Transcript of Wow, wouldn't it be nice if all of the companies we deal ... · I This is to give the Escrow...
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Wow, wouldn't it be nice if all of the companies we deal with would take this stance.
I This is to give the Escrow direction as to how the I Seller's would prefer to have them handle the Chicago Title disbursement of thelr funds at the close of escrow
3340 Walnut Ave., Suite 116, Fremont, CA 94538 510 742-0800 FAX 510 790-0103
DISBURSEMENT OF PROCEEDS/WIRE TRANSFER INSTRUCTIONS
Escrow Officer: - Date: June 27, 2013 Locate NO.: -.
The undersigned hereby authorizes and directs Chicago Title Company to wire transfer funds, as indicated below, to the Receiving Bank and Account or to disburse proceeds/refunds as indicated below. The undersigned warrants that the information provided in this Authorization is complete and accurate.
NET PROCEEDS DUE THE UNDERSIGNED to be: Wire Transfer (complete instructions below)
Disbursed as indicated: HOLD for Pick Up [7 Overnight Delivery
CALL when check is ready for Pick Up, Phone No.
I : Complete ~ o r w a r d i n ~ i l i n g address:
In the amount of $
OTHER:
Wire Transfer Instructions
Receiving Bank:
City/ State:
ABA Number:
Wire Payee:
Account Number:
For further credit to:
Account Number:
Notify:
Phone:
(wiretmsinch) (10-03) (REV. 09-10)
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This is to give the Escrow direction as to how the Seller's would prefer to have them handle the disbursement of their funds at the close of escrow.
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Sellers will sign and date here. If they are Trustees on a trust they will most likely be required to sign their name with a comma "Trustee" after their name.
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This is a breakdown of the Estimated Closing Costs to Seller. These are not their final costs. The final figures will appear in the HUD 1 Settlement Statement.
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PRORATIONS ARE THE DIVISION OF TAXES, INSURANCE AND HOMEOWNERS DUES BETWEEN BUYER AND SELLER BASED ON THE DATE OF CLOSING.
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THESE FOLK DO NOT OWE ANY MONEY ON THEIR HOME SO THE ONLY MONEY BEING DEDUCTED FROM THE PURCHASE PRICE IN THEIR COSTS. NICE REFUND!
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THIS IS A DUPLICATE OF THE PREVIOUS FORM WHICH ASKS THE SELLER HOW THEY WOULD LIKE TO HAVE THEIR FINAL FUNDS SENT TO THEM. HAVE THEM CHECK THE APPROPRIATE BOX.
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UNLESS THE SELLER CAN PICK THEIR FUNDS UP FROM THE TITLE OR ESCROW COMPANY HAVING THEIR FUNDS WIRED TO THEIR BACK IS THE BEST AND SAFEST CHOICE.
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HUD STANDS FOR: HOUSING AND URBAN DEVELOPMENT.
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SELLERS FINAL FIGURES, INCOME AND COSTS.
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COSTS BREAKDOWN ON PAGE 2. GROSS AMOUNT DUE BEFORE EXPENSES. NET PROCEEDS ARE AFTER EXPENSES ARE DEDUCTED.
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THIS PAGE IS THE BREAKDOWN OF SETTLEMENT CHARGES.
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DON'T FORGET, AN OWNERS POLICY OF TITLE INSURANCE COVERS THE NEW OWNER FROM THE MOMENT THE CLOSING ON THE PROPERTY TAKES PLACE UNTIL THEY NO LONGER OWN THE PROPERTY OR THEY DIE. NO OTHER TITLE INSURANCE FOR THE OWNER OF THE PROPERTY IS EVER NECESSARY.
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RESPA: REAL ESTATE SETTLEMENT PROCEDURES ACT. THIS PROTECTS THE CONSUMER BY PROVIDING THEM WITH DISCLOSURES PRIOR TO THE CLOSING OF THE ESCROW.
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DON'T FORGET: YOU ARE NEVER THE SETTLEMENT AGENT.
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THESE ARE TYPICAL ESCROW INSTRUCTIONS FOR A PURCHASE ESCROW.
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GOOD FUNDS MEANS THAT THE MONEY DEPOSITED INTO ESCROW IS IN THE COMPANIES TRUST ACCOUNT AND IS READY TO DISBURSE WITH NO FUNDS ON HOLD FOR ANY REASON. "SPENDABLE MONEY".
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BUYER'S WILL USUALLY PROVIDE INSURANCE FOR THE HOME FROM A COMPANY OF THEIR CHOICE. THEY NEED TO PROVIDE ESCROW WITH THIS INFORMATION SO THAT THE ESCROW OFFICER CAN ORDER PROOF OF INSURANCE FOR THE LENDER. AT CLOSE OF ESCROW THE SELLER'S INSURANCE ON THE HOME WILL BE CANCELLED.
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EXAMPLES MIGHT BE TO INSURE JEWELRY OR COLLECTABLES.
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THIS IS OFTEN CALLED THE "BOILER PLATE DOCUMENT" IT IS JUST THE SAME DOCUMENT THAT BECOMES A PART OF EVERY ESCROW INSTRUCTION WITHOUT CHANGE.
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ALL OF THE PRIVACY STATEMENTS YOU SEE ARE AS A RESULT OF THE GRAMM, LEACH, BLILEY ACT AS DISCUSSED IN COURSE.
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THERE IS A CERTAIN CRITERIA WHICH WILL ALLOW THE SELLER TO OBTAIN A DISCOUNT ON THE NEW POLICY OF TITLE INSURANCE. TAKE A LOOK AND MAKE YOURSELF FAMILIAR WITH THESE ITEMS.
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GRANTOR = SELLER OR PERSON COMING OFF OF THE TITLE. GRANTEE = BUYER OR PERSON COMING ONTO THE TITLE.
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GRANTOR
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GRANTEE
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COUNTY WHERE YOUR FEET ARE PLANTED
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DATE OF SIGNING
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YOUR NAME HERE
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SIGNERS NAMES HERE
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TYPE YOUR NAME UNDER THIS SIGNATURE LINE
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APPLY YOUR STAMP IN THIS AREA
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EXHIBIT "A" IS ALMOST ALWAYS THE PAGE THAT CONTAINS THE LEGAL DESCRIPTION OF THE PROPERTY.
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APN = ASSESSORS PARCEL NUMBER A DESCRIPTION BY NUMBER OF THE PROPERTY PROVIDED BY THE COUNTY ASSESSORS OFFICE.
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ALSO KNOWN AS THE PCOR
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THIS FORM MUST ACCOMPANY EVERY DEED THAT IS RECORDED IN THE OFFICE OF THE COUNTY RECORDER. SELLERS MUST COMPLETE THIS FORM.
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A GOOD ESCROW OFFICER WILL USUALLY HAVE A GOOD PART OF THIS FORM COMPLETED BUT IF NOT, HAVE THE SELLERS COMPLETE.
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IF YOU GET DOCUMENTS FROM ANOTHER STATE AND THE VERBAGE GOES LIKE THIS, YOU CAN ATTACH A SEPARATE ACKNOWLEDGE FROM YOU OWN STATE TO THE DOCUMENT AND LINE THROUGH THE ONE THAT REQUIRES YOU TO CERTIFY UNDER PENALTY OF PERJURY THAT YOU WILL FOLLOW THE RULES OF ANOTHER STATE. YOU CANNOT DO THAT BECAUSE YOU ARE NOT A NOTARY COMMISSIONED IN THAT STATE.
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IN THE SELLER'S PACKAGE I MENTIONED THAT THERE MAY BE DOCUMENTS WHICH WILL HAVE AN IMPACT ON SELLERS CAPITAL GAINS TAX AND THIS IS ONE OF THOSE DOCUMENTS.
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IF THE SELLERS HAVE ANY DOUBTS ABOUT HOW THESE FORMS ARE TO BE COMPLETED YOU CAN LET THEM KEEP THESE DOCUMENTS SO THEY CAN GET ASSISTANCE FROM THEIR TAX ACCOUNTANT OR ATTORNEY. EMPHASIZE THAT THEY MUST RETURN THE COMPLETED FORM BACK TO ESCROW ASAP!
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TRANSFEROR IS THE SELLER.
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THIS FORM IS TO BE COMPLETED BY A SELLER WHO IS A U.S. CITIZEN OR LEGAL RESIDENT TO AVOID HAVE TAXES WITHHELD AT CLOSE OF ESCROW FROM THEIR PROCEEDS. IF A PERSON IS A NON-RESIDENT ALIEN THEY ARE SUBJECT TO A 10% WITHHOLD OF THEIR GROSS SALES PRICE. THE IRS WANTS TO MAKE SURE THEY DO NOT TAKE THEIR PROCEEDS AND LEAVE THE COUNTRY.
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DON'T FORGET TO ADMINISTER AN OATH TO THE SELLERS.
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THIS IS THE SAME FORM AS THE PREVIOUS DOCUMENT BUT DEALS WITH BUSINESS OWNERS.
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SOME STATES SUCH AS CALIFORNIA MAY REQUIRE NONFOREIGN AFFIDAVITS TO COVER STATE TAXES AS WELL.
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THIS CERTIFICATION OF TRUS IS TO BE COMPLETED BY THE SELLER IN A TRANSACTION WHERE THE PROPERTY HAS BEEN PLACED IN A TRUST. SELLER'S WILL COMPLETE THIS DOCUMENT WHICH GIVES INFORMATION ABOUT THE TRUST AND THE CURRENT STATUS OF THE TRUST.
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IF YOU HAVE DOCUMENTS THAT HAVE A PARAGRAPH SUCH AS THIS ONE AND YOU ARE NOT IN THE STATE MENTIONED, YOU SHOULD PREPARE A SEPARATE "APA" (ALL PURPOSE ACKNOWLEDGEMENT) WHICH IS COMPLIANT WITH YOUR STATE. YOU CANNOT CERTIFY UNDER THE LAWS OF ANOTHER STATE BECAUSE YOU DID NOT RECEIVE YOUR COMMISSION NOR DO YOU RESIDE IN THAT STATE.
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WATCH FOR THE AREAS WHERE THE SELLER'S (OR BUYER'S) NEED TO SIGN THAT THEY HAVE READ THE DOCUMENTS AND APPROVE OF THEIR CONTENT.
THE PRELIMINARY TITLE REPORT IS PREPARED BY THE TITLE COMPANY WHEN THE ORDER IS OPENED. IT IS THE RESULT OF A SEARCH THAT IS DONE ON THE PROPERTY SHOWING ALL THE INFORMATION OF RECORD ABOUT THAT PROPERTY. SOME OF THEM ARE VERY INTERESTING TO READ.
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ANYTIME YOU SEE THE WORDS "READ AND APPROVED", YOU WILL HAVE THE SELLER'S - OR THE BUYER'S ON A BUYER'S PACKAGE SIGN ON THE LINES.
MOST OF THE TIME WHEN THERE ARE BILLS TO BE PAID THROUGH ESCROW BY EITHER THE BUYER OR THE SELLER, THESE BILLS WILL BE INCLUDED WITH THEIR DOCUMENTS AND YOU WILL NEED TO INSURE THAT THEY SIGN WHERE THE "READ AND APPROVED" LINES APPEAR.
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JUST ANOTHER MISCELLANEOUS BILL FOR SELLER TO APPROVE. PAYMENT ON THESE BILLS WILL BE MADE AT THE CLOSE OF ESCROW BY THE ESCROW OFFICER.
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JUST ANOTHER BILL WHCH THE SELLERS ARE RESPONSIBLE FOR AT THE CLOSE OF ESCROW.