SELLER FINANCING
This document outlines the terms of the seller financing agreement, including interest rates, payment schedules, and late fees.
What is Promissory Note?
What two subject to disclosures should a Seller sign in any transaction?
What is Subject To Addendum and Seller Disclosures and Acknowledgements?
Name one thing that must be done on a Purchase Contract to make it binding.
What is signing the contract?
What type of transaction occurs when you keep the seller's existing mortgage in place while taking title to the property?
What is a Subject-To purchase?
What is the typical first step after an offer is accepted that a transaction coordinator must complete?
What is ordering a title report and sending opening escrow instructions?
Buyers should conduct BLANK by researching the property's title through public records to understand any potential legal issues.
What is title search or due diligence?
What documents should the Seller sign to ensure the Buyer can speak on behalf of the Seller after closing on the mortgage and/or insurance?
What is Limited Power of Attorney and/or Authorization to Release?
What should you double check when you first receive a Purchase Contract?
ANSWER: What is double check the contract is signed?
ANSWER: What is make sure the numbers add up?
ANSWER: What is double check there is a closing date listed and it’s not a weekend?
ANSWER: What is double check when DD is ending?
ANSWER: Something similar to the above….
In this arrangement, you create a new loan that "wraps around" the existing mortgage when selling the property?
What is a wrap-around mortgage disposition?
During which phase must the TC ensure the buyer submits their earnest money deposit?
What is within 3 business days of offer acceptance (in most states)?
Where does the Buyer make payments after closing in a Seller Financing Transaction?
What is to the Seller?
What piece of information is key to collect BEFORE closing to ensure everything is up to date and there are no unforeseen payments required after closing?
What is mortgage portal login credentials?
What should you do if the closing date on the Purchase Contract changes?
What is write an Addendum changing the date?
What transaction type involves the legal transfer of the loan obligation from the original borrower to a new borrower with lender approval? (this will change, because this is wrong)
What is an assumption?
What critical document package must the TC prepare and have signed before the inspection contingency deadline?
What are the inspection response and repair request documents?
What does the Seller need to be listed as in the Buyer’s Insurance Policy?
What is Lost Payee or Mortgagee?
What 4 numbers are critical to collect on the mortgage portal login credential sheet?
What is last four of SSN?
What should always come with a Purchase Contract for a SubTo Deal?
What is Subject To Addendum and Seller Disclosures and Acknowledgements?
What creative financing method combines a Subject-To purchase with owner financing for the remaining equity portion?
What is a hybrid?
What time-sensitive task must the TC complete immediately after receiving the appraisal?
What is reviewing and documenting any appraisal conditions, then coordinating with the lender to clear them?
One benefit of Seller Financing is that the seller can receive a higher return on the “investment” through receiving what?
What is equity with added interest?
What should your Limited Power of Attorney be stamped with?
What is a notary stamp?
If you’re working for a wholesaler, what is one thing that must be included in their Purchase Agreement?
What is language that says they can wholesale/assign the contract?
In this advanced strategy, multiple Subject-To properties are cross-collateralized to secure a portfolio loan?
What is a blanket subject-to refinance?
What is the final critical timeline check a TC must perform 72 hours before closing?
What is confirming the Clear to Close from the lender, wire instructions are verified, and all parties have their signing appointments scheduled?