Disclaimers

Disclaimers

  • Just note that if you do sign a RIC and become a homeowner, you are responsible for any future maintenance and repairs. We encourage all our customers to have a home inspection prior to signing their RIC.So let’s say you’ve decided to become a homeowner and both parties (Buyer and Seller) sign the RIC. What happens now?
  • First, we need to approve your financing. Once we do, a licensed notary will meet with you to sign the RIC and some other documents. Then you can start moving into your home! It’s that easy.
  • To help you out, DayMark will record your RIC with your County Registrar’s Office. Just make sure you keep these important documents in a safe place when you receive the fully executed copy.
  • If you do purchase a home, you would be responsible for paying all property taxes that accrue on or after your Contract Date.
  • We’ll provide a calculation of your estimated monthly tax escrow payment and review it annually to determine the right monthly amount.
  • Just note property taxes can change annually, and sometimes accurate estimates are not available. If taxes are greater than estimated, your escrow payment will be increased to reflect the higher tax amount. If taxes are less than estimated, the overage amount remaining in escrow will be returned to you.
  • If you have any questions about your escrow calculation, please contact our Servicing Department at 844-856-0768. If you have any questions regarding the property taxes levied, or the tax appraisal used by your local government, we encourage you to contact your local Tax Assessor’s Office for assistance.
  • All the homes we own require homeowners insurance. Also, if you sign a RIC, you would be responsible for escrow payments to pay the homeowners insurance.
  • Don’t worry, we obtain the homeowners insurance on your property. However, you are more than welcome to obtain your own homeowners insurance. Just note it must comply with the insurance requirements in your RIC.
  • After the closing of your loan and taking possession of your new home, you will need to contact all utility providers to place them in your name. That includes water, sewer, electricity, propane or natural gas and garbage services that serve your home. [NOTE: Request to transfer utilities when available.]
  • Please note that some local areas have special rules pertaining to the water and sewer services, but DayMark will help guide you through the process when necessary.