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REP_OH.22 - CM 426 REP 22 CLOSING THE REAL ESTATE...

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CM 426 -- REP 22 CLOSING THE REAL ESTATE TRANSACTION I. WHAT IS A CLOSING? A. FINALIZES THE REAL ESTATE TRANSACTION 1. CLOSE ESCROW -- WEST 2. PASSING PAPERS -- NORTHEAST 3. A.K.A. SETTLEMENT AND TRANSFER B. WHY CLOSE? 1. BUYER WANTS 2. GOOD MARKETABLE TITLE 3. PROPERTY IN PROMISED CONDITION -- WALK- THROUGH C. SELLER WANTS PRICE -- “SHOW ME THE MONEY” D. BUYER AND SELLER SPLIT CERTAIN PRORATED COSTS II. ACTUAL CLOSING A. WHERE ARE CLOSINGS HELD? 1. TITLE COMPANIES 2. LENDING INSTITUTIONS 3. ATTORNEY’S OFFICE 4. ESCROW COMPANY 5. RECORDER’S OFFICE B. WHO ATTENDS? 1. BUYER 2. SELLER 3. ESCROW OFFICER 4. ATTORNEY(S) 5. BANK REPRESENTATIVE 6. REAL ESTATE AGENT(S) C. FACE-TO-FACE (PASSING PAPERS) -- SEPARATE TIMES
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(CLOSING ESCROW) D. WHO TAKES CHARGE? LOCAL CUSTOM DICTATES E. “DISINTERESTED” ESCROW OFFICER RECEIVES PAYMENT TO CONDUCT THE CLOSING AND ENSURE PROPER DOCUMENTATION AND PRORATIONS. FIDUCIARY. III. ESCROW PROCEDURE A. SELLER MUST SUBMIT TO ESCROW OFFICER 1. DEED CONVEYING THE PROPERTY TO THE BUYER 2. TITLE EVIDENCE (WHATEVER IS CUSTOMARY IN AREA: TITLE INSURANCE, ABSTRACT AND ATTORNEY’S OPINION, CERTIFICATE OF TITLE, ETC.) 3. EXISTING HAZARD INSURANCE POLICIES 4. LETTER FROM LENDER SHOWING PAYOUT AMOUNT OR ASSUMABLE AMOUNT ON DAY OF CLOSING 5.
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