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Will You Add? - Home Mortgage 101: Who Attends the Closing Process?
OK. The stats for 2005 are in.1. Women make up about half the American work force.2. Women hold about half the managerial positions.3. Women earn just 73 percent of what men earn in the same jobs.4. Women hold only 5 percent of the country’s top-paying jobs.5. Just eight of the Fortune 500 companies have women CEO’s.The secret to changing
Real Estate Attorney(s)
If there are attorneys present, keep in mind that each attorney represents their client. Though everyone is working as a team to complete the transaction, it's still wise to kno
“Interactive Podcasting” is a term that is yet be uttered by the podcast masses. However, in its infant stages it poses a direct threat to the special features market of DVD’s, and as it grows, it will certainly revolutionize the way we view television forever.What is “Interactive Podcasting” you may be asking.In an article I wrote a few months back I made this statem
Who Attends the Closing?
In addition to the buyer and the seller there is typically a representative from the bank, the title company, and the real estate agent's office at the closing. In some states, like New York, there will also be attorneys for the buyer and the seller present at the closing.
The role of the seller is obvious. The role of the buyer is obvious. But what about the roles of the other players at the closing?
The Lender
The role of the lending institution is to ensure that the mortgage documents are properly signed and the funds are distributed. Some lenders will use the title company representative to handle this on their behalf, others will use a representative specifically from the bank, while other lending institutions may have attorneys handle their closings.
The primary focus of whoever is representing the bank is obviously to protect the interests of the bank. But the representative also wants to see the loan close, so think of yourselves as members of a team, not opponents.
Title Company Representative
The tile insurance company will have a representative at the closing to make sure all the terms and conditions (often referred to as exceptions) of the title policy are satisfied, and that the deed is properly executed.
The title insurance company will make sure all mortgages are paid off and there are no liens against the property. The person at the closing will also issue the official title insurance policy that protects the bank and the buyer.
Real Estate Agent(s)
The real estate agent(s) at the closing are primarily there to collect their commission, but they will also assist the buyer and the seller in completing the transaction. The real estate agent can prove helpful if any issues arise with adjustments or related issues that impact the transaction.
Real Estate Attorney(s)
If there are attorneys present, keep in mind that each attorney represents their client. Though everyone is working as a team to complete the transaction, it's still wise to kno
Dr Ken Evoy, an e-commerce expert, points out that in the offline world a store will thrive if it’s located in a high traffic area.However, in the online world every store starts in the exact same location. It's up to the business owner to drive traffic to an online store.Amazon.com and Ebay.com are two of the largest online stores on the internet. Two of their highes
The role of the seller is obvious. The role of the buyer is obvious. But what about the roles of the other players at the closing?
The Lender
The role of the lending institution is to ensure that the mortgage documents are properly signed and the funds are distributed. Some lenders will use the title company representative to handle this on their behalf, others will use a representative specifically from the bank, while other lending institutions may have attorneys handle their closings.
The primary focus of whoever is representing the bank is obviously to protect the interests of the bank. But the representative also wants to see the loan close, so think of yourselves as members of a team, not opponents.
Title Company Representative
The tile insurance company will have a representative at the closing to make sure all the terms and conditions (often referred to as exceptions) of the title policy are satisfied, and that the deed is properly executed.
The title insurance company will make sure all mortgages are paid off and there are no liens against the property. The person at the closing will also issue the official title insurance policy that protects the bank and the buyer.
Real Estate Agent(s)
The real estate agent(s) at the closing are primarily there to collect their commission, but they will also assist the buyer and the seller in completing the transaction. The real estate agent can prove helpful if any issues arise with adjustments or related issues that impact the transaction.
Real Estate Attorney(s)
If there are attorneys present, keep in mind that each attorney represents their client. Though everyone is working as a team to complete the transaction, it's still wise to kno
A valid fear every webmaster faces is the defacement of their site. According to the Computer Security Institute (CSI), 2005 Computer Crime and Security Survey, web site defacements are the “fastest-growing” area of incident. A check of Zone-H.org seems to validate the finding with a display of over 750 sites defacement for a single date (8/15/2005).To address defacements,
The primary focus of whoever is representing the bank is obviously to protect the interests of the bank. But the representative also wants to see the loan close, so think of yourselves as members of a team, not opponents.
Title Company Representative
The tile insurance company will have a representative at the closing to make sure all the terms and conditions (often referred to as exceptions) of the title policy are satisfied, and that the deed is properly executed.
The title insurance company will make sure all mortgages are paid off and there are no liens against the property. The person at the closing will also issue the official title insurance policy that protects the bank and the buyer.
Real Estate Agent(s)
The real estate agent(s) at the closing are primarily there to collect their commission, but they will also assist the buyer and the seller in completing the transaction. The real estate agent can prove helpful if any issues arise with adjustments or related issues that impact the transaction.
Real Estate Attorney(s)
If there are attorneys present, keep in mind that each attorney represents their client. Though everyone is working as a team to complete the transaction, it's still wise to kno
A recent survey took the most popular type of home in the UK, the three-bed semi, and compared the quotes given by insurance companies for different postcodes around the country. Northern Ireland came in top for buildings cover with an average of ?119.The premiums are affected by such variables as the amount of subsidence in the area, and the size and rebuild costs of the ho
The title insurance company will make sure all mortgages are paid off and there are no liens against the property. The person at the closing will also issue the official title insurance policy that protects the bank and the buyer.
Real Estate Agent(s)
The real estate agent(s) at the closing are primarily there to collect their commission, but they will also assist the buyer and the seller in completing the transaction. The real estate agent can prove helpful if any issues arise with adjustments or related issues that impact the transaction.
Real Estate Attorney(s)
If there are attorneys present, keep in mind that each attorney represents their client. Though everyone is working as a team to complete the transaction, it's still wise to kno
“Right, People. Let’s blast out that mail campaign we’ve been planning for so long.”It’s time to put your trusty CRM software to work; to let it earn its keep. You run a search of people and companies you want to target.You soon realize something’s wrong when your list is far smaller than anticipated. A quick check reveals many profiles/categories have not been filled
Real Estate Attorney(s)
If there are attorneys present, keep in mind that each attorney represents their client. Though everyone is working as a team to complete the transaction, it's still wise to know who has what interests at heart.
Who Runs the Show?
The bank representative and the title company representative will dictate most of the action at the closing, ensuring all documentation has been properly executed and the transaction was completed. The bank representative will also be the one dispersing the funds on behalf of the buyer to the seller.
Conclusion
As long as you keep in mind that everyone in the room has the same goal, yet each has a different area of focus, you will be able to enjoy a smooth real estate closing.
* Copyright 2006, Brandon Cornett. You may republish this article if you keep the byline and author's note, and also leave the hyperlinks active.
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