Friday, February 19, 2010

lien letters and transfer taxes....what the heck to do on the new GFE and HUD-1

Here's my take....

First things first, determine whether the charge is TYPICALLY a buyer/borrower fee.  If yes, then you MUST show it on the GFE and HUD as a buyer/borrower fee, even if the seller has agreed to pay for it.

In my neck of the woods, typical is determined by state and county custom.

Transfer taxes are TYPICALLY split between buyer and seller in Pennsylvania, SO one half of the

lien letters and transfer taxes....what the heck to do on the new GFE and HUD-1

Here's my take....

First things first, determine whether the charge is TYPICALLY a buyer/borrower fee.  If yes, then you MUST show it on the GFE and HUD as a buyer/borrower fee, even if the seller has agreed to pay for it.

In my neck of the woods, typical is determined by state and county custom.

Transfer taxes are TYPICALLY split between buyer and seller in Pennsylvania, SO one half of the

if you enjoy forums, there's a new title insurance forum start up

Here's a blurb from its creator, Jonathan Yasko:

There is a new web forum dedicated to title insurance professionals called The Title Web (www.thetitleweb.com).  It is by title professionals, for title professionals in the attempt to create a repository of information for all to use.  It is free to join and has main and sub-categories to for different types of topics.  In addition, there are

if you enjoy forums, there's a new title insurance forum start up

Here's a blurb from its creator, Jonathan Yasko:

There is a new web forum dedicated to title insurance professionals called The Title Web (www.thetitleweb.com).  It is by title professionals, for title professionals in the attempt to create a repository of information for all to use.  It is free to join and has main and sub-categories to for different types of topics.  In addition, there are