Mark touches on documents regarding payment specifics, escrow, compliance, title and more, simplifying each of their purposes.

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Copyright © 2021 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.

What Is a Mortgage Document?

 

Welcome back to another legal document overview. It’s always important to really understand exactly what you’re signing during your closing, so you don’t end up with surprises down the line.

This Mortgage document is used in virtually all residential lender transactions as a security instrument for the lender to protect their position and their asset (aka your property). It serves to cover the lender in the event that you don’t make good on your end of the deal.

Although you own the property (as shown in the Deed), the lender claims the property in agreement with you via a voluntary lien, and you release certain rights to them.

Mark covers the sections on Uniform Covenants, Preservation, Joint Liability and more, with special focus on the “Acceleration; Remedies” clause. This clause lays out the worse-case scenario of how the lender will proceed if they don’t receive payment.

Copyright © 2021 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.

What is a Promissory Note?

 

Amidst your refinance or purchase transaction, you’ll see a document called a Promissory Note. This is the official agreement between you and your lender. In this week’s video, Mark covers each important part of the document, including obligations of payment and interest, penalties for failure to pay on time, and the transfer of property provision.

Copyright © 2021 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.

Will the Housing Market Crash? 2021 Bubble

 

With the state of the housing market right now, the question on everyone’s mind is this: When is the market going to crash? People worry that it’s feeling just like 2008 all over again. And we know that history repeats itself, if we don’t learn from our mistakes.

We’ve built a scarce marketplace thanks to the supply and demand imbalance. As a seller, you can get a lot for a house right now because of the shortage. Like a precious diamond, that which is desired most increases in value and in cost. In the past, an abundance of loose and risky loan products created false value, upsetting the natural process.

We’re not quite there yet. But we’re urging you to be vigilant and watch for the indicators, especially come fall and winter. Don’t forget to subscribe!

Copyright © 2021 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.

Purchasing Real Estate with Cryptocurrency

 

Is cryptocurrency the moolah of the future? Is it even real?

It’s becoming increasingly apparent that crypto is here to stay.

But can something so seemingly abstract be used to buy something as concrete and tangible as real estate? Technically… yes. If the agreement is made between buyer and seller on this consideration, it is feasible.

However, of course there are hurdles because of the taboo surrounding it. Mainly, obtaining loans and title insurance is nearly impossible with a crypto purchase, unless it gets transferred into cash first.

Right now there are lots of restrictions, but it may not stay that way forever. To find out a bit more on cryptocurrency as an asset, check out the video.

Copyright © 2021 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.

What is Owner’s Title Insurance?

This quick and comprehensive video on title insurance provides a description of the types of title insurance out there, the obstacles coverage protects homeowners from, and answers to some common assumptions and questions we get about this topic.

Copyright © 2021 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.