Patrick M. Stevens represents a wide va- riety of legal matters including real estate closings and title insurance. He can be reached at 305-743- 5281 or via email at [email protected]
Why is a survey important when buying a property? A survey is important to protect a pol- icy holder against easements, encroach- ments, and other defects. For example, without a survey the policy holder may be liable if their house, unknown to them, encroached on a neighbor’s property.
What is title insurance? Title insurance is to protect the buyer should a covered title problem arise that was not found during the title search. Possible hidden title problems can in- clude but are not limited to liens against the property for unpaid bills or taxes, mistakes in examining records, forgery, and claims of ownership that could be made on the property by undisclosed heirs.
What does title insurance cost and how is that dictated? Title insurance is a one-time fee at closing. The rates are set by the state legislature and based on the sale price of the property.
Should buyers use the same attorney as the sellers? Buyers and sellers can use the same at- torney for a closing, however they would be best served having their own attor- ney. We always suggest that each side has their own attorney as this helps avoid any confusion as to representation should an issue arise in the closing process.
Spacious single-family home in a quiet, family-friendly location in New Town Key West. Large lot with a pool that is one- of-a-kind. Just minutes from shopping and Old Town and currently priced at $499,900. To list your property, contact Jimmy Lane at: www.JimmyLane.com or call 305-292-2921.
Havana Palm Seating Collec- tion, offers island living with great comfort and style. This five- piece includes sofa, loveseat, chair, cocktail table and end table with choice of fabrics. Match- ing dining and bedroom are also available. visit: www.southernmostfurniture. com or call 305- 294-7370.
Stunning estate fea- turing a 2BD/2.5BA main home and an attached 1BD/1BA guest house, both with French doors leading to the spa- cious back deck and heated waterfall pool. Details include cathedral ceilings, hardwood floors,
a central vacuum system, and a gour- met kitchen. Second floor bedrooms have balconies overlook- ing the pool. Tall pri- vacy fence and gate for secure off-street parking. $1,425,000. For more: www.royalpalmsrealty.com 305-923-9884.
Ruben Concepcion is owner and president of Keys Financial Corp. in Key West and has been assisting homebuyers for almost 25 years in the financial industry. This week, he offers an array of insider knowledge to Key West Weekly readers.
How should someone choose a mortgage lender? Ask around. Get referrals. You don’t want to pick someone as important as your mortgage lender just by picking someone out of the phone book or internet. Finding someone with a great reputation and a proven track record is a great place to start.
What are some of the general misconceptions regarding home loans? Many borrowers are unaware of the variety of loans out there. When we had the downturn, the range of loan offerings became plain vanilla with Fannie, Freddie, FHA and VA loans. Now the market has really started to open up with options for renovation loans, mobile homes, foreign nationals and more “jumbo” money is available now.
As an independent broker, what are some of the advantages you offer clients? We work with a lot of different lenders. This gives us a unique ability to match applicants with the programs and lenders that best suits their needs.