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Read The Settlement Statement · Military Real Estate Rookie Show

• 0:00
  SPEAKER_00: Serena.
• 0:01
  SPEAKER_00: Today's episode is about settlement statements.
• 0:05
  SPEAKER_00: What's really on the settlement statement?
• 0:07
  SPEAKER_00: I know a lot of clients ask me all the time what is the settlement statement and what should be on the settlement statement when they get it from the title company.
• 0:17
  SPEAKER_00: I had a client just recently reviewed the settlement statement and it was missing a lot of things, right?
• 0:27
  SPEAKER_00: His credits, all some transfer tax, all the things.
• 0:30
  SPEAKER_00: So we're gonna get into that because it's very important because that's the last document you review before you sign the actual paperwork to close on your home.
• 0:39
  SPEAKER_00: So with that, Irena Barron.
• 0:43
  SPEAKER_00: I am a realtor and I am a retiree military service member.
• 0:51
  SPEAKER_00: And I want to share this with all my military members and just anybody that's is in the process of buying or thinking about buying a home.
• 0:59
  SPEAKER_00: This is very good information.
• 1:02
  SPEAKER_00: So let's try to navigate this together, you know, because anyone trying to navigate the real estate world by itself is gonna be a struggle.
• 1:12
  SPEAKER_00: So I am going to talk to you about this from my experienced standpoint.
• 1:17
  SPEAKER_00: So let's go ahead and begin.
• 1:22
  SPEAKER_00: Okay, so we're talking about the settlement statement and closing documents.
• 1:27
  SPEAKER_00: We're gonna break down seller disclosure, transfer tax, title charges, commission, proration, loan payoffs, prepaid expenses, recording fees, credits, and debits, and what's all in the numbers actually mean.
• 1:46
  SPEAKER_00: Because here's the thing you don't want to get to the closing table and simply sign a stack of documents because someone tells you, don't worry about it.
• 1:56
  SPEAKER_00: Just sign on the dotted line.
• 1:58
  SPEAKER_00: You want to understand what you're signing.
• 2:02
  SPEAKER_00: And before we get started, if you're getting value from this podcast, please follow me.
• 2:09
  SPEAKER_00: Subscribe, like, and share this episode with somebody who is buying or selling a home.
• 2:16
  SPEAKER_00: And if you're a veteran, active duty member, send this episode to another service member who needs to know what's happening at closing.
• 2:27
  SPEAKER_00: Let's get into it.
• 2:29
  SPEAKER_00: Now, what is a settlement statement?
• 2:32
  SPEAKER_00: Let's start with the basics.
• 2:33
  SPEAKER_00: A settlement statement is essentially an accounting of the money involved in the real estate transaction.
• 2:41
  SPEAKER_00: Think of it as a financial scoreboard for closing costs.
• 2:46
  SPEAKER_00: It shows who's paying what, who's receiving the money, what credits are being given, and what expenses are being deducted.
• 2:56
  SPEAKER_00: What amounts have already been paid, and what still needs to be paid.
• 3:01
  SPEAKER_00: And ultimately, how much money the buyer needs to bring to closing, or how much money the seller receives.
• 3:09
  SPEAKER_00: Depending on the type of transaction and the parties involved, you may see a closing disclosure or alter settlement statement or another settlement statement preparing by the closing attorney.
• 3:26
  SPEAKER_00: So this is prepared by the closing attorney, the title company, the lender, or the settlement agent, not the realtor.
• 3:35
  SPEAKER_00: The Zach document involves the same concept.
• 3:40
  SPEAKER_00: We're counting for every dollar being spent going into and coming out of the transaction.
• 3:47
  SPEAKER_00: Now, we're gonna break down what the buyer owes and what the seller is going to owe.
• 3:52
  SPEAKER_00: And one of the first things you need to understand is that the buyer and the seller don't have the same financial responsibilities.
• 4:00
  SPEAKER_00: Now, there's a list of things that the buyer needs to have on his side, and the seller has on their side.
• 4:06
  SPEAKER_00: So let's go down to what the buyer has.
• 4:09
  SPEAKER_00: The first one is down payment.
• 4:12
  SPEAKER_00: There's the monies contribute to the down payment on the buyer side: loan cost, appraisal fees, inspection costs, title charges, recording fees, prepaid taxes, prepaid insurance, interest, prepaid interest, right?
• 4:32
  SPEAKER_00: escrow deposits, lender fees, discount points, and closing costs.
• 4:38
  SPEAKER_00: Those are a list of just some of the items that the buyer side would most likely have to show and do on that seller statement.
• 4:49
  SPEAKER_00: And now the sell the seller, on the other hand, may have fees such as real estate commissions, seller pay, closing costs, loan payoff, property tax owed, HOA balances, seller credits, repairs, concessions, transfer tax, or other government charges depending on the contract, and state local rules, title-related expenses, recording or release fees, or other transaction expenses.
• 5:23
  SPEAKER_00: You know, the the important thing is don't assume that every transaction has the same exact numbers.
• 5:32
  SPEAKER_00: So the contract, lender, location, property, and negotiated terms can all affect the numbers.
• 5:40
  SPEAKER_00: So one title company may charge this fee while another one may charge the other a different fee.
• 5:46
  SPEAKER_00: It depends.
• 5:47
  SPEAKER_00: So it's very important to comb through that settlement statement because, like I said, don't assume that every transaction has the exact same charges.
• 5:58
  SPEAKER_00: Okay, so now let's talk about two words you're going to see a lot: debit and credit.
• 6:07
  SPEAKER_00: That's right.
• 6:08
  SPEAKER_00: Debit and credit.
• 6:09
  SPEAKER_00: A debit is generally an amount charged to or deducted from a party.
• 6:15
  SPEAKER_00: A credit is generally an amount being given to or received by a party.
• 6:21
  SPEAKER_00: For example, let's say the seller agrees to give the buyer a$5,000 seller credit toward allowable closing costs, which is very normal.
• 6:33
  SPEAKER_00: That credit may appear as a credit to the buyer and corresponds charges or debit to the seller.
• 6:42
  SPEAKER_00: So, another example is if the seller owes property taxes for a period before closing, the seller may receive a debit for that amount.
• 6:50
  SPEAKER_00: While the buyer receives a corresponding credit because the buyer may be responsible for paying the tax bill after closing.
• 6:59
  SPEAKER_00: And that could be a little confusing because I just went through this with one of my clients.
• 7:04
  SPEAKER_00: So he was confused about who's paying the taxes and all that.
• 7:07
  SPEAKER_00: And we explained to him that, you know, the seller would pay the property taxes before the closing, and then you'd be responsible for the taxes moving forward.
• 7:16
  SPEAKER_00: There is where proration comes to play.
• 7:19
  SPEAKER_00: Now, property tax proration, you will see that as well.
• 7:24
  SPEAKER_00: Now, tap property tax proration.
• 7:28
  SPEAKER_00: A proration is division of an expense between the buyer and the seller based on the portion of the period each party owned the property.
• 7:40
  SPEAKER_00: Now, let me give you an example.
• 7:42
  SPEAKER_00: If a property tax covers an entire year, but the property changes ownership halfway through the year, the parties may divide the tax responsibility based on the closing date and the terms of the contract.
• 7:58
  SPEAKER_00: Now, the seller is generally responsible for the portion attributing to that part of the tax probation.
• 8:07
  SPEAKER_00: And typically they are the ones that pay it.
• 8:10
  SPEAKER_00: Now, the buyer is generally responsible for the buyer's portion, right?
• 8:14
  SPEAKER_00: After he signs the contract, that is much, you know, for that month, that's what he will have to pay.
• 8:20
  SPEAKER_00: But this is very important.
• 8:22
  SPEAKER_00: The Zach treatment depends on the contract, local practices, tax billing cycle, and applicable laws.
• 8:32
  SPEAKER_00: Now, the tax billing cycle, the attorneys and the title company would get that information for you.
• 8:38
  SPEAKER_00: And then they will send you a notice of what exactly you have to pay.
• 8:42
  SPEAKER_00: So don't just assume, you know, read the contract, review the settlement figures, ask questions, and they would be able, well, they should be able to answer your questions on the buyer and the seller side.
• 8:56
  SPEAKER_00: Now let's talk about transfer tax.
• 8:59
  SPEAKER_00: Transfer tax is a tax imposed in connection with the transfer of real property.
• 9:06
  SPEAKER_00: It has to happen.
• 9:08
  SPEAKER_00: The amount you pay, it can vary depending on the state and local jurisdiction.
• 9:13
  SPEAKER_00: So every contract typically is not the same.
• 9:17
  SPEAKER_00: For example, Georgia has a real estate transfer tax.
• 9:20
  SPEAKER_00: The important lesson here is transfer taxes are not the same as property taxes.
• 9:25
  SPEAKER_00: Property taxes are generally associated with owning the property.
• 9:29
  SPEAKER_00: Transfer tax are associated with transferring of ownership.
• 9:33
  SPEAKER_00: And don't confuse either one because some clients are confused with the property taxes and the transfer tax.
• 9:39
  SPEAKER_00: So I hope that explains it.
• 9:42
  SPEAKER_00: And don't confuse it with recording fees, title insurance, loan fees, real estate commissions, HOA fees, closing attorney fees.
• 9:52
  SPEAKER_00: It is this own debit.
• 9:54
  SPEAKER_00: So they separate these categories of transaction expenses for a reason.
• 9:59
  SPEAKER_00: So transfer tax is different from property taxes and all the other fees.
• 10:04
  SPEAKER_00: So you'll see that on the closing statement.
• 10:06
  SPEAKER_00: Now, let's talk about the seller disclosure.
• 10:10
  SPEAKER_00: You know, the surgery, the seller disclosure can be a little confusing, you know.
• 10:14
  SPEAKER_00: So let's talk about that.
• 10:16
  SPEAKER_00: The seller disclosure is not the seller statement, it's an entire different document.
• 10:22
  SPEAKER_00: Now, its purpose is to provide information about the property known conditions and history, you know, to the laws and specific disclosures being used.
• 10:32
  SPEAKER_00: Depending on the property and jurisdiction, disclosures may aggress, may address certain things: roof conditions, plumbing, electrical systems, HVACs, water intrusion, structural issues, termites or other pests, previous damages, environmental concerns, floodings, condition of appliances, no defects, previous repairs, other material information that the buyer needs to know.
• 11:05
  SPEAKER_00: But here's something extremely important.
• 11:08
  SPEAKER_00: A seller disclosure is not a substitute for a professional home inspector.
• 11:14
  SPEAKER_00: Buyers should conduct appropriate due diligency, and sellers need to understand that knowing concealing material defects can create a serious legal problem.
• 11:26
  SPEAKER_00: Now, for example, I had a seller's disclosure, but the seller said that he didn't have outstanding home HOA fees, but then we found out that he did.
• 11:38
  SPEAKER_00: So this caused the a lay uh it caused concern.
• 11:43
  SPEAKER_00: So the HOA sent the bill and the seller at the end had to pay it.
• 11:48
  SPEAKER_00: So please be truthful on those seller disclosures.
• 11:51
  SPEAKER_00: Okay, let's talk about something else that's most important too.
• 11:54
  SPEAKER_00: Real estate commission.
• 11:56
  SPEAKER_00: Real estate compensation is a contractual matter, right?
• 12:01
  SPEAKER_00: The settlement statement may show amount paid to the broker based on agreements and transactions from the structure, the transaction structure.
• 12:10
  SPEAKER_00: You may see listing side compensation, buyer side compensation, and then other like related broker fees or credits that was used during that time.
• 12:20
  SPEAKER_00: The exact structure and amount depend on the agreement involved in the contract.
• 12:27
  SPEAKER_00: And remember, commission is not automatic for the same in every transaction.
• 12:33
  SPEAKER_00: It's important to review these agreements and understand who is responsible for each amount.
• 12:38
  SPEAKER_00: This is very important.
• 12:40
  SPEAKER_00: Read the settlement statement.
• 12:42
  SPEAKER_00: Another line item on the settlement statement is title insurance and title charges.
• 12:48
  SPEAKER_00: Title related charges may include some other things like owner's title insurance, lender's title insurance, title search, title examinations, title services, title endorsements, settlement or closing services.
• 13:06
  SPEAKER_00: The purpose of title work is to investigate ownership and identify potential issues with the property types.
• 13:13
  SPEAKER_00: A lender typically wants protection for a security interest in the property.
• 13:18
  SPEAKER_00: A buyer may also choose or be required by the transaction to obtain owner's title insurance depending on the circumstances.
• 13:27
  SPEAKER_00: Again, who pays for which item can depend on the contract and local customs.
• 13:34
  SPEAKER_00: So you have to read that settlement.
• 13:36
  SPEAKER_00: You'll see it if your concern asks questions, ask the title attorney.
• 13:42
  SPEAKER_00: Then you'll see loan payoff.
• 13:44
  SPEAKER_00: For sellers, one of the biggest deductions on the settlement statement can be the mortgage payoff.
• 13:50
  SPEAKER_00: Let's say you sell your house for$300,000.
• 13:53
  SPEAKER_00: That doesn't mean you're walking away with$300,000 if you still owe the lender$200,000.
• 14:00
  SPEAKER_00: That payoff generally comes out of the seller's proceeds.
• 14:04
  SPEAKER_00: Then you have to account for other expenses, such as commission, taxes, closing costs, HOA balances, repairs, credits, and other liens or obligations you have on that property.
• 14:19
  SPEAKER_00: That's why the seller's net proceeds are what is really what matters.
• 14:25
  SPEAKER_00: Now let's talk about another line item on the settlement statement is liens and other payoff, like I said, mentioned before.
• 14:32
  SPEAKER_00: A property can have other financial obligations attached to it.
• 14:37
  SPEAKER_00: The closing process may identify such items as mortgage liens, home equity loans, judgments, tax lien, HOA balances, other recording obligations.
• 14:51
  SPEAKER_00: Those items may have be, may have satisfied or addressed before the transaction can properly close.
• 14:57
  SPEAKER_00: They cannot, they have to be addressed.
• 14:59
  SPEAKER_00: This is one reason title work is so important.
• 15:02
  SPEAKER_00: Because they are their duty is to find these liens and title works because you don't want to, you know, sit uh buy a house and you have all these liens from the seller.
• 15:15
  SPEAKER_00: So read that settlement statement.
• 15:18
  SPEAKER_00: Another line item could be prepaid and escrow's.
• 15:21
  SPEAKER_00: Buyers use a mortgage may see a section involving prepaid expenses and escrow deposit.
• 15:29
  SPEAKER_00: These can include homeowner insurance, property taxes, mortgage interest, initial escrow deposits.
• 15:38
  SPEAKER_00: These amounts are automatically their extra fees and the way people sometimes think, but they are very important.
• 15:46
  SPEAKER_00: The homeowner's insurance, the property taxes, mortgage interest, initial escrow deposit are included in these settlement statements.
• 15:55
  SPEAKER_00: Some are funds being collected in advance to cover future expenses.
• 15:59
  SPEAKER_00: For example, a lender may establish an escrow account for property taxes and insurance.
• 16:05
  SPEAKER_00: Your closing disclosure settlement document will show how much being collected and why.
• 16:12
  SPEAKER_00: So those are some of the type of things that would be on the settlement statement as well.
• 16:17
  SPEAKER_00: Now let's talk about another one: recording fees.
• 16:20
  SPEAKER_00: Another charge you may see when a document, such as a deed, a mortgage-related instrument, need to be recorded in public health, uh public records, and may charge appear in the closing document.
• 16:34
  SPEAKER_00: These fees vary by jurisdiction and by documents.
• 16:37
  SPEAKER_00: So you might see those fees on a settlement statement.
• 16:42
  SPEAKER_00: We talked about HOA and condo fees.
• 16:45
  SPEAKER_00: If you're a buyer or selling a property that's part of an HOA or condo association, you may see additional charges.
• 16:53
  SPEAKER_00: The title company used to check to see if there's an HOA balance for either the buyer or the seller.
• 17:00
  SPEAKER_00: These can include current dues, prorated dues, transfer fees, resale, certificate fees, capital contributions, delinquent balances, special assessments.
• 17:13
  SPEAKER_00: Again, the contract and association document matters.
• 17:17
  SPEAKER_00: And if you're buying a property with an HOA, don't weigh in too close and then find out what the associating charges is because that's what I experienced a while back in one of my clients.
• 17:29
  SPEAKER_00: The HOA actually contacted him and told him that the seller owes money on the HOA.
• 17:36
  SPEAKER_00: So that held up the real estate transaction a little bit.
• 17:40
  SPEAKER_00: So that is very important.
• 17:42
  SPEAKER_00: So another one is repairs and seller credits.
• 17:46
  SPEAKER_00: Let's say the inspection revealed that the HVAC system needs work.
• 17:51
  SPEAKER_00: The buyer and seller negotiate a$7,500 credit.
• 17:55
  SPEAKER_00: That credit may appear on a closing document.
• 17:58
  SPEAKER_00: But here's the important thing: a credit isn't automatically the same thing as cashback to the buyer.
• 18:03
  SPEAKER_00: The lender rules in terms of the transaction determine how credits can be applied.
• 18:09
  SPEAKER_00: There are limits and restrictions on certain types of credit, especially when you're financing it.
• 18:15
  SPEAKER_00: So buyers should always discuss proposed credits with the lender before assuming they will work or they would get this at closing.
• 18:23
  SPEAKER_00: Some of those key credits, you they'll move it to something else.
• 18:27
  SPEAKER_00: But that's communicates between the lender and the buyer.
• 18:31
  SPEAKER_00: Another line item would be the buyer's cash to close.
• 18:35
  SPEAKER_00: This is very important.
• 18:37
  SPEAKER_00: This is essential because the buyer needs to know how much he would need in order to close.
• 18:44
  SPEAKER_00: And this includes deposits, credits, financing, and other amounts shown on the closing document.
• 18:52
  SPEAKER_00: So it may include like the down payment, closing cost, prepaid expenses, escrow deposits, adjustment, and then less earnest money that is already paid, and any other credits that would need it on the settlement statement.
• 19:09
  SPEAKER_00: So those will be placed on there.
• 19:10
  SPEAKER_00: And this is why you don't want to simply look at the purchase price.
• 19:14
  SPEAKER_00: A$300,000 house does not mean you need exactly$300,000 or even exactly your down payment percentage to close.
• 19:23
  SPEAKER_00: There are many other financial components besides that asked amount of$300,000.
• 19:31
  SPEAKER_00: So another line item would be seller net proceeds.
• 19:36
  SPEAKER_00: Now we talked about the buyer side.
• 19:38
  SPEAKER_00: Now we're going to talk about the seller net proceeds, what they're going to get at the end.
• 19:42
  SPEAKER_00: For the seller, we're looking at the opposite side of the transaction.
• 19:45
  SPEAKER_00: The seller starts with the sales price, then various amounts may be deducted.
• 19:50
  SPEAKER_00: For example, sales price minus market payoff minus real estate compensation, compensation, minus taxes, parations, seller pay, closing costs, credits, other liens and expenses, estimated sellers proceed.
• 20:07
  SPEAKER_00: That's the number many sell many sellers really want to know.
• 20:11
  SPEAKER_00: How much money am I actually walking away with?
• 20:13
  SPEAKER_00: What's going to be in my pocket?
• 20:15
  SPEAKER_00: What the check will look like?
• 20:18
  SPEAKER_00: What's the amount of monies that I will walk away?
• 20:21
  SPEAKER_00: So you have to make sure that the seller understands that the estimated seller proceeds is close to accurate.
• 20:29
  SPEAKER_00: And that's when the title company talks with that seller to make sure that they understand.
• 20:34
  SPEAKER_00: So please read your selling statement.
• 20:37
  SPEAKER_00: Now another one is why you should review your closing documents.
• 20:41
  SPEAKER_00: Now, this is different from the selling statement.
• 20:44
  SPEAKER_00: There's a big stack of papers, but here's my big peak: my biggest piece of advice is don't win to the closing table to look at your numbers.
• 20:53
  SPEAKER_00: Review your closing documents before closing.
• 20:55
  SPEAKER_00: Look for the purchase price, look, loan amount, interest rate, closing costs, credits, taxes, insurance, HOA fees, commission, title charges, recording fees, payoffs, earnest money, deposit, cash to close, seller proceeds.
• 21:15
  SPEAKER_00: This all matters because when you get to the closing table and you have questions, they may not be able to discuss it right then in detail and you have everybody there, but you want to look at it once they start sending you these documents because they're going to send them to you beforehand, beforehand.
• 21:30
  SPEAKER_00: And if you don't understand a charge, ask the question.
• 21:33
  SPEAKER_00: Call them.
• 21:34
  SPEAKER_00: Call them.
• 21:34
  SPEAKER_00: There's nothing wrong with saying, hey, can you explain this line item to me?
• 21:39
  SPEAKER_00: That's exactly what you should do.
• 21:41
  SPEAKER_00: You know, just don't wait until the last minute to say, hey, I got a question on this.
• 21:47
  SPEAKER_00: I mean, it's good, but to ask, but just read your documents ahead of time.
• 21:51
  SPEAKER_00: And they're going to give them to you beforehand, typically three days before.
• 21:55
  SPEAKER_00: So another thing for our military and our VA buyers.
• 22:00
  SPEAKER_00: Military members and my VA buyers and my veterans, if you're using a VA loan, don't assume that because you're using a VA loan, every closing cost disappears.
• 22:10
  SPEAKER_00: VA financing has specific rules regarding allowable fees and charges, but buyers can still encounter legitimate transaction expenses.
• 22:18
  SPEAKER_00: Your lender can explain which costs apply to your particular transaction.
• 22:23
  SPEAKER_00: And if you first, if you're a first-time home buyer, don't be afraid to ask those questions over and over again until you completely understand.
• 22:30
  SPEAKER_00: Understand the numbers can help you make a better financial decision.
• 22:34
  SPEAKER_00: Just because you have the VA loan, you have still have to pay a lot of fees, which comes with you know closing costs sometimes, inspections and title fees and things of that nature.
• 22:44
  SPEAKER_00: So just look at it and talk with the title company and the lender.
• 22:50
  SPEAKER_00: Now, quick closing checklist.
• 22:52
  SPEAKER_00: Before you sign, ask yourself one, do I know the purchase price?
• 22:57
  SPEAKER_00: Two, do I know my loan amount?
• 23:01
  SPEAKER_00: Three, do I know how much cash I need to bring?
• 23:05
  SPEAKER_00: Four, do I understand my credits?
• 23:09
  SPEAKER_00: Five, do I understand my taxes and probation?
• 23:13
  SPEAKER_00: Six, do I understand the title charges?
• 23:17
  SPEAKER_00: Seven, do I understand the recording fees?
• 23:21
  SPEAKER_00: Eight.
• 23:22
  SPEAKER_00: If the seller, do I know the mortgage payoffs?
• 23:25
  SPEAKER_00: And nine, do I know my estimated net proceeds?
• 23:30
  SPEAKER_00: 10.
• 23:31
  SPEAKER_00: Is there anything on this settlement statement I don't understand?
• 23:36
  SPEAKER_00: Now, if the answer to the number 10 is yes, go back, ask the question before you sign.
• 23:44
  SPEAKER_00: Call the lender, call the title company, call the real estate agent, call them before you sign because after you sign, like they say, the farm belongs to you.
• 23:56
  SPEAKER_00: So, and if this help, if this episode helped you understand the settlement statement a little better, I want you to do three things for me.
• 24:05
  SPEAKER_00: Follow me on Instagram at Rena Baron Real Estate and subscribe to my channel, Military Real Estate Rookie, so you don't want to miss another episode.
• 24:18
  SPEAKER_00: And number two is share this episode with someone who is getting ready to buy or sell a home.
• 24:25
  SPEAKER_00: And number three is leave me a review and comment and tell me what part of real estate closing process do you want me to explain next?
• 24:33
  SPEAKER_00: I will do that for you.
• 24:35
  SPEAKER_00: Do you want me to break down the closing disclosure, the purchase contract, earnest money, home inspections, appraisals, VA loans, title insurance, profit taxes, or the actual closing table.
• 24:51
  SPEAKER_00: Send me your questions because I am building this podcast around the things you actually want to know.
• 24:58
  SPEAKER_00: And remember, real estate doesn't have to be intimidating.
• 25:03
  SPEAKER_00: You don't have to know everything before you start, but you should understand what you're signing.
• 25:11
  SPEAKER_00: Whether you're an active duty member, a veteran, a first-time home buyer, an investor, or you're simply thinking about buying and selling your first property, knowledge is part of the financial protection.
• 25:26
  SPEAKER_00: Now, this is Military Real Estate Rookie, and I'm on your host, Rena.
• 25:31
  SPEAKER_00: Thank you for listening.
• 25:32
  SPEAKER_00: And if you enjoyed this episode, follow the podcast, share it with a friend, and come back to the next episode.
• 25:39
  SPEAKER_00: And remember, don't just buy real estate, understand it.
• 25:43
  SPEAKER_00: Understand real estate.
• 25:45
  SPEAKER_00: And I'll see you on the next episode.
• 25:47
  SPEAKER_00: Have a good day.
• 25:49
  SPEAKER_00: Rena Baron out.