Chaper 12 Flashcards
What must be done prior to closing
All due diligence inspections performed
Property investigation
Loan in place and secured
Insurance secured an
appraisal complete
Repair work completed
What do septic tanks require
They require a percolation test
What documents must the seller prepare
The Deed and Bill of sell personal property
Proof of repairs and lease and related documents
What documents must a buyer prepare
The financing documents
Title insurance policy and property insurance polic
Property survey and Wood infestation report
What is conducted at closing
Review the documents and sign the documents
Record the transaction and fund the transaction
Report distributions to IRS
What is the good fund settlement act
No distributions until recording
Must verify that all funds over $5000
Delay of settlement
14 day delay permitted
TILA
RESPA
Real estate settlement and procedures act
Two purposes in mind, Disclosure and eliminate kickbacks
Truth in lending act
Cost and fees the seller pays
Commission, Deed Preparation, mortgage pay off, Excise tax in unpaid debt tax
Cost and fees the buyer pays
Loan origination fee and discount points in a crap ton more
