It's very common to see a purchase contract with provisions for prorations. This type of contract should be read closely and you should understand the prorations before signing. It may even be necessary to request a change to the verbiage used for the prorations.
Most of the time, the buyers are the ones responsible for the prorations. These changes will often show up as a debit on the closing statement for the buyer and will be a credit on the sellers closing statement.
Prorations usually increase the net profits of the seller and they cover items which were prepaid by the seller for a time when the seller won't own the property.
Prorations for Mortgage Interest
Sometimes, you will need to understand what the mortgage interest…
Pearl from Boca Raton, Had an Impressive 196 Closed Transactions On His Way to Becoming One of South Florida’s Top Professionals
Boca Raton, FL July 8, 2014 - Brian Pearl of Lang Realty was named one of America’s top real estate professional teams by REAL Trends and as advertised in The Wall Street Journal. He is now a member of the “The Thousand Top Real Estate Professionals,” a prestigious national awards ranking sponsored annually by the two respected publications. Pearl is now ranked in the top one half of 1 percent of the more than 963,000 REALTORS® nationwide.
The Thousand real estate professionals was announced on July 8, 2014, with four separate categories honoring the top 250 residential agents and agent teams for excellence in:
Astaldi Construction of Davie, Florida broke ground on the new construction of I-95's newest interchange at Spanish River Boulevard. Besides the new exit at Spanish River in East Boca Raton, work includes widening Spanish River Boulevard west of FAU Boulevard, constructing 13 bridges between Spanish River Boulevard and Yamato Road, signalized intersection improvements and the addition of auxiliary lanes on Yamato Road, and sound wall construction along Yamato Road and on the east side of I-95 north of Yamato Road. When the $66.7 million project is finished in late 2016, it will give Boca Raton its fifth I-95 interchange and provide Florida Atlantic University direct access to and from the highway. It also will be the first new I-95 interchange in Palm…
Imagine a vibrant atmosphere where you can live, work, shop, and dine, all in the same building. This is what Atlantic Crossing will bring to the heart of Delray Beach. The signature mixed-use development is being designed with Mediterranean, Art Deco, and Contemporary inspiration, mimicking the diversity within Downtown Delray itself. Atlantic Crossing will be comprised of approximately 83,000 square feet of Class A office space, around 76,000 square feet of retail and restaurant space, and approximately 350 luxury residences, both for sale and for rent. This new development is essential in Delray Beach's economic growth and will support such for years to come. Parallel with Delray Beach's vision of a thriving, balanced Downtown area, Atlantic…
Toll Brothers recently announced that they plan to delay their sales launch for their newest community in Boca Raton, Royal Palm Polo. The builder originally planned to begin selling homes to buyers this month. They announced the launch would be pushed back until the fall so the company can complete the model homes for Royal Palm Polo, according to the Sun-Sentinel. The luxury home builders stated that "buyers will be better able to see the quality and luxury of a Toll Brothers home first-hand."
The Pennsylvania-based Toll Brothers began construction of the 223-home Royal Palm Polo earlier this month. Prices will range from $1.2 million to $2 million. The company has a list of at least 1,000 potential buyers from past communities and marketing. Toll…
Once you are approved for your home loan, packing up your house and preparing for the movers might set your mind at ease. But in reality, this is the time that you need to pay extra attention to your lifestyle and how you spend.
Although you have already made good on a down payment and disclosed your earnings history, a diligent lender will recheck your credit right before your settlement date.
Lenders will look to you to assure them that “nothing has changed.” Those exact words. Some precautions to consider before you finalize the big move:
- Avoid Applying for New Credit: You may be tempted to open a new line of credit, for instance at a home center or large retail chain, to furnish and update your new home. But just the act of applying for a