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 |
