Do not purchase real estate without obtaining a survey. Especially cash buyers should be made aware of this but there is no law requiring anyone in the transaction to warn the buyer of this... A survey is a huge protection of your real estate investment when coupled with the title insurance typically issued at time of sale. The title insuror will accept a true and accurate survey, existing or new, to gurantee you the boundaries of your purchase property as part of the title insurance policy...there is no such coverage available After the purchase is finalized- you must provide the closing agent the survey Before the closing. I will spare you the costly scenarios that could ensue if there were a future dispute over your property lines, but trust me it is not something anyone wants to experience or pay for ! If you would like more info on this matter just contact Judi Gentile Realtor at 386 299 8601 or use the Contact Page of this website. In the Daytona Beach Area a single family home survey may cost between $275- $500 dependi-g on a few factors , but mainly the lot size-   Also the surveyor can provide you a flood zone certificatio for a small fee..se my next blog about flood insurance

Title Insurance companies are a service that specifically exist for the purpose to close real estate transactions; to issue guarantee of clear title to owners and lenders and perform all functions of executing documents, recording them in the public records ; handling and disbursement of funds. They do not represent any party, neither buyer or seller, nor lender . They are widely used- in my experience they handle 80% of transactions.

However, an attorney can be used rather than a title company and that choice shbe presented to you at time of presenting a sales agreement. While having an attorney in your corner is a comforting thought, it also can mean additional costs.

While a title company quotes the cost of closing a sale in advance, an attorney may charge in accordance with the number of calls, staff time expended and in the event of clearing a defective title, it could add significantly to base cost. It is often for that reason that most folks elect to use title companies. The base cost is less than attorney's cost and in the event of correcting a title problem, it is significantly less- The title companies absorb the cost if a title problem is found. It could be as simple as a missing witness on an old deed or something much more complex- while this is not a typical occurrence, titles requiring corrections are not that uncommon. Finally, title companies are known for efficacy in meeting closing dates- a failure to meet that date that can cause a deal to fail as the contract becomes void after that date. There are times, when an attorney's office may have limited staff, and someone's absence or a court case causes a delay. Again, the title company's sole function is to close deals- other issues do not disturb their schedules and they are relied upon to deliver on said dates. It is akin to using Fed Ex versus the US Mail when you need to know a package will be delivered by a deadline .Seldom in my thousand sales have I been disappointed in a title company's performance- they generally are ' well-oiled machines'.

For Buyers & Sellers I think an attorney's guidance in reviewing a sales contract prior to signing is a great idea-- Also, for Buyers it would be wise to have an attorney review the title insurance commitment prioer to closing, especially if buying a property owned by a bank that was foreclosed !

" Just pay cash, darling. It's so much simpler !", in the immortal words of Gilligan's Island, Thurston Howell'the Third''s wife, a.k.a. 'Lovie'.

'Yeah, it sure would be simpler !', said my customer who was financing his first home with an FHA motgage. A cash purchase means never to have to

call your lender or submit tons of paperwork or pay points and 'vig'...For most of us, we don't have the luxury of paying cash. Instead we pay closing costs and pre paids averaging 3% to 4% of our loan balance. Cash purchases are by far the econimcial way to buy a home.. If you can afford to do so. Some folks with ability to pay cash may prefer to finance for leverage and tax purposes but the absence of substantial costs of obtaining a mortgage is one good reason to pay cash­­... Just for avoiding the time consuming process of obtaining a mortgage makes the cash option attractive, as anyone who has been through it since 2008 knows !

I always say, 'After they make you dig out every paper, statement, pay stub, deposit slip, etc,etc, under the sun then they want to know your great grandmother's blood type, too !'

If you do get a mortgage, make sure you keep copies of all documents the lender requests from you...they may ask for the same thing more than once !

For the Cash Purchaser there may be no required expenses but it would behoove them to still pay for a survey, flood elevation certificate, home inspection, W.D.O. report, H.O. insurance, and perhaps attorney representation or possibly only an atty review of your owner's title insurance policy prior to closing...these items offer a degree of protection for your imvestment...    Also remember that nowadays, the insurance companies require a 4-Point home inspection in order to acquire homeowner's insurance.

Even cash buyers need to comply with inspection & cancellation period on As Is contracts..So make sure to schedule these tasks quickly- 10-14 days dissappear in a hurry and the completion date of this inspection period is sternly abided by- Don't delay scheduling your inspections lest you find yourself past your 'cancellation' date and then realize you are now obligated to purchase the home with some defect you failed to discover when you had the chance !  

Judi Gentile and Tom Kaphingst REALTORS have a combined 50 years experience working real estate at one location in Daytona Beach Florida

Happy Fourth of July      Independence Day means Freedom to most Americans   The Pursuit of Happiness to mention one of our Rights, may be the one that is associated with purchasing a home. Purchasing a home is part of The American Dream....with Rights come responsibilities and owning a home certainly requires responsibility, or at least keeping your home does. For First Time Home Buyers there are many things to consider before taking the plunge into home ownership... As professionals and caring people we want to help you realize getting your first home and will offer you the guidance and alert you to the concerns that may affect you in choosing the right home ; negotiating your deal to your best advantage ; obtaining a mortgage with terms that are reasonable, etc  Or we could just say, 'We will watch Your back '. Tom and I have a combined 50 years experience in Real Estate Sales, all at the same location. So Take Advantage of Our Knowledge & Experience. When you work with us you are getting 'Best of Breed'. We 'know the ropes' and can help you avoid pitfalls along the way. Shopping for your first home is an exciting experience, but it is also a daunting task--obtaining a mortgage is no joke, and requires a lot of time and attention. Be prepared by getting your paperwork in order-- the lender will be asking you for documentation up the ying yang, from pay stubs to student loan, to car payments, to credit card statements--- you name it- they will ask for it. Don't be discouraged, it is for a 'good cause'. Having your own home means security , not having to worry about when is your landlord going to 'pull the plug on you', whether it be he is selling the property or raising your rent, security to improve your home environment by making the changes and improvements that suit your lifestyle-- something that anyone earning atheir living would be reluctant to spend on in a rental, the list goes on...

Tom & Judi will work with you when you want us to--Your Schedule...that means meeting you on your lunch break or after work or weekends-- We understand how busy you are are so we accomodate your needs with our time. When you have found the home you want, the last thing that should happen is for your Realtor to delay meeting you to make an offer, while someone else gets there before you ! That will NEVER happen when you deal with us. We make it our business to be there when you need us. Working with Tom & Judi means having TWO Realtors so you never miss a beat !

GOD BLESS AMERICA    HAPPY INDEPENDENCE DAY 2015 !!!