Posted by Anonymous on 10/18/05 5:26pm
Msg #71091

Doing a Purchase...

What is entailed in doing a purchase. Done lots of signings. Still learning. thanks!

Reply by Anonymous on 10/18/05 5:30pm
Msg #71092

What state are you in? Purchases are different in many states...does your state use title closers and bank attorneys? Are you expected to mark up title and review the deed for accuracy? Who holds escrow and disburses in yoru state? Are they in the bank attorney's office? Also, some states only permit an attorney to close, so post the state and I'll provide more info if I can.

Toni

Reply by Anonymous on 10/18/05 5:40pm
Msg #71093

Iowa. Sounds as though I have no business doing this. I've done the signings, and reverse
mortgages ... ????????????

Reply by clarise_oh on 10/18/05 7:29pm
Msg #71098

Here's my experience in OH...

Most of the loan package is the same as a refi. However, there is no RTC unless this is a refi of a land contract. If it is a 1st and 2nd, there could be a RTC for the 2nd. There usually is a deed. If you don't have one, verify that you shouldn't. Make sure you know where the sellers/buyers are to sign the deed. They must sign the way the names are printed. If you have any questions, ask the title company.

There are going to be A LOT more people. Find out if realtors are involved. Find out if you will be disbursing funds. If not, find out if everyone knows it will be a dry closing, especially the sellers and realtors. Find out if you will need to get a funding number from the lender before handing out checks.

Look over the HUD very well before going to the closing. You will be using the borrower and seller sides. Know before going to the closing whether or not you are collecting a check, to whom it is made payable, and if a certified check is required. If you will be handing out checks, verify they match the amounts on the HUD. If there are 2 realtors, the commisssion will be split into 2 checks. One for each realtor of course. (I know title should verify this, but if there is a problem or question, better to handle it before the closing starts)

I usually sign the sellers first. After I go over the HUD w/ the borrower, I collect the check if necessary. Verify it is for correct amount and made to the title company or whomever. If the check is made payable to the borrower, they need to endorse the check. (Pay to the order of ABC Title, signature)

If there is anything else that needs to be collected, it should be included in your instructions. Sometimes you'll have to get copies of paystubs or home owner's insurance.

After everything is signed (and have funding # if necessary) you can give out checks. The title company may have specific instructions for handing out checks. ALWAYS follow their instructions. The realtors, seller, and borrower will need a signed copy of the HUD.

I think that's it. Anyone else want to add?

Reply by Anonymous on 10/18/05 7:44pm
Msg #71100

I am not sure about Iowa...but you may need to mark up title if there is not a title closer present from the title insurance company too. That means that you would go through all of the exceptions (those items that are not covered under the insurance policy) and omit, except or delete each line item at the table to finalize what is being covered in the policy. You mark up the policy and give a marked up copy to the buyer at the closing also. Depending on your state tax, you may also be expected to do a "pick up" which means that you would pick up the tax payments that may be due to the city or town and pay them at the town clerks office. You would get a "pick up fee" for that...usually around $100. If you are going to record the docs that were closed at the table you would pick up those too.

Hope that helps!

Reply by TitleGalCA on 10/18/05 9:48pm
Msg #71111

Anon, I don't know what state you're in but my response is for CA only.

First, the buyer has no decision as to what shows in the title policy. The title company decides what to show, and what not to show. This is not at the buyers discretion, nor is it their decision.

Taxes are far better handled by the title company NOT THE NOTARY!!!! You're statement here could scare the original poster as to his/her responsibilities. This "pick up" business is something best handled AND EXPLAINED by escrow.

Perhaps you're in an attorney state, but frankly I don't agree with one thing you've said here.

Reply by Anonymous on 10/18/05 9:56pm
Msg #71113

You are right, I will stick to what I do know and work up to doing a Purchase...
I would be in over my head and I realize this!! They were sending all the Docs
to the Borrower and I wouldn't of even had a chance to go thro them... That
wouldn't be a good thing in this situation. Thanks for everyones input!!!

Reply by TitleGalCA on 10/18/05 10:21pm
Msg #71120

Um, Anon, hold up for one minute.

My response here was for another "anonymous" that told you to mark up title and check for taxes. This response was NOT for you! Please read my other post.

To all you "anonymii" SEE WHAT THE PROBLEM IS BY POSTING ANONYMOUS????? This is a perfect example.

Reply by Anonymous on 10/18/05 10:30pm
Msg #71123

your are correct!

Thanks
Sue

Reply by TitleGalCA on 10/18/05 9:54pm
Msg #71112

I've found purchases to be no more time consuming or difficult than refi's. There is no RTC and you don't have to deal with deeds unless there is an interspousal transfer deed OR you are conducting the signing with both buyer and seller.

Don't be afraid of purchases - just follow the instructions from the lender and signing service or escrow. When in question about a specific document ASK!

Good luck.