ATTENTION PHILADELPHIA CONDOMINIUM BUYERS-3 More Things You Should Know
I just learned that one change that might affect buyers, is the fact that your mortgage company MAY INDEED pull a credit report on you, a few days before closing. In addition to looking up your credit when they process your application, they are also pulling credit prior to closing to make sure nothing has substantially changed with your financial position, or you have not gone out and purchased a new car, a boat, applied for a slew of new credit cards, etc.
In almost every transaction involving a Philadelphia condo, there are TWO months “Capital Contribution” due and payable by the buyer at time of settlement. Basically, you have to pay the condo association an amount equal to two months of condo fees (all buyers do). This is just a neat little way for your condo association to stockpile dough. This is not you paying two months up front…this is money that is more like a one-time bill. Not really a bad thing, as everyone who buys into the building must contribute. More of a surprise to most Philly condo buyers than anything else.
And as a courtesy to realtors like myself, who don’t get out often (out of the city, that is…) please pick a title company who will do your title work at one of the realtors offices. At a bare minimum, it should happen in the same city, if not the same county, as the transaction. I truly am not interested in going to Erie, PA to close on a house because your mother’s neighbor’s cousin has a title company in that fine town. I will bust my hump for you. But I ain’t going to Erie. Please settle in town. I get the shakes when I have to go to the suburbs. It just isn’t a pretty sight. Thanks.
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106