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Closing Concepts
SKU: CLC
Avail: 3 Days
Mfg: Vision Quest Publications
$54.95
Copyright © 1996.
Book Overview
Introduction
- About This Book
- What Is A Closer?
- The Closer’s Creed
Opening The File
- Title Orders: An Overview
- The Contract: What To Look For/Questions To Ask
- Miscellaneous Processing Information
- Receipt And Deposit Of Earnest Money
- The File Control Sheet: Your Best Friend
- Ordering The Title Search
Processing The File
- Reviewing & Delivering the Title Commitment
- Payoff And Assumption Requests
- Taxes, Assessments, And Liens (Oh My!)
- Document Preparation (Yours and Theirs)
The Closing Statement
- HUD-1 Liability Issues
- Forms, Formats, And Formulas
- Understanding The Loan Closing Instructions
- Prepaids, Prorations And Other Calculations
- Who Pays What And Why
- Balancing The File - The Bermuda Triangle
- HUD-1 Settlement Statement
- Regulations re HUD-1
- HUD-1 Line Item Instructions
Title Premium Calculation
- Title Terms
- Calculating The Title Premium
- About Simultaneous Issue
- Reissue Rates
- Other Discounted Rates (Beware!)
Pre-Closing Preparations
- Closing Package Review
- Lender Liaison
- Calling All Parties - Calling All Parties
- Clearing Closing Contingencies
- Surveys And Inspections - Who Orders/Who Pays
Affidavits
- About Affidavits
- Sample Affidavits
Instrumental Information
- Overview
- General Instructions
- Corporations: Who Can Sign
- Corporate Attestation/Witnesses
- Corporate Seals
- Short Form Acknowledgments
- Names And Signature Lines
- State Of Incorporation
- Powers Of Attorney
- Deeds (Individual To Individual)
- Deeds (From A Corporation)
- Deeds (From a Partnership)
- Deeds (Others)
- Mortgage Deeds
- Mortgage Notes
- Institutional Notes, Mortgages, And Riders
- Satisfaction Of Mortgage
- Partial Release of Mortgage
The Closing
- Who Will Be There
- Who Is In Charge: Closing Courtesies/Protocol
- Document Presentation
- Truth In Lending Disclosure
- Loan Application Form
- Note
- Mortgage/Deed of Trust
- Anti-Coercion Statement
- Compliance Agreement/Cooperation Covenants
- A Deed By Any Other Name…
- How Ownership is Held
- Affidavit of No Liens
- Non-Same Affidavit
- FIRPTA Affidavit
- Purchase Money Note and Mortgage
- Fakes and Forgeries
- Who Gets What
- To Disburse Or Not To Disburse
- State By State Overview
Warehousing And Disbursement
- Depositing The Closing Cash
- Delivering The Lender’s Closing Package
- Recording The Documents
- Transmittal Letters
- Document Follow-up: The Tickler System
- Issuing The Title Policies - Now!
- Closed Files
- Sample Documents
Title Insurance
- Back To the Basics
- Search and Exam
- The Title Commitment
- Survey Exceptions
- Easements Per Recorded Plat
- Standard Exceptions
- Effective Dates And Times
- Affirmative Clauses
- Waivers: Who’s Got Them/How To Get Them
- Title Policies (In General)
- The Owners Policy
- The Mortgagee (Loan) Policy
- Endorsements
Escrow Accountability
- The Escrow Account
- The (Individual) Escrow Transaction
- The Role of the Underwriter
- The Escrow Balance Sheet
- A Common Misconception
- What Happens if Deposits Don’t Clear?
- Closing Cash and You
- Underwriter Remittance
- The Defalcation Dilemma
- Commingling Of Funds
- Just Be Careful
- Sample Escrow Forms
Understanding Your Underwriter
- The Relationship
- Becoming an Employee of An Agent
- Cohorts Or Competitors
- Remittance Requirements
- Agency Audits
- RESPA’s “Core Title Agent Services” & Claims
Risk Management
- Overview
- Quality Control Procedures
- In-House Audits
- Claims Processing
Marketing
- Business, Business, Who’s Got The Business?
- Approved Closing Lists
- Get Involved
- Freebie Frenzy (Exploding The Myth)
- Education Is A Two-Way Street
- Giving A Seminar
- Company Employees: Silent Marketing Partners
RESPA Regulations And You
- Information Contained Within This Chapter
- What is RESPA?
- The Settlement Service Industry
- Brief Sectional Overview
- Core Title Agent Services (Intro)
- Controlled Business Arrangements
- Packaged Services
- The Three R’s: Relationships, Referrals & Required Use
- Kickbacks and Unearned Fees
- What is Permitted
- Employer/Employee Paid Referral Fees
- Lack of Enforcement Gives Rise to Increased Violations
- “We Have No Opinion On That”
- Core Title Agent Services (Review)
- A Call for “Self” Regulation
- Summary
- Exhibit “A” (HUD Findings)
Summary
- Overview
- Processing The File
- After The Order Is Received
- Preliminary Processing
- When Title Commitment Is Received
- Preparing The Closing Documents
- Pre-Closing Processing
- Closing The Transaction
- Warehousing And Disbursement
