Lender Faux Pas
"CD" is an abbreviation for this important lending step.
What is Closing Disclosure?
"Monitor this" really means...
Nothing is really wrong.
TRD stands for:
What is the Time Reference Date?
This title company employee is responsible for reading the title work and providing the title commitment.
Title attorney.
This person got married on the beach in Maui, Hawaii
Who is Cody?
Which financing supplement would you use for a Bank Statement loan?
What is a Conventional Loan Supplement?
“Recommend a qualified professional to evaluate" usually means this.
Inspector doesn't want to commit to an answer.
As outlined on the first page of the contract, this is the official act of emailing a document to the email address listed for the agent on the last page of the contract.
What is Delivery?
This type of insurance policy is required on Loan closings, but optional when paying cash.
What is Title Insurance?
Name both of Stephen's dogs
Who are Oscar and Frank?
This estimated Third Party fee has the largest effect on the loan estimate, outside the Lender's control
What is Homeowner's Insurance?
“Possible microbial growth” really means this.
Looks like Mold, but they don't want to say Mold.
If you fail to deliver a TRR at the end of the inspection period, this happens:
Buyer is Buying As-Is.
This large book holds all transaction data for each property
Abstract
This admin used to race in Motocross.
Alejandro
When receiving a credit from the Seller, these are the 3 categories a Seller is able to pay towards for the Buyer.
What are Closing Costs, Pre-Paids & Escrows?
“Unit is older but functional” translates to this reality.
It could die tomorrow, or in 10 years, no one really knows.
If the TRR is not fully-executed at the end of the TRR Negotiation Period, this happens.
Contract considered null & void.
This identifier is used to reference a property at Title: (It's not the address)
Legal Description
This admin grew up in a cult.
Who is Allison?
This is commonly responsible for significantly increasing the Mortgage Payment the first year after purchasing
What are rising property taxes?
“Active leak not observed at time of inspection” means this about 95% of the time.
No leak; but looked wet
This previously had it's own supplement, but is now included in the scope of the Buyer's responsibility to review during the Inspection Period.
What is a mandatory Homeowner's Association?
This is a state commissioned individual who must witness every closing:
Notary public
Name all 5 of Scott's children
Who are Thayer, Cohen, Theodore, Gus and Nora?