Real Estate Closings (CE)
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Next Course(s):
None
This course is included in the following Certification Program:
- Real Estate Continuing Education Credits
Our Program is All-Inclusive:
- 8 hours of classroom instruction
- Unlimited supervised computer lab/practice time for 6 months
- A complete instruction manual
- Certificate upon completion
- Career Enhancement Services
- Full Placement Counseling
- Free Resume Review
- Job Placement Assistance
- Free Test Preparation
- Computer-Based Training Files
- Assessment Testing
- Internship Opportunities
- Guarantee: Retake the course for free until test passed and/or employed.
- Check the schedule
Topics:
Responsibility for Closing
Seller's responsibilities
Title transfer taxes
New York City real property transfer tax
Broker commission
Attorney fees
Recording documents to clear title
Satisfy existing liens
Coop and Condo fees
Buyer's responsibilities
Appraisal and credit report fees
Mortgage recording tax
Attorney fees
Lender fees
Other recording fees
Structural inspection
Pest inspection
Perc, Soil and water-flow tests
Proff of insurance
Agent's duties
Walk-through with purchaser
Informing the seller what to expect on The Dry Closing
Presence during required professional inspections
Attendance at the transaction
Escrow and related procedures
Escrow agent's duty
Reporting requirements
The Closing
Location
Who needs to be there
Powers of attorney
The Closing Statement
Deed Delivery
Delays and Failure to Close
Notifications
Ramifications
Prorating at the Closing
Definition of proration
Local custom
New York law
Type of financing incurred
The Math of Proration
30-day month
Proration Date
Items Adjusted and Prorated
Property Taxes
Hazard insurance
Loan interest
Rents
Proration Summary
Real Estate Settlement Procedures Act
Restrictions
Applies only federally financed or refinanced residential properties
Benefits
Disclosure of settlement costs to all parties
Regulates costs of services
Good faith estimates
HUD Settlement Statements
Standardization of forms
Disclosure of costs
