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Liability 101

SKU: L101
Avail: 3 Days
Mfg: Vision Quest Publications

$54.95

Copyright © 1996.

Book Overview

Communication Basics

Misunderstandings = Errors = Risk = Liability
Putting it in Writing = Lack of Trust
Balancing Logic and Intuition

The Importance Of Quality Control

What is Quality Control?
Quality Control as Easy as 1-2-3
The Benefits of Internal Audits

Underwriters And Agents

The Relationship: Reality vs. Virtual Reality
Agency Contract
Insured Closing Protection Letter
Errors and Omissions Insurance
Surety and Fidelity Bonds
Licensed Title Agents: Appointment by Underwriter

RESPA Regulations

HUD’s Interpretation of the Underwriter/Agent Relationship
Core Title Agent Services

Title Insurance

Anatomy of a Title Claim
Title Searches: Passing on the Liability
Title Examination
Determination of Insurability
Underwriting Guidelines and Legal Bulletins
Understanding Policy Jacket Provisions
Title Exceptions: Your Best Friend

Setting Up Shop

Building a Solid Foundation
Personnel: Tips on Hiring
Personnel: Performance Reviews
Personnel: Disciplinary Action
Personnel: Tips on Firing
Employers: Rights and Responsibilities
Employees: Rights and Responsibilities

Training: You Never Stop Learning

The Importance of Education
Policies and Procedures Training
Federal and State Laws
Professional Seminars
New Employees: Basic Training
Continuing Education

Office Automation

Buying the Right Hardware
Buying the Right Software
Programming Documents
Escrow Accounting Packages

Marketing

Training Marketing Personnel
How to Pay Marketing Personnel
Never Promise What You Can’t Deliver
Newsletters and Informational Bulletins
Marketing Seminars

Lenders And Loan Closing Instructions

New Lenders
Loan Closing Instructions
Document Preparation
Refinance: Borrower’s Right of Rescission
Loan Contingencies

Realtors And Sales Contracts

Understanding the Sales Contract
Contract Dates and Timelines
Contract Addenda
Realtors: Who Works for Whom
Commissions: Get It In Writing
Delivery of Title Evidence
Surveys and Termite Reports
Settlement/Escrow Services
Getting the Prior Title Policy

Escrow/Trust Account Liability

Handling OPM
Underwriter Premiums
Receipting in Earnest Money Deposits
Blank Check Control
Second Signatory on Disbursement Checks
Out of Office Closings
Escrow Balance Sheet
Collected Funds
Table Funding
Interest Bearing Accounts
Special Interest Bearing Accounts
Post-Closing Escrow Holdbacks
Escrow Account Reconciliation
Commingling of Funds
Embezzlement (Just Say No!)

Quality Control Limits Liability

File Control Sheet
Pre-Closing Checklist
Closing Checklist
Post-Closing Checklist
Two Heads Are Better Than One

Mortgages And Loan Payoffs

Assumptions
Purchase Money (Seller Take-Back) Mortgages
Wrap-Around Mortgages
Loan Payoffs
Equity Line Payoffs
Construction Loan Payoffs
Partial Releases
Satisfactions: Generally
Satisfactions of Judgments
Satisfactions of Privately-Held Mortgages

HUD-I Settlement Statement

When is Your Signature Worth $250,000?
HUD-I: Line Item Instructions
HUD-I: Source of Funds
HUD-I: Net Commission
HUD-I: Net Loan Proceeds
HUD-I: Related Services Fees
HUD-I: Title Insurance Premium
HUD-I: Settlement Agent Certification
HUD-I: Hidden Costs

The Three P’s Of Execution

Minding Your P’s and Q’s
3-P’s for Corporations
3-P’s for Partnerships
3-P’s for Trusts
3-P’s for Probate
3-P’s for Guardianship
3-P’s for Powers of Attorney
3-P’s for Churches
Fraud and Forgery Prevention
Notary Acknowledgments
Affidavits
Mailaway Closings

Miscellaneous

Associations: Right of First Refusal
Associations: Approval of Purchaser
Restrictions: Right of Reverter
Mineral Rights: Release of Right of Entry
Water Rights
Taxes: Current Year
Taxes: Prior Year(s)
Taxes: Tax Sales and Tax Deeds
Assessments: Generally
Assessments: Super-Priority

A Word About Internal Auditing

Reprint of the Internal Audit Guide

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