Show Me The Money
This is the highest amount we can accept on a personal check for EMD for a closing.
What is $1,000?
*However, use your judgment - Someone brings a personal check for $2,000 for a closing in four weeks, accept it and make a reminder to see if it cleared in 10 days.
Closing is finished? Don't forget to check these items off as soon as possible, and you can avoid being scolded by Alex Taylor.
What are tasks?
Do a file check every week or at the end of each month to clean up loose ends.
A revocable trust becomes this after the grantor/settlor passes away.
What is irrevocable?
Important distinction for closings, as a revocable trust may not have its own TIN, but typically irrevocable trusts do.
This is the amount of time between the attorney's due date for title work and the closing date, which should be notated on the front of a file before handing it off to the attorney. (Answer for both loan and cash closings)
What is two weeks for cash closings, three weeks for loan closings?
This attorney is the most recently wedded.
1099s report this amount from a real estate transaction.
What are gross proceeds?
VERY IMPORTANT - make sure for every closing you are inputting sellers' SSNs and mailing addresses, as we must report this to the IRS every year.
Scheduling closings and tracking the calendar taking up most of your day? As tedious as it seems, having the correct closing date in Qualia is incredibly important to maintain, as it will affect this item on a closing statement.
Tax Prorations
(potentially HOA prorations)
(potentially daily interest in payoffs)
We are required by North Carolina statute to prorate this figure on a settlement statement.
What is the tax bill?
Chapter 39, Article 10, § 39‑60. Property tax proration on sale of real property. Unless otherwise provided by contract, property taxes on the real property being sold shall be prorated between the seller and buyer of the real property on a calendar‑year basis.
This is how far in advance of closing you should order an HOA statement.
What is at least two weeks? (Or really as soon as possible)
This attorney has a fashion vlog on YouTube.
Who is Meghan Francis?
The newest policy for Taylor Law prohibits attorneys from leaving these items with their staff.
What are presigned checks?
Have a business entity as a seller? It's recommended that you copy and paste the business name directly from this place into the Qualia file.
What is the Secretary of State?
Lenders are required by statute to provide a mortgage payoff statement within this many days of our request.
What is 10 days?
§ 45-36.7(d). Payoff and short-pay statements; request and content. Within 10 days after the effective date of a notification that complies with subsection (a) of this section, the secured creditor shall issue a payoff statement or a short-pay statement.
This is the item you should share with all parties for review before closing as soon as it's available.
What is the settlement statement?
Ideally, for cash closings you want to send a settlement statement out around a week before closing. For loan closings, you may not have all the information for a buyer that far in advance, but you should share something with the seller around 48 hours before closing.
This attorney is a former D1 soccer player.
Who is Alexandria?
These are the two types of funding methods a lender may use when determining the amount of money they will provide to us for a closing.
What are gross funded and net funded?
Gross funded = lender sends a wire equal to the loan amount, and includes their own fees within it.
Net funded = lender sends a wire that has held back their own fees
Got a title request from a lender? Don't panic, you just need to input these FOUR items into Qualia to make your attorney happy.
1. Loan Number
2. Loan Amount
3. Mortgagee Clause
4. Lender Contacts
This agreement allows a married person to purchase (and potentially later sell) property without the joinder of their spouse.
What is a free trader agreement?
Make sure your attorney knows whether a buyer is separated from their spouse, as the attorney will need to have a conversation with the buyer before closing.
This is the maximum amount of time that should pass between receiving a contract and opening the file in Qualia.
What is 24 hours?
But why?
1. Heather needs current information on file numbers when distributing contracts
2. Can't deposit EMD until it's opened
This attorney is a big Yankees fan.
Who is Michael?
This is the amount of per diem interest you should include when calculating the total for a mortgage payoff.
What is 10 days?
Need to make a note on a file? Make sure you use our new template to create these FIVE different note sections, so you know exactly where to put it.
1. Additional Information/Documents Needed
2. Seller Information
3. Buyer Information
4. Contract Overview
5. Title Overview
What is a purchase money transaction?
Important distinction that will determine whether spouses are required to come to closing.
A buyer has this many days, per a standard NC contract, to provide the escrow agent with their EMD.
What is 5 days?
If we are named as the escrow agent, keep track of if/when we receive this, and follow up with the buyers until they provide it!
This attorney used to coach a middle school basketball team.
Who is Yansea?