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Assets
These are the 3 ways to deliver earnest and option money to Independence Title.
What are a Wire, Deliver a Check and Zoccam?
In McKinney - $525,000 is this magic number for June 2025
What is Median Price? (up 5.9% YoY)
This mortgage document gives the lender the right to take your house if you don’t pay—but don’t worry, it’s standard.
What is the deed of trust (or mortgage note)?
You should not have this in both paragraph 12 & on the bottom of page 10, in most circumstances.
What is compensation? (Having it in both places along with the compensation agreement between brokers puts the seller on the hook for the sum of those 2 amounts)
If you have this kind of policy, you will have coverage to repair your home should the creek behind your house overflow, allowing water to get inside.
What is a flood policy?
One of these two forms must be filled out when turning in an existing survey.
What is a t-47 and a t-47.1 declaration?
Collin County has 6,820 of these.
What are Active Listings? (up 49.8% YOY)
If your client’s pre-approval turns into a denial after buying a car, they’ve just broken this golden homebuying rule.
What is “don’t take on new debt during the mortgage process”?
Must be presented at 1st substantive conversation
What is the IABS?
When insurance companies sued ERCOT after discovering the Feb. 2021 statewide power loss was due to unmaintained grids, the Texas Supreme Court ruled ERCOT was a governmental unit and therefore immune from lawsuits, which left insurance companies on the hook for this dollar amount in claims paid.
What is $11 billion
This is the essential service provided by Independence Title that protects homebuyers and lenders from defects in property ownership.
What is title insurance?
In McKinney, 95.9% is a far cry from what this number was in June of 2021.
What is the average percentage of closed price to list price? (June 2021 = 108%)
It’s the mortgage interest rate offered before fees are added in—and it's not always the one clients should focus on.
What is the base rate (or note rate)?
This paragraph of the listing agreement outlines compensation to be paid to the Brokerage.
What is paragraph 5?
Thousands of people have purchased this type of policy to protect them, should they be abducted by aliens.
What is Alien Abduction Insurance?
This neutral third party holds funds and documents during a real estate transaction to ensure everything is processed properly.
What is an escrow officer or title company?
In Lucas - $1,370,000 is up over 51% YoY
What is the median sales price?
This sneaky clause lets a lender demand the full loan balance if you sell or transfer the property without permission.
What is the due-on-sale clause?
A buyer may terminate within 3 days of receiving this document if not received prior to contract execution.
What is the resale certificate?
To avoid last-minute roadblocks, realtors should encourage their buyers to obtain home insurance quotes during this part of the buying process.
What is the option period?
**DAILY DOUBLE**
Independence Title has this many underwriters ready to help you close with confidence.
What is eight?
$680,000 represents the median price of this North Texas city
What is Frisco? (down 6.2% YoY, from $724,950 in June 2024)
This odd-sounding type of mortgage is ideal for borrowers with fluctuating incomes, like self-employed buyers, and often skips the traditional income documentation.
What is a non-QM (non-qualified mortgage) loan?
If they miss this deadline by 1 minute, they lose it.
What is the unrestricted right to terminate (Option Period)?
Due to a scar from falling on glass, supermodel, Heidi Klum insured this body part for $200,000 less than the unscarred one.
What is a leg?