Occupancy must be specified before closing
Q: My wife and I are buying a house, and the seller has his son and family currently living there.
Closing is right around the corner. What do we do if the seller's family will not leave by the closing date? -- via e-mail
A: I hope your purchase contract specifies occupancy to be given on date of closing. I hope it gives you the right to a last-minute walk-through to inspect the property. If the seller's family weren't out, I wouldn't close.
Odd title record shows
grantor, buyer as same
Q: What does it mean when the grantor's name and the buyer's name are the same on a property search? -- L.M.
A: Do you mean that during a title search, a deed was found with the same names on it for grantor and grantee (old owner and new owner)?
Perhaps someone was clearing up a cloud on the title or changing the legal form of ownership when co-owners were involved.
I'll publish your question, and we'll see whether someone writes in with a better explanation.
Co-owner can force sale
if other owner refuses
Q: If there is a second owner on title, the first owner wants to sell but the second refuses to sign papers, what can be done? -- G.
A: The first owner can go to court and ask for a forced sale at public auction and a division of the proceeds. That is a drastic step and seldom yields full value, but either owner does have that right of "partition." It's not always possible, though, if the owners are husband and wife.
Escrow error leads to
payment hike
Q: Two years ago, we refinanced with our mortgage company at a fixed rate. Monthly payments were to be the same as the previous mortgage. Now the lender has come back and said they made an error on escrow (they weren't taking enough out) and that I had to pay them the past years' escrow, and once that was done, my current mortgage payment would increase. This is not what I agreed to. -- via e-mail
A: I'm sorry, but that is indeed what you agreed to. You signed papers promising to keep that escrow account healthy enough to meet your property tax and homeowner's insurance bills.
You will have to reimburse the mortgage company for the extra they spent on your taxes and insurance premiums, and you will have to put in more each month from now on.
Agents earn variable
fees, percentages
Q: What is the percent a broker makes on a sale? -- via e-mail
A: Are you asking what commission rate is charged, or how much the agent actually makes after paying for advertising (most brokers' largest expense), office costs, signs and supplies, salaries, automobile expenses and shared commissions?
You may find that most agents in a given area ask for about the same rate, but those rates are negotiable.
Vacant land, for example, often is listed higher because it will take longer to sell, with more advertising and travel costs.
Agents may be more willing to lower fees for a sparkling house that's listed at a rock-bottom price.
They might charge a higher rate for inexpensive property that otherwise wouldn't be worth their time to market. Some agents offer discount brokerage with limited services, charging less if the sellers agree to take on part of the jobs themselves.
Edith Lank will respond personally to any questions sent to her at 240 Hemingway Drive, Rochester, NY 14620 (please include a stamped return envelope), or readers may e-mail her at ehlank@aol.com.
