CHECKLIST FOR ACQUISITIONS
Checklist for acquisitions
When the property is to be acquired, there are factors to be considered and a checklist is made for acquisitions of property. This consists of the address of the property as well as in the contract phase the following sub factors should be taken into account:
The first is if it is a lease with the option to purchase or if it is an earnest money contract. Along with this, the seller’s disclosure also needs to be checked and incase it was built before 1978 then the lead based paint addendum needs to be checked too. The details of the water district notice (MUD) needs to be evaluated and a request needs to be made for the mortgage information letter. There should also be a general authorization in order that the information is to be released and the general warranty deed needs to be checked. This it to be evaluated along with the open title, the information letter of the order mortgage and the affidavit of memorandum incase it is necessary.
At the time of the closing, the following need to be evaluated: Who is the beneficiary in the land trust agreement, who has been assigned beneficial interest and the power of attorney and incase escrows and insurance proceeds are necessary who is assigned it as well as the cancellation of the insurance letter which exists and the order quotes and insurance. This is to be done by reviewing the existing insurance and transferring to the agent. The insurance company should also be informed to send the refund check.
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