Checklist for Acquisitions-shortsale

Different phases involved in acquiring a property

Are you planning to acquire a property? Then, there is a checklist of documents that you have to check prior to acquiring it. However, there are high chances of you forgetting to check the documents, so it is a best practice to prepare a Checklist for Acquisitions to cross check all of them with the prepared list. Most importantly, this helps you to carry out the paperwork and amass all the required documents for acquiring the property without any kind of legal disputes. It is important for you to gather the documents from your seller before purchasing the desired property. Basically, at times, there are a certain documents that would be missing near the seller and this might put you in troubles in the future. So, you should thoroughly check all the documents, and then proceed to acquire the property. Ideally, there are two phases involved in acquiring a property. There include

Contract phase: This phase actually includes the documents of whether or not you are acquiring the property that was leased with a purchase option and seller disclosure. Generally, this disclosure, ensure that the property is solely belongs to the seller and none of his/her heirlooms or immediate family members have right on it. Most importantly, these documents should also have lead based paint addendum and is built prior to 1978. In addition, you should also have a document from the water district. Also, you should also ask the seller to provide you with the mortgage information letter, warranty deed, and open title.

Closing phase: It is important for you to check the beneficiary of the property, since after your purchase, the beneficiary may file a case on your property. So, beforehand, check the land trust agreement thoroughly to check the beneficiary name, insurance papers, power of attorney papers, and insurance cancellation letters. Most importantly, you need to check the insurance cancelled papers and the refund that they got after cancellation. Undeniably, you need to check whether the property is on the owner’s name or not. These Checklist for Acquisitions help you to purchase the dispute free property.

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CHECKLIST FOR ACQUISITIONS

PROPERTY ADDRESS ________________________________________________

CONTRACT PHASE

Earnest Money Contract Or Lease With Option To Purchase
Seller’s Disclosure
Lead Based Paint Addendum if built before 1978
Water District (MUD) Notice
Request for Mortgage Information Letter
General Authorization To Release Information
General Warranty Deed
Open Title
Order Mortgage Information Letter
Is An Affidavit Of Memorandum necessary? (Yes Or No)

CLOSING PHASE

Land Trust Agreement (Who is Beneficiary? – Seller or Us)
Assignment Of Beneficial Interest if necessary to _________________
Power Of Attorney if necessary
Assignment Of Escrows and Insurance Proceeds if necessary
Cancellation of Existing Insurance Letter
Order Insurance/Quotes
Review Existing Insurance and transfer to our agent if necessary
Immediately notify canceled Insurance Co. to send US the Refund Check (send copy of the Assignment of Escrow and Insurance)
Due On Sale Disclosure if necessary
Investor Note and Deed of Trust if necessary:         Investor ______________________    Amount ______________Term__________________  Interest Rate _____________
General Warranty Deed if necessary
Management Letter if not fully Assumed by us
Add New Mortgage Payments to Scheduled Transactions
Turn On Utilities
Letters Regarding Change Of Mgmt/Ownership To Homeowners Association, Appraisal District, Mortgage Co.
Make sure all documentation is in the Property Folder and put in file cabinet