You Gotta Have Faith! Three days after an initial application has been submitted lender must provide a Good Faith Estimate of settlement costs (GFE). The GFE is a list of closing charges and HUD settlement statement you receive at closing is confirmation of these charges. Carefully review GFE costs and question anything you do not understand. When you receive HUD statement charges and fees should be familiar to you and reflect GFE. There shouldn’t be any closing cost surprises. If GFE and HUD costs do not match these issues should be addressed immediately. Discuss cost discrepancies with your REALTOR and a lender representative. Any costs not disclosed on GFE can be argued against and removed from HUD.

Closing Costs 101

The first page of a HUD shows buyer what matters most, exact amount due at closing. Charges associated with a loan are broken down into sections. Lender costs include fees for origination, discounts, appraisal, credit reports, underwriting and processing. Closing and title costs cover charges from third party closing agent and for title search, insurance and recording. Taxes will be listed and fees associated with deed. The buyer may also create an escrow account holding prepaid funds so taxes and insurance payments are made on time by lender each month. The REALTOR commission will also be listed, along with survey fees, if necessary.

Financial Responsibilities of Seller

After reading this article you'll be ready to negotiate that next telecom contract like a seasoned pro. The first steps to successful telecom contract negotiation begins by simply understanding key areas which most contracts are based.

Sound simple? It is.

Telecom Contracts: Do We Really Need Them?

Businesses sign contracts for all types of telecom services. In fact, you may have contracts in place for local, long distance, wireless, voice and data, etc. Keep in mind that information contained in this article can be applied to just about any telecom contract negotiations.

A telecom service contract is an easy way for a service provider to lock you into a predetermined rate structure and set of conditions for a specified period of time. Having contracts in place makes it easy for a carrier to count customers. Multi-year contracts also help solidify customer base - in other words, they can count on predictable revenue.

Contracts can also be to your advantage as well. Having contracts in place eliminates guess work when conducting routine audits of your telecom services. You'll never be able to verify that your accounts are being billed correctly without using contract terms and rates as a comparison.

The 7 Key Elements Included in Almost All of Telecom Contracts You'll Sign

Listed below are seven common characteristics and elements that will arise when negotiating your telecom contracts. Use them as a "checklist" before you begin. It's best to know what you want before negotiations get under way.

Keep in mind that best deals seem to materialize when there is element of "win-win" involved. Concentrate your negotiations on just two or three critical items that will make biggest difference and have most value to you and your company.

1. Most carriers will combine different offerings to maximize overall volume and revenue. Today more than ever, carriers are fighting to be your one-stop shopping for a variety of telecom services. The fact that they CAN offer you every telecom service, doesn't mean you should follow their advice. Handle one at a time, then see how overall package can be put together for your benefit and maximum savings for your company.

2. All telecom contracts will require a minimum volume commitment. This commitment is usually in terms of pre-discounted revenue per month. Variations could include annual usage, net revenue amounts or total minutes of usage. Determine your level of commitment based on previous months or years. Be aware that there are often additional sub-commitments included for specific service elements. FACT: The more volume you offer carrier, better rates you'll be able to negotiate.