REE-3043 Lecture Notes - Lecture 22: Escrow, Good Faith Estimate, Home Insurance

• School: FSU
• Department: Risk Management/Insurance, Real Estate and Legal Studies
• Course: REE-3043
• Professor: William M Woodyard

Document Summary

If the buyer defaults, seller may: rescind the contract, or sue for performance and/or damages, or, retain deposits as liquidated damages. If seller defaults, buyer may: rescind the contract, or sue for performance and/or damages, provisions for liquidated damages may be specified in the contract. Closing: the title transfer is completed documents delivered and signed, the financing transactions are completed, all costs associated with the transactions are settled (funds disbursed) Steps before closing: the property is surveyed and inspected, the title is searched and a report completed, the deed, mortgage, note, and mortgage satisfaction documents prepared, arrangements are made for hazard insurance, utilities, and other services. Real estate settlement and procedures act: lender must provide the following, (cid:862) ettle(cid:373)e(cid:374)t costs a(cid:374)d you(cid:863) booklet, good faith estimate of settlement cost, uniform settlement statement, re pa prohi(cid:271)its the use of (cid:862)ki(cid:272)k(cid:271)a(cid:272)ks(cid:863) i(cid:374) the tra(cid:374)sa(cid:272)tio(cid:374)