Posted by Jan Gordon on 7/10/06 1:01pm
Msg #132081

purchase loans

I have a purchase loan scheduled for next week, this will be the 1st can anyone help me with any differences I may find in paperwork?

Reply by MC_oh on 7/10/06 1:22pm
Msg #132085

On the purchase loans I've done in OH, the only difference is that there might be a Conveyence form or Grant Deed. The Conveyence may need a signature by the grantee, but does not get notorized.

Reply by Charm_AL on 7/10/06 1:23pm
Msg #132086

There may be people other than the borrowers and sellers present. Real estate agents, may be there, but you will be conducting the closing.

As far as docs...there won't be a RTC, as purchases do do have a right to cancel.
The HUD will state buyer and seller funds. Buyers and sellers must sign off on the HUD. Docs for the sellers are only a few, the HUD and a conveyance deed transfer from seller to buyer. Sellers do not get copies of the borrower's papers, only what they sign. I usually charge more for purchases.

Reply by MC_oh on 7/10/06 1:30pm
Msg #132091

Charm mentions a good point I forgot, the other people present. In Ohio, it is not unusual for an attorney representing the buyer to be present. This can add a considerable amount of time as some attorneys like to give the client their monies worth.

A number of times, I've had to stop attny. from making changes to the documents and make call to title co. to give explanations to the attny.

I've learned to ask when scheduling if there will be an attny present so I know how to price it and how much time it will take.

Reply by GF_CA on 7/10/06 2:23pm
Msg #132104

In CA we have the preliminary report, roof inspection & termite inspection that need be signed.

Reply by Ilona_OH on 7/10/06 3:05pm
Msg #132117

I haven't had attornies but always get a real estate agent

or 2. This can be a problem as they think they have a right to examine the brws docs which I won't let them do unless I get permisson from the BWR.I've had some very agressive agents who want to run the whole shabang.
Just keep an eye on your docs and you won't have any problems.

Reply by TitleGalCA on 7/10/06 8:52pm
Msg #132173

Re: purchase loans - GF

You have to have the preliminary report signed? Buyers receive a copy of the prelim, but never have to sign it - there is no option or opportunity to have it signed. Not sure about the roof/termite inspection - I personally haven't seen those in a purchase package.

What is common is an interspousal grant deed. And, hang on to your hat if the Lender didn't make the borrower aware that they didn't approve the spouse going into title...not fun.

Reply by GF_CA on 7/10/06 10:40pm
Msg #132197

Re: purchase loans - GF. Yes Titlegal. All the purchase I..

made Preliminary Report and roof report ( included Clearance) Need to be signed by buyers. In my four years as a realtor, I always take my client to Title Company for sign the docs, and the escrow officer always let them sign it.

Reply by JO LEARY on 7/10/06 3:50pm
Msg #132121

Re: Don't forget about the checks.

Often times there are checks that exchange hands. Make sure you are clear on these and who gets which checks.