Know Before You Show
-Continuing Education-
Price:$65.00\$75.00
Book Cost: included
Hours: 7.5hours (You finish 1/3 of your 22.5
hours of continuing education required by the State.)
Course Outline:
This course is designed to assist the real estate professional in understanding the entire real estate transaction especially, happenings after the offer is accepted. The emphasis will be on the importance of full disclosure to the clients.
I. The Binder
a. Legal effect
b. Information to include
II. The Contract of Sale
a. Representing the purchaser
b. Representing the seller
c. Description of Property
d. Purchase price
e. Amount of down payment
f. Mortgage contingency clause
g. Role of seller’s attorney as escrow holder; duties and obligations
h. Condition of property and sellers disclosure
i. Meaning of the term “as is”
j. Choosing a closing date; “on or about” or “on or before”
k. Mortgage application and mortgage commitment
l. Title Report: the absolute necessity to pass insurable title
1. defects in title and how they can delay closing date
2. clearing exceptions in the title report
3. liens, judgments, survey variations, government violations, etc.
4. how to cure title defects
III. The Mortgage Application – Good Faith Estimate
IV. Closing cost, including band and mortgage broker fees, title charges, property taxes
V. Scheduling the closing
a. advise the client of the “net proceeds” from the mortgage loan
b. calculating the certified funds necessary for closing
VI. The Closing
a. the deed
b. transfer taxes
c. adjustments