Posted by DellaCA on 2/13/05 10:15pm
Msg #20544

New purchase

I was wondering as I have not had the opportunity to handle one of these signings , How extensive are new purchase signings? What are the differances as far as how large the package is and would there be more signers at the table? Anything else you may want to share ? Would you ask for more in fees?
Thank You Della

Reply by HisHughness on 2/13/05 10:47pm
Msg #20549

DellaCA asks:

***How extensive are new purchase signings? What are the differances as far as how large the package is and would there be more signers at the table? Anything else you may want to share ? Would you ask for more in fees?***

Della, there is a reason that so many people on this forum suggest that the first thing you do upon becoming a signing agent and signing on here is go back and read all the previous posts, all the way back to the beginning.

Every question you asked has been answered several times over here by experienced agents, who have patiently explained the process, the ramifications for a newcomer, the fees they charge, and virtually everything else, including the difference between a wet and dry closing.

Reply by DellaCa on 2/13/05 11:34pm
Msg #20553

I have Hugh I must have missed it, thank You anyway .If anyone else would like to comment on my question of a New Purchase I would love to hear it.

Reply by Ted_MI on 2/14/05 8:30am
Msg #20556

Della,

have you tried doing a search using the two words: purchase and mortgage? I think with those you should find something.

Reply by BrendaTX on 2/14/05 9:02am
Msg #20559

Three threads on purchase closings

#5141 Is a purchase signing a lot different?

#4743 What is the difference between a dry close and a wet close?

#6267 ...dry close ,wet close, HELOC & RESPA?

Reply by Dellaca on 2/14/05 1:05pm
Msg #20586

Thank you Ted and Brenda, that really helps ,my search was not helping me come up with much at all.
Della

Reply by Cyndra_CA on 2/13/05 10:49pm
Msg #20550

I was going to warn you...

Reply by CaliNotary on 2/15/05 12:54am
Msg #20640

Warn her about what?

Reply by Indiana Notary on 2/15/05 2:32am
Msg #20644

New purchase

The laws in Ca may be different that they are in Indiana. In a Purchase transaction in Indiana the loan closing is done in escrow. What that means is that all funds are collected by the Title company/closing agent and dispursed according to the HUD 1.

With a purchase you will have the buyer and seller and you will need to go over the HUD 1 with each seperately. Everyone will want a copy of an original HUD 1. Make at least 6 copies and have the buyers and sellers sign all 6 copies. You will need to save two originals, one for the Title company and one for the Mortgage company. The real estate agents will want a copy also.

I usually work with the buyers first and go over the mortgage documents and have them sign everything. and then collect their certified funds.
Then I work with the sellers. They will need to sign affidavits and the deed. Make sure their names are spelled correct and how they want to hold title.
Collect any earnest money from the real estate agents, and any other funds that were to be brought to closing including. Everyone should bring certified funds.

Will you be giving out checks to: Real estate agents commission, Sellers, any other itme that needs to be paid at closing, ie. inspection, termite
Purchase transactions are pretty detailed Good luck

You will need to verify ID for the buyers and sellers