Philadelphia Pennsylvania Short Sale Affidavit of Buyer

Name: Philadelphia Pennsylvania Short Sale Affidavit of Buyer
Brand: US Legal Forms
Rating: 4.61 (216 reviews)

Category:

Affidavits - Short Sales

State:

Multi-State

County:

Philadelphia

Control #:

US-02761BG

Format:

Instant download

Description

In real estate, a short sale occurs when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor (i.e., the seller). Circumstances determine whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. An arms-length or short sale affidavit is a document created by a bank in an attempt to prevent sellers from selling to relatives or friends to act as a straw buyer. Sometimes sellers make such side agreements. Then, after the transaction closes, the pretend buyers quickly transfer title back to the seller. This practice, in affect, means the sellers have repurchased their home at maybe half the cost, which greatly benefits those sellers.

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How to fill out Philadelphia Pennsylvania Short Sale Affidavit Of Buyer?

Do you need to quickly create a legally-binding Philadelphia Short Sale Affidavit of Buyer or maybe any other form to manage your personal or corporate matters? You can select one of the two options: contact a legal advisor to draft a valid paper for you or draft it entirely on your own. The good news is, there's another solution - US Legal Forms. It will help you receive neatly written legal paperwork without having to pay sky-high fees for legal services.

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FAQ

Recording requirements in Pennsylvania require that all mortgages presented for recording must have the signature of the holder, owner, assignee on any mortgage presented for recording. The document should contain the full name, residence (including street number) and the address of such holder, owner or assignee.

Individuals can record a document by mail or in person. Businesses can also record documents, and have the option to record documents electronically through a third-party recording service. The most commonly recorded documents by individuals are deeds.

Our regular service will file your deed with any Pennsylvania county within 10 business days. Please check with us as many counties have COVID-related delays. Need it FAST? Your deed transfer will be filed the NEXT business day upon receipt of notarized deed if you choose our expedited service for an additional $300.

Currently, the fee for filing the deed, which distributes the house from your Mother's estate into your own name, is $252.00. This amount is comprised of: $107 (Filing Fee), $107 (Philadelphia Housing Trust Fee), $. 50 (State Writ Tax), $2.00 (Philadelphia County Fee) and $35.50 (Access to Justice Fee).

To add, remove, or change a name on a deed, have a lawyer, title company, or other real estate professional prepare the deed. Then, record the new deed with the Department of Records. Note: We recommend that you do not prepare a deed on your own. We also recommend that you get title insurance.

If Your Deed Is Not Recorded, the Property Could Be Sold Out From Under You (and Other Scary Scenarios) In practical terms, failure to have your property deed recorded would mean that, if you ever wanted to sell, refinance your mortgage, or execute a home equity line of credit, you could not do so.

Transfer of property in relation to Property Settlement Agreement or Divorce Decree. deeds@phillydeeds.com. e090 Phone: (215) 989-4530. e103 Fax: (215) 701-9186.

The State of Pennsylvania charges 1% of the sales price and the municipality and school district USUALLY charge 1% between them for a total of 2% (i.e. 2% X 100,000 = $2,000). By custom, the buyer and seller split the cost. 1% to buyer, 1% to seller; however payment is dictated by the sales contract.

Philadelphia Recording Fees Revised DEED Recording Fee$107.00State Writ Tax$0.50County Fee$2.00Access to Justice Fee$40.25Total$256.751 more row ?

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For this reason, the lender that holds the mortgage for the loan must consent to the sale before the buyer and seller may complete the transaction. When dealing with a short sale, most lenders will require you and the seller to sign an arm's length affidavit.Spivack's decades of experience protecting the interests of short sale property buyers in South Jersey. Find out everything you need to know about short sale homes. The short sale process can be confusing to some home buyers and sellers. Most real estate transactions involve the home seller and their real estate agent, the buyer and their lender, and their real estate agent. There are no provisions for long-term and short-term gains. Additionally, it includes any other important details about the rights of the current tenants living in a rental property. Certificate of Completion or transcript from an approved out-of-state real estate school. - Certificate of Completion or transcript from an.

Philadelphia Pennsylvania Short Sale Affidavit of Buyer

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