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ATTORNEY CAN HELP DEMYSTIFY MORTGAGE LOAN FEES PRESENTED IN LOAN COMPANY’S ‘GOOD FAITH ESTIMATE’

Home buyers are often hesitant to ask questions about the many fees involved in purchasing a home, and that is why hiring an experienced attorney is so important, according to Peter J Birnbaum, president and CEO, Attorneys’ Title Guaranty Fund, Inc (ATG), a company that works to educate the public about the value provided by an attorney experienced in residential real estate.

The fees for buyers typically amount to a small percentage of the total purchase price, Birnbaum says “Nonetheless, on a $150,000 house, they can be anywhere from $1500 to $2,500” he adds These fees are in addition to other amounts buyers are typically required to pay at closing, such as escrOws for real estate taxes and homeowners insurance, recording fees, and in some areas, municipal transfer taxes.

By law, lenders cannot charge a fee for services not performed, nor can they mark up a fee where another service provider actually performed the work.

“I would advise any buyer to obtain at least three Good Faith Estimates from lenders, and then ask a real estate attorney to explain the fees and compare the loan packages” he states John O’Brien chairman of the Illinois Real Estate Lawyers Association (IRELA), agrees, stating that, “since the attorney’s primary responsibility is to help the home buyer, it stands to reason that he or she is the one person who can be trusted to help the client select the best loan.”

Kofi Annan urges Zimbabwe to change land-seizure policies

LUANDA, Angola (AP) U.N. Secretary-General Kofi Annan urged Zimbabwe Tuesday to change its land-seizure policies to stave off the food crisis that threatens the country and compensate farmers who have lost their land.

Speaking at the end of a two-day visit to Angola, Annan said: ``A fresh land reform program is urgently needed to minimize the negative effects of the current situation on food production and the economy of Zimbabwe.

``It should be one that is run according to the rule of law, that allows for proper training and adequate support to new small farmers and pays compensation to displaced farm workers and commercial farmers.’’

A drought and the government’s confiscating white-owned farms for redistribution to blacks are causing widespread food shortages that relief groups say threaten half of Zimbabwe’s 12.5 million people.

Zimbabwe’s land dispute has compounded southern Africa’s food crisis. Aid groups say the region is facing its worst famine in 10 years.

Annan appealed to governments in southern Africa and donor nations not to politicize food aid.

``Helping the landless poor is more important than ever,’’ he said.

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