Reply by PAW_Fl on 4/18/05 11:05am
Msg #32429
First, if you "think" this is a dry closing, make sure it is, since Florida is a table funding state and typically money does exchange at the table on a purchase.
Also, make sure you have title company representation, either physically present or easily accessible to make any last minute changes on the HUD. Not as important if this is truly a dry closing, where the effective date is after the table signing date.
I've done purchases in the property being sold, as well as RE offices, title offices and the library.
Obviously, the seller would not get a copy of the loan package as this is between the buyer and the mortgage company. The seller gets a copy of "their" documents, primarily the HUD, unless they are providing for the financing. (And that's a whole other ballgame, better left to attorneys.)
Once the HUD is approved by all parties (buyer and seller), I suggest going through the seller's docs with the seller and any other "property" related docs, such as final inspection sign off, etc. Don't go through the buyers financial arrangement documents with the seller present. There's no need for the seller to be involved in the buyer's finances other than making sure the seller is being paid, as per the HUD. Go through the financial papers with the borrowers after everything else is done. Just remember, that there is no RTC for the buyer. They sign the HUD and the purchase agreement, they are committed.
|
