this opinion, when written, signed by the attorney, and attached to the abstract, in many states

What is an appraisal opinion?

How to measure the time since a comparable sold?

What is the impact of changes in the legal environment?

Is each approach or method straight forward?

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What is the lender's attorney's responsibility at the closing?

The closing attorney's primary function is to take care of all arrangements necessary to close the lender's mortgage transaction. The closing attorney coordinates all of the efforts outside of the loan approval process that allows the closing to take place.

When closing on real property who will attend to ensure that the title is issued properly?

Specifically, the title company performs a title search on your house (more important than it may seem as these issues delay more than one-tenth of home sales), issues a policy to your buyers, makes sure the title passes properly from seller to buyer, and oversees all title-related aspects of closing.

Who is usually responsible for ordering and reviewing the survey of the property quizlet?

If the closing goes beyond 60 days you must collect a search closing charge from the seller to pay this bill. Who is responsible for ordering and paying for the updated survey? The seller/sellers attorney is also responsible for ordering and paying for this.

Who delivers the evidence of a clear title at the closing?

A seller is required to deliver a marketable title at closing. A marketable title is one that is so free of defects that the buyer is certain he or she will not have to defend the title. In order to deliver a marketable title, the seller must have proof of ownership of the property, also known as evidence of title.

Does closing on a house mean you get the keys?

Buyers often wonder: “Do you get the keys to the house at closing?” You signed all the paperwork. So, you get the keys right away, right? Not so fast. Signing your documents is just one part of a closing.

What not to do after closing on a house?

7 things not to do after closing on a houseDon't do anything to compromise your credit score.Don't change jobs.Don't charge any big purchases.Don't forget to change the locks.Don't get carried away with renovations.Don't forget to tie up loose ends.Don't refinance (at least right away)

What is the process that gives home buyers detailed information about the overall condition of a home?

A home appraisal is the process by which a licensed appraiser conducts a thorough inspection of a property to assess its true worth (which isn't always the same as the listing price). The appraiser will then compile all of their findings into a report and generate the home's appraised value.

Who should review the settlement statement before closing quizlet?

-gives buyer the right to review the completed settlement statement one business day prior to closing. -specifically prohibits any payment or receiving of fees or kickbacks when a service has not been rendered.

Which of the following parties is responsible for verifying closing statement accuracy unset starred question the appraiser the buyer's agent the insurance carrier the lender?

The purchaser and seller are ultimately responsible for the accuracy of the settlement statement.

How do I know if my land title is clean?

There are five places you can go to if you want to verify the authenticity of property titles.Registry of Deeds. ... Municipal or City Assessor's & Treasurer's Offices. ... Land Registration Authority (LRA) ... Housing and Land Use Regulatory Board (HLURB)More items...•

What are the 4 steps in the closing process?

What are the 4 steps in the closing process?Close revenue accounts to Income Summary. Income Summary is a temporary account used during the closing process. ... Close expense accounts to Income Summary. ... Close Income Summary to Retained Earnings. ... Close dividends to Retained Earnings.

What happens after closing on a house?

They will register the deed with government agencies, which will then ratify that the buyer is the new owner. The real estate agent will then receive their commission. The seller will get their final fee after balancing the books and all fees closed.

Which party is responsible for performing a title examination prior to closing quizlet?

The escrow agent is responsible for performing the closing procedures as detailed in the purchase contract or in a separate set of escrow instructions, signed by both the buyer and seller.

Who might attend a closing quizlet?

The answer is any of these. Face-to-face closings may be held at the office of the title company, the lending institution, an attorney for one of the parties, the broker, the county recorder, or the escrow company. Who might attend a closing? The answer is all of these.

Who is responsible for reviewing the closing disclosure before closing quizlet?

RESPA requires the lender to provide the buyer with a CD at least three business days before closing because: - this allows the buyer to review the numbers and understand the transaction before closing.

Who can perform a title search in the public records quizlet?

title companies attorneys, and lenders conduct the searches. The act of entering or recording documents affecting or conveying interests in real estate in the recorder's office established in each county.

Lesson 8 Quiz: Mortgage Loan Origination, Processing, and Servicing ...

Study with Quizlet and memorize flashcards terms like The _____ is responsible for processing the loan application in a timely manner, for ordering the credit reports and property appraisal, and for preparing the promissory note, mortgage document, as well as all disclosure documents required under federal or state law., Compensating factors may be taken into consideration by the loan ...

Module 2 test Flashcards | Quizlet

Study with Quizlet and memorize flashcards containing terms like An appraiser is using the direct sales comparison approach. When evaluating a recently sold property to decide if it is a suitable comparable, which of the following will NOT be a consideration?, The principle of _____ states that market value is determined by the interaction of these two forces in the appropriate market as of ...

Which of the following statements is true regarding loans and ... - BRAINLY

Click here 👆 to get an answer to your question ️ Which of the following statements is true regarding loans and borrowers? A) High-risk borrowers pay lower int…

What is an appraisal opinion?

The opinion is not a fact as such, but is an informed statement by the drawing upon facts extracted from the marketplace, applied within specific methodological steps, reconciled based upon the experience and professional judgment of the appraiser, and rendered as of a specific date. Consequently, the appraisal is subject to review, criticism, alteration, and possibly being completely redone by a different appraiser. Federal regulations have, in effect, created firewalls which separate the appraiser from those who stand to benefit from, or possibly be hurt by the ultimate value opinion rendered. This means that direct communication between the property owner, real estate agent and lender's loan officer and the appraiser selected for a particular assignment is very limited, and in some cases, prohibited. In institutions where the right to select appraisers has been retained, the selection is by random rotation from a list of previously qualified and board approved appraisers. Communication, thereafter, is limited to the bank officer with direct responsibility for managing and overseeing the appraisal process. This cannot be the loan officer processing the borrower's application. Some institutions outsource the appraisal process to Appraisal Management Companies who handle the selection and oversight responsibility for the originating lender. This process helps to solidify the communication firewalls, thus reducing risks associated with regulatory compliance. However, this approach has several drawbacks that have, in some cases, caused confusion and produced less than satisfied borrower/customers. One of the biggest criticisms of Appraisal Management Companies is that they draw on a pool of generally less experienced appraisers whose main business activity is significantly removed from the local market in which they have been chosen for an assignment. Real estate markets, by virtue of the fixity of location, are local and require local appraisers with local experience and access to reliable local information. Assigning an appraiser from one area of a state to do a residential single-family appraisal in another area of the state, perhaps 50 miles away, makes little, if any, business or common sense. Such an assignment would render the appraisal's conclusions suspect and subject to criticism, and the possibility of having to be redone by a local appraiser. This, unfortunately, takes time and money, delays the transaction and, needless to say, makes for an unhappy customer.

How to measure the time since a comparable sold?

the passage of time since the date the comparables sold can be quantified using either a sequential or regression analysis. Both focus on measuring rates of change in price over time, based on a sampling of actual transactions drawn from the relevant market area. Although generally more accurate and reliable, regression analysis, by design, is a mathematical modeling technique that requires relatively large quantities of data. For most appraisers, the technique may be cumbersome and difficult to use. Reliance on a less data demanding technique like sequential analysis provides useful and reasonably accurate information for making time adjustments. The appraisers may also rely on information and analysis provided by local sources, which periodically track price and rent trends for the market area as a whole, as well as for individual neighborhoods.

What is the impact of changes in the legal environment?

Changes in the legal environment, or discovery of legal restrictions affecting a property, may interrupt a transaction ; thus adversely affect its transferability and value. This is very much the focus of the Qualifying the Title in the Mortgage Lending process. As previously stated, an appraisal is.

Is each approach or method straight forward?

These approaches are discussed in the material which follows. Each approach or method is relatively straight forward and contains fairly few steps. However, their simplicity of structure can be deceiving. As they say "the Devil is in the details" and the details are usually defined by information availability and the applicability of an approach to a particular assignment. Although USPAP standards call for using all three approaches, the appraiser is able to make exceptions, as long as the reasoning for the exception is based on defensible facts or conditions.

What is an attorney's opinion of title?

This statement outlines the details of the attorney’s search, which records were examined, and what encumbrances exist against the title.

Can an attorney be liable for title loss?

An attorney is normally not liable if you should suffer loss due to “hidden hazards” in the title. You should always request a policy of title insurance if it is available in your area. Currently most all states offer title insurance, except the state of Iowa, which offers a “title guarantee” policy which provides almost identical coverage to ...

Does attorney's opinion of title insure against undisclosed defects?

The attorney’s opinion of title does not insure against undisclosed defects nor does it insure marketable title. You still need title insurance to cover these defects. Whereas under a policy of title insurance you are insured for losses due to defects in the title, subject to any exceptions stated in the policy, ...

What is a title opinion?

A title opinion is a written report from an attorney explaining the state of ownership of a. certain piece of property based upon the attorney’s review of the property records in. the county where the property is located, also known as a title search. The title opinion. states any defects in the title to the property as well as any easements ...

What is a title defect?

states any defects in the title to the property as well as any easements or other issues. that burden the property and could cause a Buyer not to receive clear title to the. property. Below are common title defects that can be discovered and possibly corrected by obtaining a title opinion before purchasing property. 1.

What is an easement?

Easements/ Right-of-Ways. Agencies, businesses, or groups have often been granted access, through an easement, to a homeowner’s property. Easements are often granted for indefinite periods of time. Easements may also prevent owners from using their land in certain ways.

Can a power of attorney be broad?

Power of Attorneys can be very broad or limited in what they allow. A title search and opinion can validate that the document signed by the Power of Attorney was within the powers granted to the POA as well as to verify that the POA endorsed the document correctly. 3. Probate issues.

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Attorney's Opinion of Title Law and Legal Definition

Attorney’s opinion of title is a written statement by an attorney regarding the identity of all current title owners, lien holders, and possible claimants of a particular land. It is an instrument written and signed by the attorney who examines the abstract of title, stating his opinion as to whether a seller may convey good title.

What is an appraisal opinion?

The opinion is not a fact as such, but is an informed statement by the drawing upon facts extracted from the marketplace, applied within specific methodological steps, reconciled based upon the experience and professional judgment of the appraiser, and rendered as of a specific date. Consequently, the appraisal is subject to review, criticism, alteration, and possibly being completely redone by a different appraiser. Federal regulations have, in effect, created firewalls which separate the appraiser from those who stand to benefit from, or possibly be hurt by the ultimate value opinion rendered. This means that direct communication between the property owner, real estate agent and lender's loan officer and the appraiser selected for a particular assignment is very limited, and in some cases, prohibited. In institutions where the right to select appraisers has been retained, the selection is by random rotation from a list of previously qualified and board approved appraisers. Communication, thereafter, is limited to the bank officer with direct responsibility for managing and overseeing the appraisal process. This cannot be the loan officer processing the borrower's application. Some institutions outsource the appraisal process to Appraisal Management Companies who handle the selection and oversight responsibility for the originating lender. This process helps to solidify the communication firewalls, thus reducing risks associated with regulatory compliance. However, this approach has several drawbacks that have, in some cases, caused confusion and produced less than satisfied borrower/customers. One of the biggest criticisms of Appraisal Management Companies is that they draw on a pool of generally less experienced appraisers whose main business activity is significantly removed from the local market in which they have been chosen for an assignment. Real estate markets, by virtue of the fixity of location, are local and require local appraisers with local experience and access to reliable local information. Assigning an appraiser from one area of a state to do a residential single-family appraisal in another area of the state, perhaps 50 miles away, makes little, if any, business or common sense. Such an assignment would render the appraisal's conclusions suspect and subject to criticism, and the possibility of having to be redone by a local appraiser. This, unfortunately, takes time and money, delays the transaction and, needless to say, makes for an unhappy customer.

How to measure the time since a comparable sold?

the passage of time since the date the comparables sold can be quantified using either a sequential or regression analysis. Both focus on measuring rates of change in price over time, based on a sampling of actual transactions drawn from the relevant market area. Although generally more accurate and reliable, regression analysis, by design, is a mathematical modeling technique that requires relatively large quantities of data. For most appraisers, the technique may be cumbersome and difficult to use. Reliance on a less data demanding technique like sequential analysis provides useful and reasonably accurate information for making time adjustments. The appraisers may also rely on information and analysis provided by local sources, which periodically track price and rent trends for the market area as a whole, as well as for individual neighborhoods.

What is the impact of changes in the legal environment?

Changes in the legal environment, or discovery of legal restrictions affecting a property, may interrupt a transaction ; thus adversely affect its transferability and value. This is very much the focus of the Qualifying the Title in the Mortgage Lending process. As previously stated, an appraisal is.

Is each approach or method straight forward?

These approaches are discussed in the material which follows. Each approach or method is relatively straight forward and contains fairly few steps. However, their simplicity of structure can be deceiving. As they say "the Devil is in the details" and the details are usually defined by information availability and the applicability of an approach to a particular assignment. Although USPAP standards call for using all three approaches, the appraiser is able to make exceptions, as long as the reasoning for the exception is based on defensible facts or conditions.