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	INFORMATION

Information

1. What closing costs do I pay?

2. What is Title Insurance?

3. What is a closing statement??

4. I don't understand some of the lingo, where do I find a glossary of terms?

5. How do I determine how much I can afford?

6. Where can I find out more about homeowner's insurance, especially in regards to water damange claims and mold?

7. I have questions on TICs, where can I find some answers?

1.	What closing costs do I pay? Closing costs will vary by transaction. Closing costs are usually expressed as a percentage of the sales price or loan amount. Normally, costs will range from 3% to 6% of the price of the home and can include transfer and recordation taxes, title insurance, the site survey fee, attorney fees, loan discount points, and document preparation fees. Sometimes you can negotiate to have the seller pay some of your closing costs. Escrow Charges: Buyer Pays Title Fees: Buyer Pays County/City Transfer Tax: Seller Pays Less than $500,000: $5.00 per $1000 of sale price $500,000 to $1,000,000: $6.80 per $1000 of sale price Greater than $1,000,000: $7.50 per $1000 of sale price *Return to top*
2.	What is Title Insurance? Title Insurance is an insurance policy that protects the buyer for the amount of the purchase price in the event of a future title dispute. *Return to to top*
3.	What is a closing statement? A statement that provides final arrangements for transfer of the title of property, as well as to allocate charges and credits *Return to to top*
4.	I don't understand some of the lingo, where do I find a glossary of terms? Visit our glossary. If that doesn't answer your question, email it to me bassam@bassamsf.com. *Return to to top*
5.	How do I determine how much I can afford? Begin by visit our mortgage calculator. If you want to prequalify or preapprove a loan, contact a mortgage professional. If you do not know a mortgage professional, we would be happy to refer one of the many professionals we come in contact with in the course of our business - just send an email to me at bassam@bassamsf.com. *Return to to top*
6.	Where can I find out more about homeowner's insurance, especially in regards to water damange claims and mold? The California Department of Insurance Web site offers simple advice in shopping for a new policy: Shop around, and get your CLUE report. A CLUE report is a Claims Loss Underwriting Exchange, originally used as an antifraud tool to help insurance companies spot people who file identical claims with multiple companies. Now, however, it's commonly used to gauge potential risk. Owned by ChoicePoint, a publicly traded credit history reporting company, CLUE compiles information about the insurance history of buildings and their owners. *Return to to top*
7.	I have questions on TICs, where can I find some answers? The articles below should answer some basic questions. I can refer you to appropriate legal representation to answer your most technical questions. Q & A on Tenancy In Common "Tenancy in Common is a form of group ownership and can best be understood through comparison to..." The McGoldrick Law on TICs and Conversions "On August 8, 2001, the Board of Supervisors overroad a mayoral veto to enact legislation proposed by Supervisor McGoldrick designed to..." *Return to to top*



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