| |
1. CONTRACT OF SALE:
During the contract/negotiations and finalization phases of the home buying
process, always make sure these items are correct and filled in completely.
| A. |
legal description |
| B. |
spelling of names |
| C. |
addresses and telephone
numbers of all parties |
| D. |
All pages signed or initialed
by all parties |
| E. |
All corrections and changes
initialed by all parties |
| F. |
earnest money |
| G. |
Effective date filled. This
is VERY IMPORTANT because the effective date "starts the clock" running
on contract obligations. To leave this blank could give the buyer or seller
grounds to argue about their respective obligations. |
2. During processing and
prior to closing, obtain and deliver to title company:
| _____
a. |
Seller’s loan information
necessary for payoff and assumption information |
| _____
b. |
Seller’s forwarding address
and social security numbers |
| _____
c. |
If Seller is single, marital
status from time of acquisition to closing.(If single, at the time of acquisition
of the property, but married at time of closing, both spouses must sign
the listing agreement, contract, and at closing, the deed.) |
| _____
d. |
Total commission. This is
not stated on the contract, so let us know, and be sure to let us know
of any changes prior to closing. |
| _____
e. |
Termite Report. Deliver
the original report and invoice to the title company prior to closing.
Tell us whether the report has been paid for or nor, and the amount.
This informatin mus be shown on the HUD. |
| _____
f. |
Home Warranty. Notify title
company of the amount and name of the company. Bring the application
to closing. |
| _____
g. |
Hazard Insurance. Buyer
needs to arrange for this and have insurance agent contact the title company
for details of coverage and lender requirements. |
| _____
h. |
Repairs. If title company
is to pay repair bills, deliver original invoices ASAP. It is best
to get these done ASAP to avoid last minute mistakes or problems.
Most lenders WILL NOT allow escrow for repairs nor allow a credit to the
buyer for the repair allowance. Repairs need to be handled prior
to closing or outside of closing. |
RESPA guidelines require
that all charges shown on the HUD-1 disclose the payee and the amount.
We are able to more quickly give you and your
customer "figures" if we
have all of the above information several days before the scheduled closing.
|
