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General News -

European mortgage markets have performed exceptionally well in recent years, and this solid performance continued in 2007. Rapid house price growth, high demand for housing and increased competition have pushed mortgage markets onwards. But can we expect the boom times to continue and, if they do, which markets will benefit?

British nationals -

‘ONE BRITISH NATIONAL EMIGRATES EVERY THREE MINUTES’

New research from the Institute for Public Policy Research (IPPR) has revealed that some 198,000 British nationals moved overseas last year, bringing the total to 5.5 million. Its report goes on to predict that another one million will make the move in the next five years, which equates to around one person every three minutes.

The strong pound seems to have been a key factor in the decision to move overseas. Danny Sriskandarajah, associate director of IPPR, says: “When the going is good, Brits get going. Brits are looking for a better job, a better quality of life or a sunny retirement. Very few leave because they think the country has ‘gone to the dogs’.”

SPANISH CAPITAL GAINS REDUCTION -

BRITS TO BENEFIT FROM SPANISH CAPITAL GAINS REDUCTION

From 1 January 2007, Capital Gains Tax (CGT) in Spain for non-residents is set to drop from 35 per cent to 18 per cent, bringing the rate in line with the Spanish residents’ rate. This is great news for current and future investors, effectively halving the tax you have to pay on any gain in value of your home between its purchase and resale.

Gulf Coast Florida -

Destination Spotlight - Gulf Coast - Florida USA

Florida is known as the "Sunshine State", famed for its warm year-round climate, its exciting theme parks and sandy beaches. The State has promoted itself to tourists since the mid 19th century but it was the development of Walt Disney World in the mid 1960s that confirmed Florida as a top international tourist destination. Whilst many of the thousands that visit Florida each year get no further than the attractions and entertainments of Orlando, both the gulf and gold coasts of the State are growing in popularity amongst Europeans and are developing their tourist trade.

Florida’s Gulf Coast, bordered by the warm Pacific waters, offers a welcome respite from the brashness of Orlando. Here you will find lively towns and quiet villages alongside long sandy beaches, small islands and expanses of hidden swampland. Some of the southern coastline is still fairly undeveloped and many visitors come simply to kick back and chill out.

A quick tour of the Gulf Coast

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Closing

Closing Process

The Closing Process

After your loan has been approved by the underwriter, it is sent to the closing department. Once again, everything is checked for accuracy and the closing package is forwarded to the approved closing agent.

The closing agent in this transaction represents the lender and will conduct the closing on the lender's behalf The closing agent at this point has run the title search and insured that the property is able to be conveyed by the seller without any encumbrances. The closing agent checks the survey and makes sure that the lender has proper coverage. The borrowers may insure their coverage in regard to survey and other title matters by purchasing an owner's title insurance policy issued by the closing agent.

Items typically requested for the borrower to bring to the closing are a one year's hazard insurance policy and paid receipt, a certified (or cashier's check) for the cash needed for closing, and a report from a certified termite inspector which states that the property is free from infestation.

The closing agent will obtain the necessary signatures on the closing documents and disburse the money.

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