Who do you know that is looking for a home in this area or Matthews/ Stallings?WHAT MAKES UP CLOSING COST?
Closing costs are usually made up of the following:
-->Attorney's or escrow fees (Yours and your lender's if applicable)
-->Property taxes (to cover tax period to date)
-->Interest (paid from date of closing to 30 days before first monthly payment)
-->Loan Origination fee (covers lenders administrative cost)
-->Recording fees
-->Survey fee
-->First premium of mortgage Insurance (if applicable)
-->Title Insurance (yours and lender's)
-->Loan discount points
-->First payment to escrow account for future real estate taxes and insurance
-->Paid receipt for homeowner's insurance policy (and fire and flood insurance if applicable)
-->Any documentation preparation fees
WHAT CAN I EXPECT TO HAPPEN ON CLOSING DAY?
On your closing day, you will present your paid homeowner's insurance policy (or a binder) and receipt showing that the premium has been paid. The closing agent will then present a list of the money you owe the seller (remainder of down payment, prepaid taxes, etc.) and then the money the seller owes you (unpaid taxes and prepaid rent, if applicable). The seller will provide proofs of any inspections, required repairs and warranties.
You will be presented with all of the documentation and it will be explained to you. Once you're sure you understand each piece, you will sign the mortgage, agree that if you don't make payments the lender is entitled to sell your property (and apply the sale price against the amount you owe plus expenses). You will also sign a mortgage note, promising to repay the loan. The seller (or his agent) will give you the title to the house in the form of a signed deed.
You will pay the lender's agent all closing costs and, in turn, he or she will provide you with a settlement statement of all the items for which you have paid. The deed and mortgage will then be recorded in the state Registry of Deeds.
Now you are a homeowner!
WHAT DO I GET AT CLOSING?
At the closing, you will get a:
-->Settlement Statement, HUD-1 Form (itemizes services provided and the fees charged; it is filled out by the closing agent and must be given to you at or before closing)
-->Truth-in-Lending Statement
-->Mortgage Note
-->Mortgage or Deed of Trust
-->Binding Sales Contract (prepared by the seller; your lawyer should review it)
-->Keys to your new home
Home Maintenance Tip -
Most people don't give much thought to their water heater - they just turn on the faucet and expect hot water to come out. Water heaters are relatively maintenance free, and you can keep your water heater in peak operating condition just by performing two simple maintenance tasks every six months: test the pressure valve and then flush the tank.
If the pressure release valve is not operating properly, the tank can potentially over pressurize and explode. Flushing the tank prevents sediment build up, which can reduce your water heater's energy efficiency and clog your water lines. Consult your owner's manual or other maintenance guide for instructions on how to safely perform these maintenance tasks.
Contact me for a complete list of maintenance tips.
Rich Ferretti is your Mint HIll NC and Charlotte NC Real Estate Specialist.
Look back for our listings of the week
Rich can be contacted at 704 564 0807 or Rich@RichFerretti.com
Who do you know that is looking for a great all brick ranch home with lots of room to roam and NO HOA?
How about a Screened Porch that over looks the wooded back yard?
Not only a 2 car attached carport but a detached 2 car garage that could be your workshop.
Unionville taxes and only minutes to I-485 and the town of Mint Hill. This home features Open Floor Plan. 3 bedrooms, dining room, great room with fireplace and lots of extras.
All this for 200K---YES 200K
Check out the Virtual Tour at www.416Ambrose.com you won't be disappointed.
Rich Ferretti is your Mint HIll, Union County specialist. Call Rich Today.
This article is provided by Preston Sandlin--Home Inspector
I am asked this all the time. Is there toxic Chinese Drywall here in North Carolina and more specifically in Charlotte NC? Since I am a home inspector in Charlotte NC that is a pretty valid question. Before I answer that though I feel it is necessary to explain what the problem is with this drywall.
During the housing boom of 2004-2006 (some sources say 2001-2008) some drywall suppliers imported drywall from China. This is a little unusual to import drywall because it is so heavy and expensive to ship. The reason it was it made sense though at this time was the high demand for drywall caused by the housing boom at the time. Demand exceeded the US domestic supply. This demand was increased further by several hurricanes. The drywall was obviously shipped into seaports and most of the drywall that has been found so far has been found near ports on the gulf coast, Southeast sea ports including Charleston SC and Wilmington NC.
Drywall is made from gypsum which naturally contains sulfur compounds. It is thought that the drywall from China was held up at sea. If the gypsum is exposed to humidity it can cause the sulfides in the gypsum to off gas. The drywall once installed in the houses starts to emit these sulfides. These sulfides cause severe and rapid oxidation of metal. This has caused the air condition coils to rust out prematurely, metal plumbing pipes to rust and electrical fixtures and outlets to rust prematurely. Beside physical problems associates with this drywall there are some health concerns as well. These have been identified as some of the drywall causing problems. People exposed to this toxic drywall include respiratory irritation, headaches, eye irritation, nose bleeds coughing and difficulty breathing.
What are the warning signs that you might have toxic Chinese drywall in your house? Was your house built between 2001 and 2008, particularly 2004-2006? The first and foremost sign is a constant “rotten egg” smell. The second sign would be corrosion or turning black of metal including plumbing, electrical, jewelry, hinges and guitar strings etc. The sulfur also rusts out the air condition coil early. Another thing that you can do to check is to get to the back of the drywall. You can do this in attics or partially finished basements and garages. If you can get to the back of the drywall look to see if you see Knauf or ASTM C36 stamped on it.
The answer to question is there toxic Chinese drywall in NC? The answer is yes. In July of 2006, a cargo ship called the Star Djervanger was docked in Wilmington NC after a trip from China. Its cargo was about 9,000 tons of drywall, enough to build about 2000 homes. It is also estimated that several ships loaded with drywall have come through the harbor at Charleston SC. On April 22, 2009 the first North Carolina Family files a lawsuit involving toxic Chinese drywall in Holly Springs NC. The plaintiffs Daniel and Mary Flannigan have filed a lawsuit against Stafford Custom Homes in Southern Pines NC. The couple alleges they noticed a “rotten egg” egg smell soon after moving into their new house. The Stafford employees said it was coming from a water heater. Stafford replaced the water heater. Then the evaporator coil for the AC rusted out after 3 years. Many metal things in the Flannigan’s house turned black including jewelry and guitar strings. The couple said they were experience severe headaches. The Flannigan’s are suing for compensatory and punitive damages.
It is estimated that some 100,000 homes are affected by this toxic Chinese drywall. So far the majority seem to be in Florida and the Gulf coast but anywhere that there was a housing boom that is fairly close to a port of entry may be susceptible. As of this writing none has been identified in my city of Charlotte NC but all of our inspectors continue to look for signs in houses built between 2001 and 2008. For additional information on toxic Chinese Drywall or other home inspection issues check out or website at homeinspectioncarolina.com or CharlotteNChomeinspector.com
Rich Ferretti
Jamison Realty
704-564-0807
Rich@RichFerretti.com
www.RichFerretti.com
Is There Toxic Chinese Drywall in North Carolina?
This information is provided to the clients of Rich Ferretti by your friends at Home Inspection Carolina
704-542-6575
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