Blog entries from Scott Jones

Who is eligible to claim the $8,000 tax credit?

Scott Jones — Wed, 18 Nov 2009 18:06:08 +0100

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.

Change is good for borrowers| HUD -1 settlement statement

Scott Jones — Wed, 04 Nov 2009 21:43:04 +0100

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 wereRead More...

Explanation of a Title Commitment - First American Title The Woodlands

Scott Jones — Wed, 04 Nov 2009 21:35:12 +0100

The first time you receive a copy of title company commitment, you might find it difficult to understand. Actually, the commitment is an easy document to read. Once familiar with the commitment, it becomes a road map to follow to ensure that the property being transferred is in insurable condition.

Explanation:
Schedule "A"
· Date - This is the date and time to which the records have been examined.
· GF Number- (Guaranty File Number)Number given by compRead More...

Closing Your Transactions

Scott Jones — Tue, 20 Oct 2009 13:29:59 +0100

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.

When you receive the final closing statement or HUD, you should go over all the calculations to be certain that your clients are given credit for all their deposits and any other credits due to them. Go over the entire lender and title fees Read More...

September Market in The Woodlands| First American Title The Woodlands

Scott Jones — Mon, 19 Oct 2009 13:07:21 +0100

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 oppoRead More...

What is a HUD Settlement Statement?

Scott Jones — Mon, 19 Oct 2009 11:04:50 +0100

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.

Scott Jones is a Client Account Representative with First American Title in The Woodlands at 2520 Research Forest Dr. His website is http://www.fiRead More...

What Is "Title" or a "Title Policy"?

Scott Jones — Sat, 17 Oct 2009 00:40:15 +0100

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.

Scott Jones is a Client Account Representative with First American Title in The Woodlands at 2520 Research FoRead More...