Checklist for Sales with New Loans-leaseOption

What are the items in the Checklist For Sales With New Loans

When you want to take a new loan for sales, there are a few things which you must be aware of. When you want to apply for a new loan there is a Checklist For Sales With New Loans which need to be used so that one doesn’t falter on it or face it. There is the Credit Application form which needs to be filled, the application receipt agreement for certified funds which need to be taken and supplied along with the Order credit report. One then needs to verify the job, the rental agreement history as well as the credit report.

Part of the Checklist For Sales With New Loans includes various sorts of contract documents which include the earnest money contract, the seller’s disclosure documents, the lead based paint addendum which is needed incase the house has been built before 1978, the notice from the water district is needed as well. This in addition to the loan and closing process which consists of the open title, the documents which the buyer has to send to the mortgage company and the follow up on the loan procedure through the closing and then one will receive as well as review the title commitment.

One should also ensure that the inspections as well as appraisals are done for all the utilities and there should be a termite report which is available. One should definitely ensure that this report is less than 30 days as it is only valid for a month.

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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