1. Role of the Closing/Settlement in the Real Estate Cycle

    (Listing, Showing, Offer and Acceptance, Purchase & Sale Agreement, Financing, Title Search, Closing/Settlement)

  2. Sellers Closing Cost and Responsibilities
    1. Deed
    2. Real Estate Commission
    3. Proration of Water, Sewer & Taxes (math examples)
    4. Recording Fees
    5. Sellers Attorney Fees
    6. Mortgage Payoff
    7. UFFI Certificate
    8. Smoke Detector
    9. Certificate of Title
    10. Excise Tax Stamps
    11. Condos:
      1. Condo Documents - Master Deed, By-Laws, Rules and Regulations
        1. (d) Certificate
  3. Buyers Closing Costs and Responsibilities
    1. Inspection Costs
    2. Bank Application Fee
    3. Bank Attorney (Title Search)
    4. Plot Plan
    5. Financing Points
    6. Fuel Adjustment
    7. Buyers Attorney Fees
    8. Title Insurance
    9. Private Mortgage Insurance (P.M.I.)
    10. Tax Escrow
    11. Home Owners Insurance
    12. UFFI Certificate
    13. Recording Fees
    14. Condo:
      1. Master Insurance Policy
      2. Advance Condo Fee
  4. Documents at closing
    1. Deed
    2. Mortgage Deed
    3. Mortgage Note
    4. Mortgage Discharge
    5. Municipal Liens Certificate
    6. Attorney Certification of Title
    7. RESPA Settlement Statement
    8. Statement
    9. Plot Plan
    10. Insurance Policy/Binder
    11. Lead Paint Certification
    12. Truth-in-Lending Disclosure
    13. Affidavit of Purchase & Vendor
    14. w - 9's
    15. Application Form
    16. Commitment Letter
    17. Title Insurance
  5. Settlement Statement

    (Distribution of a completed RESPA Settlement Statement is recommended for class/case discussion)

  6. Review Broker's role and impact on the closing process at the following stages:
    1. Listing
    2. Showing
    3. Purchase and Sale Agreement
    4. Bank Application and Approval
    5. Bank Attorney/Title Search
    6. Scheduling of closing Re - other property closing Purchase and Sale date; Coordination of all Parties, Occupancy