
5 reasons home sales fall through and how to prevent it
Here are some of the top reasons home sales fall through.
Grantor is a financial term you need to understand. Here’s what it means.
A grantor refers to a person or institution that conveys ownership of a property. It is also an entity that creates a trust, also known as a settlor or creator.
The word “grantor” is a legal term commonly used to describe a person or entity that creates a trust and transfers ownership of assets to the trust through a “deed.”
The grantor is always the person or entity that gives away certain property or rights to another person or entity, known as a “grantee.” A grantee also may be called a “beneficiary,” a term commonly used in trusts, wills and life insurance policies.
In a grantor trust, the grantor makes a trust and conveys assets to it. This kind of trust is usually revocable. The grantor can modify the terms of the trust or even revoke it altogether, as long as he is alive. However, upon his death, the trust becomes irrevocable, which means it must be administered based on the terms that the grantor stipulated when he was living. Nobody can make modifications to it once the grantor has died.
The person who creates a grantor trust can maintain control over the assets in the trust. He can make decisions about the assets just as he did before the creation of the trust and appoint himself as its trustee.
The job of the trustee is to properly manage the assets in the trust and make sure they are managed in the best interest of the beneficiary on behalf of the grantor. If the grantor doesn’t want to serve as the trustee, he can appoint another person or entity do so in his place.
The type of deed a grantor conveys varies from one state to another. Sellers and buyers should talk to their lawyers to learn which type of deed should be conveyed or received. It’s a legal matter, which is why a lot of title companies are hesitant to provide such advice to homebuyers and sellers.
Here are some of the top reasons home sales fall through.
Here are some of the best strategies to get what you want.
The asking price might simply serve as a starting point.
A more firm signal: the sudden surge in mortgage rates.
To ensure the transaction goes off without a hitch, be clear about your goals.
There are some considerations to keep in mind — and ones you potentially might not want to budge on.
There are many considerations to give thought to before packing up and moving.
Why is the average so much higher?