No Place Like Home – Understanding the Roles of Realtors and Title Companies
Articles,  Blog

No Place Like Home – Understanding the Roles of Realtors and Title Companies


[ MUSIC ]
>>Karmen: WELCOME TO “NO PLACE LIKE HOME,”
COMING TO YOU ON PINELLAS COUNTY CONNECTION TV. THIS PROGRAM IS PRESENTED TO YOU
AS AN OPPORTUNITY TO HEAR INFORMATION THAT CAN HELP YOU
FULFILL THE DREAM OF OWNING YOUR VERY OWN HOME. WE ALSO SHARE INFORMATION ABOUT
UPCOMING SPECIAL EVENTS AND PROGRAMS TO HELP YOU ENJOY THE
GOOD LIFE IN PINELLAS COUNTY. THE SPONSOR OF THIS PROGRAM IS
THE HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY, WHICH OFFERS
THE FIRST-TIME HOME BUYERS PROGRAM. I’M KARMEN LEMBERG, ALONGSIDE
JULIAN HILLS, YOUR HOSTS FOR TODAY’S SHOW. GOOD MORNING, JULIAN. HOW ARE YOU?>>Julian: HAPPY NEW YEAR,
KARMEN.>>Karmen: HAPPY NEW YEAR TO YOU,
TOO. IT’S ANOTHER ONE. WE’RE GOING TO JUST HAVE A GREAT
ONE THIS YEAR, AREN’T WE?>>Julian: WE’RE GOING TO TRY. DO YOU HAVE ANY RESOLUTIONS?>>Karmen: MMH, NO. I DID NOT BOTHER WITH THOSE
THIS YEAR. MY ONLY RESOLUTION IS
IT’S GOING TO BE A BETTER YEAR THAN LAST YEAR. [ LAUGHTER ]
>>Julian: WELL, THAT SOUNDS LIKE A VERY REASONABLE ONE. I DON’T HAVE ANY EITHER,
BUT HOPEFULLY SOMEONE WATCHING TODAY WILL HAVE THE RESOLUTION
OF BUYING A NEW HOME.>>Karmen: WOULDN’T THAT BE
AWESOME? AND WE CAN HELP THEM DO THAT. AND OUR GUESTS ARE HERE TO HELP
THEM DO THAT, TOO. [ LAUGHTER ]
>>Julian: EXACTLY. YOU KNEW EXACTLY WHERE
I WAS GOING. WELL, CONTINUING OUR
CONVERSATION ABOUT THE HOME-BUYING PROCESS, TODAY WE’LL
COVER THE ROLES OF REALTORS AND TITLE COMPANIES AND HOW
IMPORTANT THEY ARE. TODAY, WE’LL BE SPEAKING
WITH LILIANA RINCON WITH BERKSHIRE HATHAWAY HOMESERVICES
AND PAMELA WRIGHT WITH FIRST AMERICAN TITLE
INSURANCE COMPANY. BEFORE WE BEGIN OUR DISCUSSION,
KARMEN, I KNOW YOU HAVE A MESSAGE FROM OUR SPONSOR,
THE HOUSING FINANCE AUTHORITY.>>Karmen: I DO. THANK YOU. THE HOUSING FINANCE AUTHORITY OF
PINELLAS COUNTY IS OFFERING THE FIRST-TIME HOME BUYERS PROGRAM,
YOUR KEY TO HOMEOWNERSHIP, HELPING PEOPLE IN PINELLAS,
PASCO, AND POLK COUNTIES MAKE THEIR DREAMS OF HOMEOWNERSHIP
A REALITY. THE FIRST-TIME HOME BUYERS
PROGRAM IS FOR INDIVIDUALS WHO HAVE NEVER OWNED A HOME,
HAVE NOT OWNED A HOME IN THE LAST THREE YEARS, OR VETERANS. THE HFA, WORKING THROUGH A
SPECIALIZED GROUP OF LENDERS, OFFERS A LOW RATE ON ITS
30-YEAR, FIXED MORTGAGE AND CAN HELP WITH DOWN PAYMENT
AND CLOSING COSTS AS WELL. TO GET YOUR KEY TO
HOMEOWNERSHIP VISIT www.pinellascounty.org/HFA. FOR MORE INFORMATION OR
COMMENTS ABOUT THE SHOW, GIVE US A CALL AT 727-223-6419. JULIAN?>>Julian: ALL RIGHT, KARMEN. THANK YOU FOR THAT. AND I SAID THEIR NAMES,
BUT IT’S MY PLEASURE TO FORMALLY INTRODUCE OUR GUESTS. LILIANA RINCON IS A SUCCESSFUL
BILINGUAL FULL-TIME REAL ESTATE AGENT IN THE GREATER TAMPA BAY
AREA. SHE’S EARNED HER GRADUATE
REALTOR INSTITUTE CERTIFICATE OF DESIGNATION FROM THE NATIONAL
ASSOCIATION OF REALTORS. SHE IS CONTINUOUSLY ENHANCING
HER ALREADY VAST KNOWLEDGE IN THE FIELD BY GETTING INVOLVED IN
KEY PROGRAMS THAT WOULD BENEFIT PEOPLE LOOKING TO PURCHASE AND
SELL PROPERTIES. LILIANA IS ALSO A REAL ESTATE
INSTRUCTOR IN THE FIRST-TIME HOME BUYERS PROGRAM WHERE SHE
ENJOYS EXPLAINING THE ROLE OF A REALTOR AND THE IMPORTANT
DETAILS IN A REAL ESTATE TRANSACTION. SHE SERVES AS A COUNSELOR AND
CONSULTANT WHO PROVIDES ACCURATE AND UP-TO-DATE INFORMATION AND
ADVICE SO THAT YOU CAN MAKE EDUCATED DECISIONS. ORIGINALLY FROM COLOMBIA,
AND FLUENT IN BOTH ENGLISH AND SPANISH, LILIANA IS COMFORTABLE
ASSISTING INDIVIDUALS FROM ALL WALKS OF LIFE AND APPROACHES
EACH TRANSACTION WITH EXCITEMENT AND ENERGY, REGARDLESS OF PRICE. PAM WRIGHT IS A LICENSED TITLE
AGENT AND SENIOR ESCROW OFFICER WITH FIRST AMERICAN TITLE
INSURANCE COMPANY. SHE’S BEEN WITH FIRST AMERICAN
SINCE 1993 AND PREVIOUSLY WORKED IN THE BANKING INDUSTRY. PAM GRADUATED FROM CLEARWATER
HIGH SCHOOL AND ATTENDED ST. PETERSBURG COLLEGE. SHE’S A BOARD MEMBER OF THE
HOPE EXPO AND ENJOYS WORKING WITH FIRST-TIME HOME BUYERS. PAM IS A FLORIDA NATIVE AND HAS
LIVED IN CLEARWATER SINCE 1971. THANK YOU BOTH FOR JOINING US.>>Liliana Rincon: THANK YOU FOR
HAVING US.>>Pam Wright: THANK YOU.>>Julian: I’LL START WITH
LILIANA. IF YOU HAD TO CHOOSE ONE REASON
THAT ANYONE THINKING OF BUYING A HOME SHOULD USE A REALTOR,
WHAT WOULD THAT BE AND WHY?>>Liliana Rincon: WELL, I THINK
THE MOST IMPORTANT REASON WHY YOU SHOULD BE REPRESENTED BY A
REALTOR, IF YOU ARE PLANNING ON BUYING A HOUSE, IS FREE
REPRESENTATION WITH AN EXPERT IN THE FIELD. THIS MAY BE THE BIGGEST
FINANCIAL DECISION IN MOST PEOPLE’S LIFE, AND YOU WANT
TO DO IT RIGHT. A REALTOR HAS THE KNOWLEDGE AND
THE EXPERIENCE NEEDED TO WALK YOU THROUGHOUT THE WHOLE
TRANSACTION PROCESS. WE AS REALTORS HAVE TO TAKE
CONTINUING EDUCATION COURSES AT LEAST EVERY TWO YEARS IN ORDER
TO MAINTAIN OUR LICENSES AND STAY CURRENT, BECAUSE THE
DOCUMENTS AND THE LAWS ARE CONTINUOUSLY CHANGING. AN EXPERIENCED PROFESSIONAL AND
NEGOTIATOR WHO KNOWS THE MARKET CAN HELP YOU SAVE TIME, MONEY,
AND A HEADACHE, REALLY, BY HELPING YOU MAKE THE RIGHT OFFER
BASED ON A MARKET ANALYSIS, FILL OUT THE NECESSARY DOCUMENTS
AND STAY ON TOP OF THE PROCESS. BUT I THINK IT IS ALSO REALLY
IMPORTANT TO KNOW THAT ALL THIS HELP FROM THE REALTOR IS FREE
FOR THE BUYER BECAUSE THE REAL ESTATE COMMISSIONS ARE COVERED
BY THE SELLERS.>>Karmen: THAT’S INTERESTING. A COUPLE OF WEEKS AGO, YOU AND I
GOT TOGETHER AND WE WERE TALKING ABOUT WHAT YOU DO AS A REALTOR. AND SOMETHING YOU SAID REALLY
STRUCK ME AND STAYED WITH ME. YOU SAID THAT YOU ALWAYS TAKE
THE TIME TO GO OVER THE CONTRACT WITH YOUR CLIENTS. SO WOULD YOU EXPLAIN TO EVERYONE
WHY YOU DO THIS AND THE BENEFITS TO BOTH THE BUYER AND THE
SELLER?>>Liliana Rincon: ABSOLUTELY,
KARMEN. THE REAL ESTATE DOCUMENTS ARE
WRITTEN IN A SPECIFIC LANGUAGE. AND IT’S REALLY IMPORTANT FOR
THE BUYERS TO UNDERSTAND WHAT THEY ARE SIGNING AND COMMITTING
TO, BECAUSE ONCE THEY HAVE SIGNED THE DOCUMENTS, THEY ARE
RESPONSIBLE FOR MEETING ALL THE REQUIREMENTS IN THE AGREEMENT
AND CANNOT SAY AT THAT POINT, “I’M SORRY. I DIDN’T KNOW WHAT I WAS
SIGNING. I DIDN’T UNDERSTAND.” BECAUSE THESE ARE LAW-BINDING
CONTRACTS. I ALWAYS DISCUSS THE CONTRACT
WITH THE BUYERS DURING OUR FIRST MEETING TOGETHER BECAUSE AT THIS
POINT THEY ARE NOT UNDER THE PRESSURE OF SIGNING AND
SUBMITTING AN OFFER. THEN AT THAT POINT, THEY CAN
REALLY FOCUS ON UNDERSTANDING THE DOCUMENTS. AND THEN WHEN IT’S TIME TO
SUBMIT THE OFFER, THEY ARE READY TO SIGN IT.>>Karmen: THAT’S GOOD.>>Liliana Rincon: ALSO, I LIKE
TO DISCUSS THE CONTRACT WITH THE SELLERS VERY EARLY ON AS WELL SO
THAT THEY UNDERSTAND THE OBLIGATIONS AND COMMITMENTS
THROUGHOUT THE ENTIRE TRANSACTION TO AVOID ANY
SURPRISES LATER ON. THIS LETS THEM FOCUS ON THE
OFFERS THEY RECEIVE WITHOUT THE ADDED PRESSURE OF TRYING TO
UNDERSTAND THE DOCUMENTS AT THAT POINT.>>Karmen: THAT MAKES GOOD SENSE.>>Julian: SO, CAN YOU EXPLAIN
THE DIFFERENCE BETWEEN ACTING AS A BUYER’S AGENT, A SELLER’S
AGENT, AND AS A TRANSACTION AGENT? CAN YOU JUST EXPLAIN THOSE?>>Liliana Rincon: ABSOLUTELY. AS A BUYER’S AGENT, THE REALTOR
GUIDES AND LOOKS AFTER THE BUYER’S INTEREST DURING THE
ENTIRE PROCESS. HE OR SHE SEARCHES FOR PROPERTY
AND SCHEDULES THE SHOWINGS, ACQUIRES ACCESS TO THE
PROPERTIES, NEGOTIATES THE PURCHASE OF THE PROPERTY ON
BEHALF OF THE BUYER, NEGOTIATES ANY REPAIRS IF THEY ARE
NECESSARY, KEEPS THE BUYER INFORMED ALL THE TIME AND
ATTENDS THE CLOSING WITH THE BUYER. AS A SELLER’S AGENT, THE REALTOR
GUIDES AND LOOKS AFTER THE SELLER’S INTERESTS TO HELP THE
HOMEOWNER SELL THE HOME FROM THE MOMENT THE SELLER SIGNS THE
LISTING AGREEMENT UNTIL THE CLOSING. THE REALTOR ASSISTS IN
ATTRACTING QUALIFIED BUYERS UNTIL THE HOME IS SOLD,
NEGOTIATE THE HIGHEST DOLLAR VALUE FOR THE HOME, MAKE PRICE
RECOMMENDATIONS TO PRICE THE HOME COMPETITIVELY, COMMUNICATE
WITH THE SELLER THE ENTIRE TIME, HANDLES ALL THE APPOINTMENTS FOR
THE HOME INSPECTION, THE APPRAISAL, THE MORTGAGE
TITLE WORK, AND TAKES CARE OF ALL OTHER DETAILS REGARDING THE
SUCCESSFUL CLOSURE OF THE PROPERTY.>>Julian: SO THERE’S A LOT OF —
FROM WHAT YOU JUST DESCRIBED, THERE ARE A LOT OF DIFFERENT
ASPECTS AND MOVING PARTS TO BUYING A HOUSE. SO, AS AN AGENT IN ANY OF THOSE
ROLES, DOES THAT EVER CHANGE DURING THE BUYING PROCESS?>>Liliana Rincon: YES. A LICENSED REALTOR’S ROLE CAN
CHANGE DURING THE COURSE OF A TRANSACTION, AND THIS COULD
HAPPEN FOR TWO REASONS. ONE IS THE NEED FOR A
SINGLE AGENT TO BECOME A TRANSACTION BROKER. THAT WILL OCCUR WHEN A BUYER AND
SELLER ARE WORKING WITH THE SAME BROKERAGE FIRM ON THE SAME
TRANSACTION. WHEN A REALTOR IS A SINGLE AGENT
FOR ONE PARTY, FOR EXAMPLE, THE SELLER, AND HE OR SHE BEGINS
NOW WORKING WITH ANOTHER PARTY THAT MAYBE AT THIS POINT WILL BE
THE BUYER, THE AGENT WOULD WANT TO CHANGE TO A TRANSACTION
BROKER TO TREAT BOTH PARTIES FAIRLY AND AVOID ANY CONFLICT
OF INTEREST. OR IF YOU ARE WORKING WITH THE
SELLER AS A TRANSACTION BROKER AND THE BUYER HAS A SINGLE AGENT
WHO IS A STRONG ADVOCATE OF HOW TO STRUCTURE A TRANSACTION,
YOU MAY LEGALLY DECIDE TO CHANGE HATS AND BECOME A SINGLE AGENT
FOR YOUR SELLER SO YOU CAN PROVIDE A STRONGER
REPRESENTATION. AND HOW THIS CAN CHANGE,
OF COURSE, WE HAVE TO DISCLOSE EVERYTHING
AND THE EARLIER THE BETTER. IF YOU’RE GOING TO CHANGE TO A
SINGLE AGENT, WE HAVE A DOCUMENT THAT IS CALLED A SINGLE-AGENT
NOTICE THAT YOU WOULD PRESENT IT, AND THE SELLER OR THE BUYER,
THEY HAVE TO ACKNOWLEDGE AND THEY HAVE TO SIGN IT. OR IF YOU ARE GOING TO CHANGE TO
A TRANSACTION BROKER, WE HAVE ANOTHER DOCUMENT THAT IS THE
CONSENT TO TRANSITION TO TRANSACTION BROKER NOTICE. THOSE ARE DOCUMENTS
THAT THEY HAVE TO SIGN.>>Julian: OKAY. THAT CLEARED UP SOME OF MY
QUESTIONS, BUT I HAVE MORE. [ LAUGHTER ]
SO IN A TYPICAL TRANSACTION, WHO PAYS YOUR FEE?>>Liliana Rincon: IN THE STATE
OF FLORIDA, THE SELLER COVERS, NORMALLY, THE COMMISSION FOR
THE REALTOR.>>Julian: AND WHAT’S THE BEST
WAY FOR BUYERS AND SELLERS TO CONTACT YOU?>>Liliana Rincon: WELL, THEY CAN
EITHER CALL ME OR TEXT ME AT 727-710-7540 OR THEY CAN SEND ME
AN E-MAIL AT [email protected]>>Julian: THANK YOU. DO YOU HAVE ANY QUESTIONS,
KARMEN? [ LAUGHTER ]
>>Karmen: SURE, I’LL THINK OF SOME MORE AS WE GO ON. BUT I WANTED TO TALK TO PAM
FOR A LITTLE BIT. YOU KNOW, I FEEL LIKE SO MANY
PEOPLE HONESTLY HAVE NO CLUE WHAT TITLE COMPANIES DO,
HOW IMPORTANT THEY ARE IN EVERY SINGLE REAL ESTATE TRANSACTION. SO I’M HOPING THAT YOU CAN
EXPLAIN WHAT THE MAIN FUNCTIONS OF THE TITLE COMPANY ARE AND WHY
THEY ARE SO IMPORTANT.>>Pam Wright: CERTAINLY. WELL, THE TITLE COMPANY PLAYS AN
INTEGRAL ROLE IN THE PROCESSING OF A REAL ESTATE TRANSACTION. FROM START TO FINISH, WE WORK
WITH ALL THE PARTIES IN THE CONTRACT — THE REALTORS,
THE BUYERS, THE SELLERS, AND THE LENDERS TO MAKE SURE
THAT EVERYTHING IS COMPLETED SO THAT WE CAN ISSUE AN OWNER’S
POLICY AND LENDER POLICY OF TITLE INSURANCE CLEAR
WITH NO EXCEPTIONS.>>Karmen: WHAT IS THE DIFFERENCE
BETWEEN THE LENDER POLICY AND THE TITLE POLICY?>>Pam Wright: OKAY. WELL, THE OWNER’S POLICY OF
TITLE INSURANCE IS ISSUED TO THE BUYER OF THE PROPERTY. THAT PROTECTS THEIR RIGHTS,
THAT THERE’S NO LIENS, NO FRAUD WITH THE TITLE AND
BASICALLY DOES THE SAME THING FOR THE LENDER AS WELL,
THAT THE MORTGAGE THAT THE BUYER IS SIGNING IS ACCURATE,
THAT THE PROPER PARTIES SIGNED IT AND SO FORTH.>>Karmen: THAT’S WHAT I THINK IS
THE KEY THING PEOPLE DON’T UNDERSTAND ABOUT WHY YOU WANT TO
USE THESE TITLE COMPANIES. IT’S BECAUSE IT’S THE LEGALITIES
OF THE OWNERSHIP OF THE PROPERTY.>>Pam Wright: RIGHT.>>Karmen: AND WITHOUT THAT IN
PLACE, YOU COULD WIND UP WITH NOTHING.>>Pam Wright: YES. IF YOU BUY A PROPERTY WITHOUT AN
OWNER’S POLICY OF TITLE INSURANCE AND THERE’S FRAUD IN
THE TITLE AND YOU DON’T HAVE A TITLE POLICY, YOU’RE OUT OF
LUCK. YOU’VE GOT THIS HOME WITH
PROBLEMS. AND YOUR LENDER WILL NOT GIVE
YOU A LOAN WITHOUT A LENDER POLICY, SO WHY WOULD A BUYER
WANT TO BUY A PROPERTY WITHOUT AN OWNER’S POLICY?>>Karmen: EXACTLY. I DIDN’T MEAN TO INTERRUPT,
BUT THAT IS SOMETHING THAT I KNOW IS SO IMPORTANT. SO PLEASE CONTINUE.>>Pam Wright: IT’S OKAY. OH, NO. THAT’S GOOD. SO YOU ASKED AND WE KIND OF GOT
TO MANY OF THE QUESTIONS THERE. WE ESTABLISH ACCURATE OWNERSHIP. WE DO LIEN SEARCHES, MAKE SURE
THAT EVERYTHING IS CLEARED BEFORE WE AGREE TO CLOSE
THE PROPERTY.>>Karmen: AND SO I KNOW FROM
HAVING BEEN IN THE BUSINESS — AND SOMETHING THAT THE CLIENTS
DON’T SEE, BUT CERTAINLY IT HELPS TO MAKE THEM AWARE OF
IT — THAT YOU GO THROUGH AND AFTER YOU HAVE DONE ALL YOUR
SEARCHES, YOU PRESENT A LIST OF OUTSTANDING ITEMS THAT ARE
NEEDED –>>Pam Wright: RIGHT.>>Karmen: — AT THE
CLOSING TABLE. SO TELL US A LITTLE BIT OF WHAT
YOU SEE ON THOSE SEARCHES AND WHAT YOU PRESENT TO THE LENDER
THAT SAY, OKAY, HERE’S WHAT HAS TO HAPPEN AT THE CLOSING TABLE.>>Pam Wright: RIGHT. SO WHEN WE GET THE CONTRACT,
WE PERFORM A SEARCH — A TITLE SEARCH OF THE PROPERTY
THAT COMES BACK WITH A TITLE COMMITMENT TO US, WHICH WE ALSO
PRESENT TO THE LENDER, TELLING US WHO WE’RE SHOWING IN TITLE —
THAT MEANS TO DEED OUT TO THE BUYER — ANY MORTGAGES THEY HAVE
ON THE PROPERTY, IF THERE ARE ANY LIENS, JUDGMENTS, ISSUES
WITH PRIOR TITLES, YOU KNOW, THAT SORT OF THING. WE ALSO ORDER A MUNICIPAL LIEN
SEARCH TO MAKE SURE THERE’S NOTHING PENDING WITH THE CITY
AND COUNTY THAT COULD POTENTIALLY CAUSE A LIEN
ON THE PROPERTY.>>Karmen: LIKE A CODE
ENFORCEMENT LIEN OR SOMETHING THAT MIGHT BE COMING UP.>>Pam Wright: RIGHT. CODE ENFORCEMENT. UTILITIES. WATER IS A LIENABLE UTILITY. WE DO CHECK TO MAKE SURE THAT
THE WATER IS CURRENT.>>Karmen: SO IF EVERYBODY IS
MOVING FORWARD, THEN AT THE CLOSING TABLE, THESE ARE ALL
THINGS THAT HAVE TO BE CLEARED AND PAID FOR, SIGNED OFF ON.>>Pam Wright: RIGHT.>>Karmen: AND THEN PART OF WHAT
YOU DO IS MAKE SURE ALL OF THESE DOCUMENTS ARE THEN FILED
CORRECTLY IN THE PUBLIC RECORD, RIGHT?>>Pam Wright: RIGHT. YES, ONCE THE CLOSING IS
COMPLETED, THEN WE RECORD. WE HAVE TO MAKE SURE EVERYTHING
IS RECORDED IN THE PROPER ORDER AND WITH NO ISSUES. LEGAL DESCRIPTIONS ATTACHED. EVERYTHING SIGNED, WITNESSED,
NOTARIZED THAT NEEDS TO BE.>>Karmen: AS AN ESCROW AGENT,
WHAT SPECIFICALLY DO YOU DO?>>Pam Wright: OKAY. WELL, ONCE THE REALTORS HAVE
COMPLETED EXECUTION OF THE CONTRACT, WE ACCEPT IT, AND WE
WORK DIRECTLY WITH THE LENDER. AS WE’VE SAID, WE GET A
TITLE COMMITMENT. WE PRESENT THAT TO THE LENDER SO
THAT THEY CAN SEE WHAT THE LEGAL DESCRIPTION IS. THEY WANT TO MAKE SURE THAT THE
BUYER IS NOTED AND THE PROPER LOAN AMOUNT THAT WE’RE GOING TO
ISSUE FOR THE POLICY IS CORRECT. AND THEN I CLEAR THE TITLE. SO WE LOOK FOR MORTGAGES, LIENS,
JUDGMENTS, ANY PRIOR PARTIES THAT MIGHT HAVE AN INTEREST IN
THE PROPERTY. AND WE CLEAR ALL THOSE ITEMS. BEFORE WE CLOSE, WE HAVE TO MAKE
SURE THAT EVERYTHING NOTED ON THE TITLE COMMITMENT HAS BEEN
COMPLETED. SO THEN, AS WE MOVE FORWARD,
THE LENDER GETS A CLEAR TO CLOSE. WE PREPARE THE
SETTLEMENT STATEMENT. THAT SHOWS THE AMOUNT THAT IS
DUE FROM THE BUYER TO CLOSE. WE FORWARD THAT THEN TO THE
REALTORS AND LET THEM REVIEW. AND THEN WE CONTACT THE BUYER
WITH THE AMOUNT THAT’S TO CLOSE WITH WIRE INSTRUCTIONS OR
INSTRUCTIONS ON THE FUNDS THAT WE’LL NEED FOR CLOSING. WE THEN RECEIVE THE MORTGAGE
DOCUMENTS FROM THE LENDER. WE PREPARE THE DEED DOCUMENTS
THAT WE REQUIRE FOR CLOSING, AFFIDAVITS AND SO FORTH,
AND THE LOAN PACKAGE. WE GET THAT ALL TOGETHER,
AND THEN WE MEET WITH THE BUYERS AND SELLERS AND THEIR AGENTS
AND ACTUALLY SIT DOWN AND CONDUCT THE CLOSING. AFTER WE’VE SIGNED EVERYTHING,
WE DISBURSE, SO WE’LL PAY THE REALTORS AT CLOSING —
>>Karmen: YAY! [ LAUGHTER ]
>>Pam Wright: — THE SELLER. SOMETIMES THE BUYER MIGHT GET A
LITTLE REFUND. THAT DOESN’T HAPPEN VERY OFTEN,
BUT THEN WE PAY EVERYTHING ACCORDING TO THE SETTLEMENT
STATEMENT, THE LENDER’S INSTRUCTIONS. THEN WE RECORD THE DEED AND
MORTGAGE, ANY AFFIDAVITS. AND ONCE THAT RECORDING HAS
COMPLETED, WE ISSUE THE OWNER’S POLICY OF TITLE
INSURANCE AND THE LENDER’S POLICY OF TITLE INSURANCE.>>Karmen: AND THERE’S A LOT. I DON’T THINK THAT MOST PEOPLE
REALIZE HOW IMPORTANT THESE TWO ROLES REALLY, REALLY ARE TO A
TRANSACTION. I MEAN, A LOT OF PEOPLE THINK
IT’S — THEY FOCUS IN ON THE LENDER. OBVIOUSLY, WITHOUT THE THREE OF
YOU, THIS ISN’T GOING TO HAPPEN. BUT THEY KIND OF FORGET THE
IMPORTANT ROLES OF THE REALTOR AND THE TITLE COMPANY IN THIS
WHOLE ENTIRE PROCESS. I MEAN, I CAN NEVER STRESS TO
PEOPLE HOW IMPORTANT IT IS TO GET A GOOD TITLE COMPANY.>>Pam Wright: RIGHT.>>Karmen: I’VE HAD THE
MISFORTUNE OF BEING INVOLVED WITH TITLE COMPANIES THAT DIDN’T
WATCH THE SIGNING, DIDN’T GET A DOC SIGNED APPROPRIATELY. SO IF YOUR NAME IS, YOU KNOW,
JOHN P. JONES, THAT YOU’RE SIGNING JOHN P. JONES AND NOT
JOHN, NOT JOHN JONES, BUT MAKING SURE EVERY DOCUMENT IS SIGNED
CORRECTLY AND THEN GETTING THINGS RECORDED. I’VE ACTUALLY HAD TITLE
COMPANIES THAT JUST BLEW OFF RECORDING THINGS IN
PUBLIC RECORD. IT’S LIKE, WHAT? [ LAUGHTER ]
>>Pam Wright: OUR COMPANY’S GUIDELINE ON THAT IS TO HAVE
EVERYTHING RECORDED WITHIN THREE DAYS OF CLOSING. SOONER, IF POSSIBLE, BUT
DEFINITELY WITHIN THREE DAYS.>>Karmen: WOW. DO YOU GUYS EVER USE THE
ELECTRONIC CLOSING?>>Pam Wright: WE DO.>>Karmen: GOOD.>>Pam Wright: WELL,
ELECTRONIC RECORDING?>>Karmen: YES, THAT’S WHAT
I MEANT. SORRY.>>Pam Wright: YES. YES, WE DO, AND THAT IS GREAT. HERE IN PINELLAS COUNTY, WE
NORMALLY GET A RECORDING BACK THE SAME DAY THAT WE SEND IT IN.>>Karmen: WOW, WOW.>>Pam Wright: AND THEN WE GET A
RESPONSE BACK, AND WE CAN PRINT THE RECORDING INFORMATION OUT
RIGHT AWAY.>>Karmen: THAT’S PERFECT.>>Julian: SO, YOU KNOW, BASED ON
WHAT YOU GUYS ARE SAYING, BECAUSE THERE’S A LOT OF REALLY
IMPORTANT STEPS IN THIS PROCESS, SO IF I’M AT THE CLOSING
TABLE — AND AS A FIRST-TIME HOME BUYER, IT’S VERY EXCITING
BECAUSE YOU WANT TO GET IN YOUR HOUSE, BUT IT’S ALSO VERY
INTIMIDATING BECAUSE IT’S ALL THESE THINGS THAT YOU’VE
PROBABLY NEVER HEARD ABOUT OR — YOU KNOW, IT’S VERY INTIMIDATING
ALSO.>>Karmen: A STACK OF PAPER.>>Julian: YES, AND A HUGE STACK
OF PAPER. WOULD YOU ENCOURAGE THAT, EVEN
AT THIS POINT, I ASK QUESTIONS?>>Pam Wright: ABSOLUTELY. NOW IS THE TIME TO ASK
QUESTIONS, BECAUSE ONCE YOU’VE SIGNED THE DOCUMENTS,
THEN YOU’RE LOCKED IN. THERE’S NOT A LOT YOU CAN
CHANGE, BUT YOU WANT TO MAKE SURE THAT YOUR LOAN AMOUNT IS
WHAT YOU EXPECTED, YOUR INTEREST RATE IS WHAT YOU EXPECTED,
AND THE TERMS. SO ANY QUESTIONS YOU HAVE,
YOU REALLY NEED TO ASK THEM AT CLOSING.>>Julian: AND I REALLY NEED TO
BE READING ALL THE DOCUMENTS AND JUST NOT TAKE PEOPLE’S WORDS FOR
IT, RIGHT?>>Pam Wright: THAT’S DEFINITELY
IN YOUR BEST INTEREST. IT’S SURPRISING, BUT THERE IS —
I WOULD SAY ABOUT 90% OF PEOPLE JUST KIND OF GLANCE OVER
AND SIGN. BUT I WOULD SUGGEST THAT YOU LET
YOUR TITLE OFFICER KNOW THAT YOU’D LIKE TO REVIEW THE
DOCUMENTS AND, IF AT ALL POSSIBLE, WE’LL GET THEM TO YOU
EARLY SO YOU CAN READ OVER THE NOTE AND THE MORTGAGE AND
SO FORTH.>>Karmen: I STRONGLY RECOMMEND
THAT TO PEOPLE, BECAUSE EVEN AS MANY HOUSES THAT I’VE BOUGHT AND
SOLD, I ALWAYS WARN — AS A MATTER OF FACT,
THE LAST TIME I CLOSED WITH YOU, I WARNED YOU. I SAID IT’S GOING TO TAKE A
LITTLE WHILE BECAUSE I’M READING EVERYTHING. AND I STILL DO. I’VE GOTTEN TO THE TABLE BEFORE,
AND IT’S ALL BEEN NOT WHAT IT WAS SUPPOSED TO BE, AND I’VE
WALKED OUT OF CLOSINGS BECAUSE I’M NOT SIGNING SOMETHING THAT’S
NOT RIGHT. I TELL PEOPLE THIS IS YOUR HOME,
YOUR BIGGEST INVESTMENT. SO IF YOUR LOAN AMOUNT IS WRONG,
YOUR PAYMENT IS WRONG, YOUR INTEREST RATE IS WRONG,
AND YOU SIGN JUST BECAUSE YOU’RE AFRAID YOU’LL LOSE THE HOUSE,
DON’T SIGN. DON’T SIGN BECAUSE I GUARANTEE
YOU SOMEONE IS GOING TO FIX THAT IF YOU DON’T SIGN AND SAY I
CAN’T SIGN UNTIL THIS IS RIGHT. PHONES START RINGING EVERYWHERE. BEFORE YOU KNOW IT, THERE ARE
NEW DOCUMENTS TRANSMITTED OVER TO THE TITLE COMPANY AND THEN
YOU CAN SIGN THE RIGHT THINGS.>>Pam Wright: ABSOLUTELY, YES.>>Karmen: SO, IN A TRANSACTION,
WHO CHOOSES THE TITLE COMPANY?>>Liliana Rincon: THE SELLER
DOES.>>Pam Wright: YES, NORMALLY THE
SELLER DOES. IT’S WRITTEN IN THE CONTRACTS. IN PINELLAS COUNTY, IT’S PRETTY
MUCH A STANDARD THAT THE SELLER CHOOSES THE TITLE INSURANCE
COMPANY.>>Karmen: IS THERE ANY REASON
WHY AND CAN THAT EVER CHANGE?>>Pam Wright: THE MAIN REASON
WHY IS BECAUSE THE OWNER’S POLICY IS THE MAIN POLICY IN THE
TRANSACTION. THE LENDER POLICY IS THE SECOND
POLICY, A SIMULTANEOUS ISSUE. SO THE BUYER HAS — THE SELLER,
EXCUSE ME, HAS THE HIGHER EXPENSE FOR THE POLICY. SO NORMALLY THEY CHOOSE IT. CAN IT BE NEGOTIATED? YES. IT CAN BE NEGOTIATED IN THE
CONTRACT. USUALLY WHEN IT IS, THEN IT’S
NEGOTIATED THAT THE BUYER PAYS FOR IT AND THEN THEY WOULD
CHOOSE THE TITLE COMPANY.>>Karmen: THAT’S SOMETHING
I DID NOT KNOW. I’M GLAD WE DID THAT. NOW, SHOULD A BUYER OR A SELLER
EVER CONTACT YOU DIRECTLY, OR SHOULD THEY RUN THROUGH ONE OF
THE OTHER PROFESSIONALS IN THE TRANSACTION INSTEAD?>>Pam Wright: WE WELCOME
EVERYONE TO CONTACT US DIRECTLY. WE’RE HAPPY TO ANSWER ANY
QUESTIONS PRIOR TO CLOSING AND AFTER CLOSING AS WELL. BUT, YES, THEY CAN CONTACT US
DIRECTLY.>>Karmen: AND IF THEY WERE GOING
TO DO THAT, HOW WOULD THEY DO THAT?>>Pam Wright: WELL, THEY COULD
CALL ME AT THE OFFICE AT 727-442-2200 OR E-MAIL ME AT
[email protected]>>Karmen: PERFECT. NOW, BETWEEN THE TWO OF YOU,
WHAT HAVE WE LEFT OUT? WHAT OTHER IMPORTANT THINGS HAVE
WE LEFT OUT THAT WE NEED TO LET PEOPLE KNOW ABOUT? I KNOW WE COULDN’T HAVE POSSIBLY
COVERED EVERYTHING. WE JUST KIND OF HIT THE
HIGH POINTS. LILIANA, WHAT DO YOU THINK WE
MIGHT HAVE LEFT OUT?>>Liliana Rincon: WELL, SOME OF
THINGS, I REALLY THINK, ESPECIALLY FOR THE PEOPLE WHO
SPEAK OTHER LANGUAGES, THAT IT IS REALLY IMPORTANT TO
UNDERSTAND WHAT THEY ARE SIGNING AT THE TITLE COMPANY AT THE
MOMENT OF THE CLOSING, THAT IF THEY DON’T UNDERSTAND ENGLISH,
THAT THEY WILL BRING SOMEBODY WITH THEM THAT WILL BE ABLE TO
TRANSLATE THE DOCUMENTS. BECAUSE AS SOON AS THE PAPERS
ARE SIGNED, THEY ARE NOT GOING TO LOOK FOR ME, THEY ARE NOT
GOING TO LOOK FOR HER, IT IS THE PERSON WHO SIGNED THE PAPERS. AND IT’S REALLY IMPORTANT TO
KNOW WHAT YOU ARE SIGNING, DEFINITELY.>>Karmen: THAT IS SUCH A GOOD
POINT.>>Julian: SUCH A GOOD POINT.>>Pam Wright: DEFINITELY.>>Karmen: WHAT ABOUT FOR YOU? ANYTHING WE MIGHT HAVE LEFT OFF?>>Pam Wright: NOT THAT I CAN
THINK OF OFFHAND. I THINK WE COVERED QUITE A BIT. BUT, LIKE LILIANA SAID, TO KNOW
WHAT YOU’RE SIGNING, BECAUSE YOU ARE AGREEING TO THE TERMS ON
THAT DAY. AND IF THERE IS AN ERROR, IT’S
ALMOST IMPOSSIBLE TO CHANGE IT AFTERWARDS, ESPECIALLY IF IT’S
ANYTHING ON YOUR TERMS.>>Karmen: THAT’S WHAT I WAS
THINKING. I HAVE ONE QUESTION FOR YOU. I WAS READING ON THE INTERNET
THE OTHER DAY ABOUT REASONS TO USE REALTORS. [ LAUGHTER ]
AND ONE OF THE THINGS THAT CAME UP WAS SOMETHING I DID NOT KNOW. I ALWAYS THOUGHT THAT, IF I WENT
OUT TO REALTOR.COM, THAT I COULD SEE THE UNIVERSE OF PROPERTIES
THAT WERE OUT THERE ANYWHERE I WANTED. BUT THE ARTICLE SAID THAT THAT
IS JUST NOT ALWAYS TRUE, THAT SOMETIMES REALTORS,
NUMBER ONE, THEY KNOW ABOUT SOME PROPERTIES THAT ARE GOING TO BE
COMING UP. THEY MAY HAVE ACCESS TO OTHER
PROPERTIES THAT DON’T SHOW UP QUITE YET ON REALTOR.COM,
EVEN THOUGH THEY ARE LISTED. HELP ME WITH THAT. WHAT’S THE REALITY ON THAT?>>Liliana Rincon: WELL, BECAUSE
WE KNOW THE MARKET, WE KNOW THE AREA, THEN WE HAVE THE KNOWLEDGE
OF THE AREA AND NOT EVERY PROPERTY GOES INTO THE MLS
RIGHT AWAY. THEN IF WE KNOW THE AREA,
WE KNOW, FOR EXAMPLE, THE HOUSE NEXT DOOR IS GOING TO COME SOON
BUT CANNOT BE POSTED ON THE MLS YET. THEN WHEN WE HAVE THE KNOWLEDGE
OF THE AREA, WE KNOW THAT PROPERTY, THEN WE CAN TELL THE
BUYER — IN THIS CASE, THE BUYER THAT THE PROPERTY IS GOING TO GO
FOR SALE. ACTUALLY, I HAVE SOLD SO MANY —
I HAVE HELPED IN BUYING SO MANY HOUSES LIKE THAT, THAT THEY ARE
NOT EVEN ON THE MLS YET.>>Karmen: THEY ARE KIND OF SOLD
BEFORE THEY EVEN GET ON THE MLS.>>Liliana Rincon: YES,
ABSOLUTELY. THAT IS BECAUSE WE HAVE THE
KNOWLEDGE OF THE AREA.>>Karmen: I THOUGHT THAT WAS
REALLY A KEY THING TO KNOW BECAUSE ONE THING I ALWAYS TELL
PEOPLE IS, WHEN THEY ARE THINKING ABOUT BUYING A HOUSE,
TO THINK OF WHERE THEY WANT TO LIVE. MAYBE YOU DON’T LIKE THIS
NEIGHBORHOOD, BUT YOU HAVE YOUR EYE ON THIS OTHER NEIGHBORHOOD,
DRIVE THROUGH IT, GET FAMILIAR WITH IT, AND THEN LET YOUR
REALTOR KNOW WHERE YOU’RE LOOKING —
>>Liliana Rincon: ABSOLUTELY.>>Karmen: — SO THAT YOU KNOW
WHERE TO LOOK SO YOU’RE NOT JUST LOOKING ALL OVER THE UNIVERSE. YOU KNOW THAT THEY ARE
INTERESTED IN THIS NEIGHBORHOOD. I WANTED TO CHECK THAT OUT
BECAUSE I THOUGHT, DANG, THAT WOULD MAKE GOOD SENSE. I DEFINITELY WANT TO TAKE
ADVANTAGE OF A SITUATION LIKE THAT.>>Liliana Rincon: OH, YEAH,
ABSOLUTELY. SOMETHING REALLY IMPORTANT
I ALWAYS TELL MY BUYERS, LIKE GO AND DRIVE AT NIGHT. GO OR DRIVE DURING THE WEEKEND
BECAUSE WHAT YOU SEE DURING THE DAY IS NOT THE SAME THAT YOU SEE
AT NIGHT, IS NOT THE SAME AS YOU SEE DURING THE WEEKEND. AND I REALLY THINK THAT THE
PERSON WHO IS GOING TO LIVE THERE, THEY HAVE ABSOLUTELY TO
LOVE THAT HOUSE.>>Karmen: YEP.>>Liliana Rincon: BECAUSE THEY
ARE THE ONES WHO ARE GOING TO MAKE THE PAYMENTS EVERY MONTH,
THEN THEY WILL BE EXCITED TO BE IN THE HOUSE. I ALWAYS SAY CHECK FOR CRIME,
CHECK FOR THE SCHOOLS, IF THAT IS REALLY IMPORTANT. SOME PEOPLE IT’S SO IMPORTANT
TO BUY THE HOUSE FOR THE SCHOOL ZONE. JUST BE SURE THAT THE HOUSE
BELONGS TO THE SCHOOL THAT YOU WANT. IT’S SOMETHING THAT THEY HAVE TO
DO ON THEIR OWN. IT’S LIKE HOMEWORK
FOR THE BUYERS. THAT IS IMPORTANT TO DO.>>Karmen: IT’S TRUE. I DO THAT EVERY TIME. WHEN I FIRST MOVED DOWN HERE,
I FOUND THE CUTEST LITTLE HOUSE. IT HAD EVERYTHING I WANTED. IT HAD BEEN REMODELED. IT HAD THE POOL. IT HAD EVERYTHING. I COULD AFFORD IT, WHICH WAS A
BIGGIE. AND IT MUST HAVE BEEN LIKE THE
THIRD OR FOURTH TRIP INTO THE NEIGHBORHOOD. IT WAS ON A WEEKEND. IT WAS EARLY EVENING BECAUSE I
HAD BEEN THERE LATER AT NIGHT. I HAD BEEN THERE EARLY
IN THE MORNING. I ACTUALLY WAS RUN OUT
OF THE NEIGHBORHOOD, CHASED AGGRESSIVELY OUT OF THE
NEIGHBORHOOD BY ONE OF THE OTHER PEOPLE THAT LIVED IN THE
NEIGHBORHOOD. AND I DON’T KNOW IF IT WAS
BECAUSE THEY HAD SEEN MY CAR IN THE NEIGHBORHOOD SEVERAL TIMES
OVER THE PAST WEEK TO TEN DAYS OR WHAT, BUT THEY GOT REALLY
AGGRESSIVE WITH ME. AND I CALLED UP MY REALTOR THE
NEXT DAY, AND I SAID, WE’VE GOT TO FIND A WAY OUT OF THIS ONE
BECAUSE I’M NOT LIVING IN THAT NEIGHBORHOOD. THAT’S NOT THE TYPE OF NEIGHBORS
I WANT. AND IF I LIVED THERE, ARE THEY
GOING TO CHASE ME AROUND THE NEIGHBORHOOD WHEN I TRY TO COME
HOME? I MEAN, IT SCARED ME, BUT THAT’S
WHY YOU TELL PEOPLE TO LOOK AROUND.>>Liliana Rincon: ABSOLUTELY. AND SOMETHING THAT YOU CANNOT
CHANGE IS YOUR NEIGHBOR.>>Karmen: NO, YOU ARE STUCK
WITH THEM. [ LAUGHTER ]
>>Julian: THEY ARE JUST LIKE BAD FAMILY MEMBERS
DURING THE HOLIDAYS. [ LAUGHTER ]
>>Karmen: EXACTLY.>>Julian: WELL, ON THAT NOTE,
WE HAVE A COUPLE OF MOMENTS LEFT TO WRAP UP TODAY’S SHOW. IT’S BEEN A PLEASURE. I’D LIKE TO THANK OUR GUESTS,
LILIANA AND PAM. LILIANA IS WITH BERKSHIRE
HATHAWAY HOMESERVICES, AND PAM IS WITH FIRST AMERICAN
TITLE INSURANCE COMPANY. AND ON BEHALF OF PINELLAS COUNTY
DEPARTMENT OF COMMUNICATIONS, WE LOOK FORWARD TO HAVING YOU
JOIN US NEXT MONTH. IF YOU MISSED ANY PART OF THIS
SHOW OR WOULD LIKE TO REVIEW PAST SHOWS, CHECK US OUT ON OUR
WEBSITE OR CATCH US ON YouTube. I’M JULIAN HILLS.>>Karmen: I’M KARMEN LEMBERG.>>Julian: THANKS FOR JOINING US
AND MAKE IT A GREAT DAY. [ MUSIC ]

Leave a Reply

Your email address will not be published. Required fields are marked *