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CopperheadVA
Virginia
420 Posts |
 Posted - 09/10/2009 : 09:16:22 AM
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<< other interested people >>
I had a foreclosure purchase recently where 5 family members were there with the buyer!
CopperheadVA
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PWinFL
Florida
469 Posts |
Posted - 09/10/2009 : 07:58:17 AM
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With a purchase there are two parties involved: buyer and seller. If you are only serving the buyer and they are financing the purchase, there's not much difference between that and a regular refi. Major difference is NO RTC. That is, when the buyers sign, they are committed right then and there, so it is very important not to rush the buyers and make sure they understand what they are signing.
The seller's side is very simple. Usually only about a half-dozen documents. The biggest one is the HUD. It must be correct. Also, the sellers will be executing a deed to transfer the property ownership to the buyers. Make sure the vesting for the buyers on that deed matches the buyers identification. Too often, the title company enters the buyers name and address as to what they think is right, not what matches the buyers ID. Buyers don't have to sign it, but that's how vesting on title gets established. Making sure the buyers name is correct and matches ID, makes ensures that refinancing or selling the property down the road won't have an ID issue. (Assuming the ID doesn't change.)
The only other major issue, is attendees. Often with purchases, not only the sellers and buyers will be there, but real estate agents, title personnel, buyer's and/or seller's attorneys, loan officers and other interested people. In those cases, it is essential that you take control of the closing and manage the process.
Never drive any faster than your guardian angel can fly.
I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.
Visit us online at http://www.PAWnotary.com |
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lgreen2727
New Jersey
9 Posts |
Posted - 09/10/2009 : 06:29:45 AM
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Can anyone provide the steps involved in closing a purchase? I've searched the site and cant seem to find anything. Any information you could provide would be appreciated. Also, I realize that for competetive purposes, many dont like to provide "training" information, but anything would be much appreciated.
thanks. |
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INTERESTED IN CLOSING A PURCHASE
