Real estate principles_powerpoint_for_chapter_16

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<ul><li> 1. Chapter 16: Title Closing and Escrow OnCourse Learning </li> <li> 2. BUYERS WALK -THROUGH This is the final inspection of the proper ty just prior to closing to make cer tain that the premises have been vacated, no damage has occurred, agreed personal proper ty is lef t behind, and that no real proper ty has been removed. OnCourse Learning </li> <li> 3. TITLE CLOSING This occurs when the buyer pays for the property and the seller delivers the deed. Settlement meeting seller meets in person with the buyer and delivers the deed. Escrow use of a neutral third party, called the escrow agent, who acts on behalf of both buyer and seller to carry out instructions of the contract. OnCourse Learning </li> <li> 4. CLOSING TERMS Title closing Closing date Closing Settlement Escrow Deed Delivery OnCourse Learning </li> <li> 5. ITEMS TO CONSIDER Deed Delivery Delays &amp; Failure to close Loan Escrow Reporting Requirements OnCourse Learning </li> <li> 6. Prorating at the Closing Loan Interest Rents Property Taxes Insurance HOA fees OnCourse Learning PRORATING </li> <li> 7. Common Prorations OnCourse Learning </li> <li> 8. Closing Transaction Summary OnCourse Learning </li> <li> 9. Good Faith Estimate of Closing Costs OnCourse Learning </li> <li> 10. NEW RESPA REGULATIONS Effective January 2009, HUD announced its new mortgage rules to help consumers shop for lower cost home loans. HUD published a new Good Faith Estimate (GFE) form that more clearly answers key questions when applying for a mortgage, including the loan terms: prepayment penalties, closing costs, balloon payments, and whether or not the interest rate is fixed or is adjustable. OnCourse Learning </li> <li> 11. New HUD-1 Settlement Statement that allows consumers to easily compare their final closing costs and loan terms with those listed on the new GFE. The rules also require that payments to mortgage brokers will be disclosed in a more meaningful way to help buyers select the lowest cost loan. OnCourse Learning PAGE 1 </li> <li> 12. PAGE 2 OnCourse Learning </li> <li> 13. OnCourse Learning RIGHT TO CURE The rules give the loan originator the opportunity to cure any violation by reimbursing the borrower in any amount in which the tolerance has over exceeded. This reimbursement may be made at settlement or within 30 calendar days after settlement. </li> <li> 14. Key Terms Closing meeting Escrow agent Escrow closing Prorating RESPA Settlement statement Title closing Walk-through Real Estate Settlement OnCourse Learning </li> </ul>