“World's Most Complete Neighborpedia”
Explore:   What's happening in your neck of the woods?

Bill Risser, Chicago Title Gilbert

The Truth-in-Lending in Under 2 Minutes

The Truth-in-Lending document (also known as the TIL)  is the most mis-understood document in the loan package.   Many notaries or escrow officers gloss over the document, calling it the "Confusion in Lending", or some other funny name in order to avoid actually explaining the numbers.     Over 6000 signings ago, I took the time to thoroughly understand the TIL.  I wanted to be able to explain the document to borrowers that wanted more than the standard TIL brush-off.   In this video, I try to explain the TIL in under two minutes.  Let me know if you think I succeeded or failed... (BTW, if the loan is an ARM, or adjustable rate mortgage, forget trying to explain the APR on a TIL)

FHA Loan Documents and the Seller

Since the majority of our transactions involve FHA financing, I want to point out one quirky fact about these deals.   Seller signatures are required on a few of the loan documents.   Also, both agents are required to sign one or two of the documents as well...   This is the reason we wait to schedule the seller until after we receive the loan package.   This is also a good reason to work with a lender that delivers documents early to escrow.

My Tax Records are Wrong! What Can I Do?

Video No. 29 in my quest for 100 videos in 100 business days...

Nick Bastian of Raillife.com fame called yesterday with a question from one of his clients. The client wanted to know why the County Treasurer still had the name of the previous owner on the tax records. There are a couple different reasons why this happens. The deed may have recorded with the wrong legal, or the County Treasurer may have made a mistake transferring the data. Both are fixed easily, as I explain in this video...

FIRPTA - Are You Up to Speed on This Tax Code?

FIRPTA, or the Foreign Investment in Real Property Act of 1980 closed a loophole in the tax code regarding capital gains realized by the sale of real property by foreign nationals.   If you are the listing agent and your sellers are foreign nationals, you need to understand this code.   Likewise, if you are a buyer's agent, this code can have implications for your buyer if the sellers are foreign nationals.   The code places responsibility for withholding of 10% of the sales price on the buyers if the transaction meets FIRPTA requirements.   Failure to do so, could leave the buyer liable for any taxes.  Please check out the FIRPTA page of IRS.gov.   We have a lot of Canadian homeowners in the Valley of the Sun, and understanding this tax code, or at least making your clients aware of it, adds to your value as a REALTOR.

Month End - Behind the Scenes in a Title Office

I think we take for granted that agents know what we do.   Like any industry, buzzwords and insider lingo are used in a title office with the notion that everyone knows what's being said.   I hope this video clears up what happens as we near the end of an escrow.   Remember, this is for Arizona, and each state has their own policies and procedures...