RE hour two
4-13-10
tuesday
test next week on contracts

buyer pays it all
the sellers est in northern CA est
diff than in socal
in terms of the title insurance fees
there is typically a clta
there is custom to pay this
i will pay title
to back up that claim
better for buyer
several hundred dollars
lender typically wants
the clta
alta
american land title association byer pays
there fore that tis part of the buyers loan
policy of title insurance
as far as how the escrow works
the escrow company is negotiable

go to page 130
129

seller shall pay escrow fees
both are paid escrow pays
buyer pays
offer paid
subject to the counter offer
eho escrow co. shall be

p135
paragraph 28
spells out what the duties and the responsabilities
everything else applies
as well
190
once an escrow is open

worst way is interpleader
best way complete the escrow to terminate the escrow

third alternative is impt.
mutual agreement your cash its your liquidated damages clause
buyer more at risk
is going to feel more pressure
best way is to complete the escrow
financing
we're going to hold off.
buyer and seller have to agree on teh date escrow will close
seller must have everything closed
typically the hour that the escrow closes and on the date that the escrow closes how long to take to close
now they have to find another

buyer and selelr have to agree when is it going to close
possible tha tit doesn't get escrow
title transfer is on that date
other possibilities are out there
the escrow example that the author uses

basic rule re:proration
there is no law saying that the expenses and incomes be prorated
no law but custom
it is always negotiable.

maybe seller is willing to not get reimbursed if there is a sticking pt
thru day b4 escrow closes
or "to date escrow closes"
all income and expenses seller is responsible for
the through date would be april thirty
interest on the loan
the reason that the buyer is responsible
typically close escrow at nine in the morning

seller is going to get the rent
any rent due thru the day escrow closes
any question about the concept of proration?

p 193
form

respa stmt
RESPA

most escrow co. like to use their own seetttlement stmt
a debit is a charge
is based upon the example
the purchase prise being 800$ etc
the buyers
 get a special page

earnest money deposit
typically the broker agreed there is a five thousand dollar transfer
91 dollars
borrowing
second trust deed based on equity
add to that the eight hundred dollar credits
purchase price

here
prorate the taxes
close escrow on june 1st
sometimes the buyer takes over the seller's policy

retired military officer
better
buyer takes over sellers policy
in many cases
if you notic eon the other page
the CLTA
the ALTA

seller
six hundred twenty eight fifty

splitting them fifty fifty
loan tie in fees
talk about these fees the term points
six hundred forty
appraisal
tax service
capital gains taxes may be going up
the pest control scenario may be spelled out on the contract