First-time home buyers purchasing any kind of home—new or resale—areeligible for the tax credit. To qualify for the tax credit, a homepurchase must occur on or after January 1, 2009 and on or before April 30, 2010. For the purposes of the tax credit, the purchase date is thedate when closing occurs and the title to the property transfers to thehome owner. A limited exception exists for certain contract for deedpurchases and installment sale purchases. See the IRS website for more detail.

HUD is requiring that loan originators provide borrowers with a standard Good Faith Estimate that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a new HUD-1 settlement statement. These terms are not to increase more than 10% of what is on the Good Faith Estimate. This new change will also give the borrower 10 days to shop the GFE and get the best possible rates and fees. New RESPA regulations were published November 17, 2008 and are scheduled to take full effect on January 1, 2010. I am excited about this new change and First American Title The Woodlands is prepared to answer any questions about the new HUD-1 changes.

Prior to the actual closing day, there are several things you should do to be certain that your real estate transaction will close on time, and that everything will go smoothly.

After reviewing this years September performance for First American Title The Woodlands, I realized we had out performed the last three previous Septembers.  I bebelieve The Woodlands market does not apply to what the media portrays to the public.  People who move to The Woodlands move here for the lifestyle. Great entertainment, restaurants, shopping, schools and opportunities.  If you know of anyone who is thinking of moving, check out The Woodlands. Its a great place to live, work and play.

Scott Jones is a Client Account Representative with First American Title in The Woodlands  at 2520 Research Forest Dr. His website is http://www.firstamericantitlethewoodlands.com. He writes for Will & Allen REALTORS(r) and Lelda Will Properties, and other industry-related sites.

A "HUD" Settlement Statement is the document used for closing which shows all of the closing costs related to the transaction, separated into Buyer and Seller costs.  This document also tells the Buyers how much money they are required to bring for closing and tells the Sellers how much they will either receive or owe at closing.

What is a Title Policy?

There are two kinds of policies. An Owner's Title Policy is the title insurance company's guarantee that they will either defend you in a lawsuit or indemnify you for any loss you may encounter as a result of a title defect.  The Mortgagee's Title Policy, required by your Lender, protects your lender just as the Owner's Title Policy protects you.