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

Related Items

• Five-Book Set (Special Offer)
• Title Trilogy (Special Offer)