Posted by Reverse Mortgage of America - Jessica on 4/28/10 5:28pm
Msg #334012
changes to CAR contract, effective today...
i know this isn't entirely related to our field, but this message was sent to me from a friend and i found it useful and worth sharing...
sellers are required to provide a statement of information to their escrow holder within 7 days of acceptance. without the statement of information, it would be necessary for the title company to list as exceptions from coverage judgments, liens or other matters which may affect the property to be insured. such exceptions would be unacceptable to most lenders and would prohibit the close of escrow.
(this is copyright to Lawyers Title Insurance Company 2010)
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