Checklist for Sales with New Loans Assorted Legal Forms

Go through the checklist thoroughly prior to availing new loans

Every individual will take a loan some or the other time in their lifetime to fulfill their short or long-term obligations. However, when you planning to take up the loan to purchase a property, you should be aware of the Checklist for Sales with New Loans. Generally, this checklist is a quick reference for both the lenders and the borrowers.

In this checklist, you have to include the property address clearly. This Checklist for Sales with New Loans are figured out into three categories

Application process: It should include a credit application form, receipt as a proof that you have submitted the application and the lenders have received it, and a clear credit history. Apart from this, the lenders should also check the rental history of the borrower, and the job he/she is doing.

Contract documents: This should include earnest money contract, seller’s disclosure, lead based paint addendum, if the property is built prior to 30 decades. Most importantly, this document should also include a water district notice.

Here is the process that is followed from filing the loan application until it is approved

• Title
• Send the buyer to the best mortgage company
• You need to follow up the status of the loan application process after every couple of days
• Review the changes received
• Ensure that all the utilities are ready for inspection
• If the report has missing details, then the lenders would terminate it prior to 30 days
• Scrutinize the previous mortgage loan information
• Prepare the release or liens
• Pay off the amount to the investor or put the collateral as a substitute for the amount
• Close the schedule
• Remove the liens that are paid off from the transaction report
• Cancel insurance
• Turn off the utilities
• Thoroughly check the escrow account
• Exclude signs
• Revoke certain services like pool or lawn
• Remove the advertisements

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Sample Template Preview

CHECKLIST FOR SALES TRANSACTIONS:  NEW LOAN

  PROPERTY ADDRESS:_________________________________________________________ APPLICATION PROCESS: Credit Application Application Receipt Agreement (certified funds only) Order Credit Report Verify Job, Rental History, Credit Report CONTRACT DOCUMENTS: Earnest Money Contract Seller’s Disclosure Lead Based Paint Addendum if built before 1978 Water District (MUD) Notice LOAN AND CLOSING PROCESS Open Title Send Buyer to Mortgage Company Constant Follow–Up on Loan Process through Closing every 3-4 days Receive and Review Title Commitment Make Sure All Utilities are on for Inspections/Appraisal Order Termite Report (Report only good for 30 Days) Verify Mortgage/Lien Payoff Information Prepare or Order Release Of Liens Payoff Investor Or Substitute Collateral (Change In Computer) Schedule Closing Remove Paid-Off Liens From Scheduled Transaction Payments Cancel Insurance-Look For Refund Turn Off All Utilities After Closing Check Into Escrow Account Refund-Look For Refund Remove Signs And Pick Up Lockbox Cancel Lawn Or Pool Service If Necessary Terminate All Advertising, Update MLS Listing Thank You Letter To Buyer with small gift