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Exam Review Course Manual – Page 12

Exam Review Course Manual – Page 12. H. ESCROW –. Financial Code. Instructions Executed By –. Buyer, seller, third parties. 2. Purpose –. Terms are met. 3. Closing Statement Buyer debit –. Purchase price. Credit seller –. Prepaid taxes. Exam Review Course Manual – Page 12.

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Exam Review Course Manual – Page 12

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  1. Exam Review Course Manual – Page 12 • H. ESCROW – Financial Code • Instructions Executed By – Buyer, seller, third parties 2. Purpose – Terms are met 3. Closing Statement Buyer debit – Purchase price Credit seller – Prepaid taxes

  2. Exam Review Course Manual – Page 12 Not unsecured loan • 4. Prorations – 5. Impounds – Recurring costs 6. Two Termite Reports – Get instructions from buyer and seller 7. Escrow Can – Call for funding of loan

  3. Exam Review Course Manual – Page 12 • 8. Report to IRS – Escrow 9. Move in early – Seller’s written permission 10. Release disputed funds – Instructions from all parties or court order

  4. Exam Review Course Manual – Page 13 • I. REAL ESTATE SETTLEMENT PROCEDURES ACT • 1. 1-to-4-Family Residential Dwellings – Required 2. Uniform Settlement Statement – No charge 3. Buyer Can Require – Specific lender 4. Good Faith Estimate – Must be furnished

  5. Exam Review Course Manual – Page 13 • J. MANDATED DISCLOSURES • 1. Real Property Transfer Disclosure Statement • a. Given by – Transferor, even if sold “as is” b. Must reveal – All known defects Not repairs c. Amended statement – Buyer can rescind d. Licensee can never – Fill out seller’s portion e. Defective statement – Buyer can sue within two years

  6. Exam Review Course Manual – Page 13 • 2. Alquist-Priolo Act • a. Requires disclosure – Nearby earthquake fault lines b. Zone extends – ¼ mile wide along fault lines

  7. End of Session

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