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Question
I just bought an investment home last week using conventional lending. Where on the settlement sheet(or hud -1 )does it show that I pre-paid landlord insurace to Allstate for the whole year? Why do I still need to pay hazard insurance monthly? When will I receive the title? Where does it show how much I paid for realtor fees and how much the seller paid? Thanks.
HI Al,
Thank you for your question.
The HUD-1 form should have all the closing costs in detail for both you and the seller including real estate commissions and and taxes and prepaid expenses. A copy of it should come to you from your attorney with all the closing documents and the title report and title.
Insurance and taxes can be collected from you up to a year in advance at closing and then monthly by your bank with the mortgage payment. They like to keep ahead of the actual payments due.
Hope this helps you.
Hans
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Hans Weber, Licensed Broker Associate
Expertise
I am able to answer questions related to buying or selling residential real estate in New York. There are many questions buyers and sellers have about the process of buying or selling a home that they are afraid to ask or that might seem too simple to ask. For instance: in a house, why do some doors open in and some doors open out?
Experience
Licensed real estate agent in New York State in 1988.
Serving buyers and sellers as a full time occupation since 1988 with over 300 successful residential real estate transactions.
Organizations
National Association of Realtors.
Westchester County Board of Realtors.
Education/Credentials
Graduate of Pace University in 1988 majoring in business and minors in taxation and computer science.
Awards and Honors
Consistently one of top sales awarding winning agents for Coldwell Banker in Westchester County.
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