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Fax dual title

can you see it yes okay all right are we ready to get started just give me a thumbs up if we are so then I know we can go nowhere or do you want to wait a couple more minutes see if there's any videos that logs just making sure because I was missing your online system you guys can still see my screen right you still see the front that says closing disclosure yes perfect I want to make sure all right so how's everybody doing Oh daddy and I guess today they they reach out to me they're like what is this paper and what do I do it don't worry guys my legs gonna break it down for you I'm gonna break it down this infamous piece of paper that's like seven pages long and it's just crazy I'm more than happy to explain the way that this new world is working out these please pretty disgusting I kind of like it I gotta admit I'm all for it I will tell you that I'm all for it we'll start in one more minute and again for those of you that are just logging on now cuz I know that a couple people almost started coming in we utilize utilize the chat section on this meaning any questions you have and vacation that you'd like for me to provide just put it in on the chat so I can get to it either while I'm going through the training I may take some time to look through the chats and see if there's any questions or um I'll wait for questions to you know from a couple questions to come in and then do it at the end I'll help you with that to comment through it so you could go through your presentation once you pause for a moment so guys go ahead and put your questions in there as well no we're gonna get started it is 105 hello everyone good afternoon it is Wednesday week it is how fast this week has gone by I don't know if it's just me if it's awesome but it's been it's been a crazy great month so far um I'm pretty shocked that if everybody came there soon would be awesome that way on distraction in the background and everybody can come here on the information on Tim so first and foremost opportunities to help real estate professions of these knowledge grow their business that's what you're for that's where real quick my name is me I am a license title agent managing partner I have been in the business for a little close to 20 years likely since birth my journey in real estate really essentially began at a business my mom a very late mentor into these industry once owned and operated a century 21 franchise as well as a reputable title company colonial guarantee and title hewing and that's where I have all my knowledge and there's so much in real estate with that being said being exposed to the room so because that's what it is also at a very young age it was only a matter of time before I started my own journey I'm a licensed title agent Gaad said I have lived I have witnessed I have processed I have clothes I have experienced all of the changes is that you are now experiencing or may not have not experienced in the past of today's real estate knowledge and there's three important eight important things item I've married and I shared it with everyone in all of my super importance is setting the expectation study proper expectations is number one important in growing your business and being a beautiful communication and three knowledge which is why you're here today you'll learn the ins and out of the closing disclosure so what I've done is I have broken down this presentation and into sections of the closing disclosure and we're gonna go tab by tab piece by piece and we're gonna dissect each section so that you can further understand what each section compiles what is written in each section and then that way when your customers come in and they ask you questions you'll be able to answer them right away so let's dive in and talk about the most important parts of the real estate closing disclosure and if they're at any moment you cannot see my screen by all means please do let me know um I gotta put this in full in full view all right a link just a question to uh someone else can you share those slides with us again yes absolutely I would just need everybody to stay more than happy to about me you're not here for me let me get rid of this green all right so first and foremost I always like to start off the my classes a little refresher on what essentially our role is as a title company and I think that's very important to understand what we do and the intricate parts that we play and why it's so important to know what each role does so as real estate professionals you have a role to buy lists sell least drink people into a home show them a new home put them into contracts so on and so forth the mortgage company has a role of finding the best mortgage and loan products for your clients for your consumer a title company role is chillie broken down into two okay the first one is our job is to issue a clear and marketable title hands down first in line that is our first rule we have to do our part in making sure that that title commitment and that title to that property is clear and free of encumbrances from the previous Center the second thing that we do is facilitate in the closing which is where our communication with the lenders are it is super vital and it's important and I'll explain why during in this training how important it is for the title company and the lender and the real estate agents to all be together and work together as a team this is a team work there's so many moving pieces into the closing process so I just wanted to kind of put out there in case if anybody was unsure or wasn't wasn't clear as to what the role of a title company is so it's to clear title and facilitate the closing obviously record all the documents and the transfer of China on the ownership to the new buyer all right so let's get down to the Nitty green here all right a closing disclosure which is also known as a CD and super funny story I know I digress a little bit um when this CD first came out I remember getting an email I kid you not and the acronym obviously for a closing disclosure is C / T and I remember getting this email and an agent telling me they're like what CD are you talking about I don't know what CD you're talking about and they honestly thought that it was like a CD like one of those CDs that you put into your your like radio I was like no no no no no no not that kind of CD the closing disclosure CD I just found that to be very funny and I'm like oh my god this is gonna be too funny we have to really educate and let them understand what these acronyms are so first things first CD acronym is C / D it is a comprehensive form that has replaced the initial HUD one for all transactions involving loan financing the loan financing transactions that would be involved in a closing disclosure is FHA VA and conventional loans if you're dealing with cash if you're dealing with a private lender if you're dealing with hard money you will be seeing the traditional HUD settlement statement does not need to go through a CD does that make sense has anybody noticed or maybe questioned why the difference why they see a closing disclosure on one transaction and a hood on another this is exactly why the CD is only provided or only needed to be drafted in a financing transaction okay makes sense give me a thumbs up um on the chat let me just take a bit of my chat go all right I see thumbs up from wan awesome all right so the CD is basically broken down into five pages essentially it's seven total because there's two for the center and five for the buyer as opposed to the hood which was only maybe like three pages like them so it provides final details about the mortgage loan product selected it includes loan terms the projected monthly payments how much the borrower will pay in fees and other costs to get the mortgage so it's really comprehensive the HUD settlement statement didn't have all of these details at one point it just gives you numbers now the borrower's are able to see okay this is what my payment is this is what my escrow balance is this is what my interest rate is and it's usually listed on the first page of the closing disclosure okay it also is the lenders required to give the bar closing disclosure at least three days before closing and we're gonna talk about this a lot I'm gonna really enforce or really pay a more attention into this section here because I know it can be confusing sometimes most major creditors lenders will be preparing the CD in conjunction with the settlement agent through software portals or websites that's huge this is basically what it means at some point in time back before 2015 title companies have the power we had the authority to prepare the final closing statement in 2015 the CFPB strip that away from us and they basically said ah right title company you are no longer going to create and prepare the final closing the final closing statement the lenders will prepare it so oftentimes when you're in the middle of transaction and you're trying to find out what are my final numbers what's my final closing cost I need you to keep in mind that that final settlement statement will be coming from the lender not the title company does that answer some of the questions that some of you may have already had when it comes to why don't I have the final closing figures and why hasn't the title company sent the final closing disclosure this is the reason why okay we balance the closing disclosure with the lender once we have the figures but initially the lender will send what is considered a final closing disclosure to the buyer three days before closing our job as a title company is the day of closing to match the CD they sent three days ago to what we have in our bank account does that make sense give me a thumbs up so I can see making sense and I can answer questions cuz I know I know often times that uh okay slides yes okay perfect so moving on I'm glad everybody is getting that okay oh my god I think my thing just froze sorry guys I'm trying to move my my chat box around so I can see my screen all right part three there's a three day window that allows the borrower time to complete the final terms and closing cost now if you're representing a pirate this is important and I want you to kind of hone in on this section real quick the reason why the CFPB had decided to change the HUD form out format into a closing disclosure and send this three days prior to closing is so that the borrower has time to review their closing numbers this is important this means that at the time of closing if they have any changes or they're complaining about an interest rate or they're complaining about a fee or they feel a fee is too high or whatever the case may be at the closing table is not the time to do it it needs to be done the three days prior to the closing that is why the lenders sent out the closing disclosure three days before the closing here is what I have noticed and my experience on the title end is if there is no communication remember one of the three parts that I mentioned of a successful real estate career is setting expectations communication and knowledge okay if there is no communication between agent and lender lender may not set and may not tell you hey Christian guess what I sent the buyer over the closing disclosure for them to review they're just gonna send it they're gonna do their job they're gonna say alright I'm gonna trigger the three day closing disclosure he sends it to the buyer hey buyer you have three days to review as a real estate professional you're gonna want to know that that three disclosure was sent out to your to your customer so you can review it with them because guess what fee is on there that is always missed your processing fee if you have one so it's important to make sure that you are reviewing and you have that communication with the lender and have that open communication with the buyer so that when they do receive this closing disclosure three days before closing you will have access because of privacy policy the lenders are not allowed to send it to their agents because it's privacy policy lenders go by very strict rules the same way title companies go by very strict rules okay so just kind of putting that out there the three day are the three day window also give buyer the borrower time to ask the lenders any questions before the closing a rule of thumb is this typically five days after the buyer goes into contract the lender is providing the buyer with what is called a loan estimate the loan estimate and the closing disclosure should almost match if anything maybe be a couple hundred dollars off but there shouldn't be too much of a difference if there is more than a ten percent difference me that their costs increased more than 10% there's something off and the lender has to be able to match what they initially disclosed under the loan estimate process okay I hope that makes sense so let's break down these sections and we're gonna go page by page okay first page is your closing disclosure page and it's very basic information and if you notice everything here is on top so when the borrower's receive this they can automatically know okay these are my loan terms these are my projected payments and this is my estimated closing cost okay all of the contracts information is on here you're gonna have a state issue closing date settlement property bars that are Ledger that's just very typical and it kind of mimics the HUD at the same time there are known terms it's gonna let them know what their interest rate is what their monthly principal and interest would be um if there's any prepayment penalty projected payments it'll show them it'll show them here you know from years 1 to 7 what they would pay from years 8 to 30 what they would pay with their mortgage insurance is estimated escrows so it really goes into comprehensive um in really giving them the details and the information that they need and then down here is their closing costs okay their closing costs we'll go ahead and just give them an outline of what is included in their known costs and other costs and in total okay so the total will be part of their down payment if you will so I'll break it down this way so it's easier so when they ask you these questions you can give them an explanation their closing costs the nine seven twelve if you if you see what it says is it includes four thousand six ninety four and loan costs plus five thousand other costs okay this fourteen thousand that you see here is going to include the nine thousand seven twelve plus whatever their down payment is is it eighty twenty are they putting ten percent down are they putting five percent on are they putting three and a half percent down you know whatever percent on it is it's gonna come down here plus the closing costs does that make sense because I know everybody always has like a question of they've wire these two numbers it's saying close cash to close and then closing cost that's the difference um between the two okay let's go on down to page two and this is where it really starts to get over to the breakdown now on the title ends a lot of agents they call us and they say hey I need a preliminary hood or a preliminary closing statement which we'll be more than happy to give you and we will give you all day every day but I need you to realize the difference between what a total company sends to you and what it is missing if you notice here no costs these are all the breakdowns on what the loan costs for the bar would be when you are asking a title company for a preliminary statement we do not yet have the no costs that has not yet been provided to us because it does not get provided to us at least three to five days before the closing so when you are pretty when you are receiving a preliminary closing statement from your title agent please communicate with the bar and let them know listen this is a portion of your closing cost this is not all of your closing costs why because the title company does not yet have of the known costs from your lender we do not know what those costs will be until or unless that loan officer gives you an estimate does that make sense because I know sometimes we sent out these preliminary statements and then these buyers are coming back like why is it so much higher you send me a preliminary HUD and it was this much lower and it's because we do not have at the very beginning your loan costs we only have our costs okay I hope that makes sense so if it makes sense give me a thumbs up um all right so we're gonna go down here low cost you know section a origination charges on section B services barge and hot shop for so all of this when week at the closing figures from the lender we're gonna be adding in all this information it how the lender sends it to us we cannot make up fees nor can we put in fees that we don't know of we have to go by their lenders instructions ok other cost would be taxes and government fees prepaid anything that the bank is asking for a prepaid maybe they're asking for 4 months in advance for taxes or 4 months in advance for insurance and that sometimes will offset the preliminary hood with the final hood because again we don't know how many months in advance and lenders asking for ok so that's what this part is these are pre pete's initial escrow payment what is what is the bank asking for how many months same thing how many months in advance are they asking for insurance um and those are just pretty paid now others would be HOA would be title services your real estate commission orders title insurance policy and then this calculation here is just a breakdown of everything from this column any questions so far on this section I'm gonna go on to the chat right now to see if there's anything that we have it's not including escrow monies right if okay so Reuben if we have the escrow if we have the copy of the escrow yes we would include the escrow balance on to the closing disclosure but obviously we would have to have on the escrow a Audrey Oh what was the third item of an agent setting expectation oh and knowledge so studying expectations communication and knowledge oh they really answered it for her awesome okay moving on to okay we kind of went over through closing exceptions we put here initial deposits okay so I already went over this one oh look going ahead to the game love it alright calculating closing cost and this is page three of the um I don't know why I keep getting this notice page three of the closing disclosure and this is a breakdown of the cash to close so this is just basically CFPB giving the buyer a guide and let no okay this is how we break down how we're getting your closing costs okay so though to stay here don't estimate what's the difference between the final did this change yes No things of that things of that nature now the summary of transaction this part here believe it or not was kind of taken and mimicking the old hood so that's pretty cool that they were able to combine two things um two formats with one format so here it's just a put this force quit notice it's driving me nuts um some of them to change some some different transaction sorry guys but I keep getting like a notice on my computer just driving me kind of crazy alright so it basically breaks down bar side of the transaction and then seller side of the transaction okay I'm gonna go through these because I know sometimes there's some questions when it comes to it so on the buyer side it's the sales price right - or plus their cash to close HOA dues these are the privations if there's a homeowner's association we are prorating the monthly and what a probation means is that if the sender's already paid for the month we're basically going to credit the center for the month they've already paid okay that's a credit that's a debit from the buyer a credit to the center because they've already made that payment um paid already on behalf of the bar so obviously it's - that's a positive there's that there's a deposit question that someone had their estimated loan amount if the seller is giving them any kind of credit if there's going to get any type of rebate of the type of insurance policy and then here is the proration of your county taxes so your prorating your HOA your prorating the county taxes this bottom line here this is important this number here where it says cash from bauer needs to match your first page of the closing disclosure those two numbers are always gonna match remember the first one that we said closing cost and the cash to close this is the breakdown of this entire column right here okay now we're going to go to the seller side which is similar in the same in the same concept dude to Center are closing they're sending the purchase price at 180,000 they're getting a credit of $80.00 because the buyer is paying back the center the month the days that they are not going to be owning the property that the new buyers taking possession closing costs - their payoff - the seller credit and then obviously any titrations that they're going to be getting for the year and then down here cash to Sutter this is the amount of money that the cash the Center will be given at the time of closing I want to talk about real quick Sutter credit because I know um it's been questioned several times and the answer to that is it really just depends on how the lender allocates the center's credit so in other words there are some lenders that they will allow a cat a twenty five hundred dollar check to go directly to the borrower in other words in this case we're gonna use at the side of credit is twenty five hundred dollars they're gonna say alright we're gonna give the center a credit or twenty five hundred dollars it's gonna be a one line item there you go some other lenders will itemize that money into the low costs and what that means is that at the time of closing essentially the buyer is not going to receive a check of $2,500 that $2,500 is gonna be mixed in with closing costs to reduce his closing costs by $2,500 does that make sense cuz I know sometimes you know agents are reading the closing disclosure and they're like oh but I don't see the center credit on here well let's go back into the closing figures and let's see how the lender allowed to have that closing credit just distribute it into the product into the property are they allowing him to get a check at closing or are they not allowing it and they're just allocating it towards the closing cost so that's very important to know that to know that if you do not see the center credit you have to take it back to the lender and saying hey are you allocating the $2,500 where are you allocating it we just want to make sure that the center is in fact giving the buyer the credit does that make sense just give me a thumbs up and if you have any questions just write them away all right page 4 page 4 is nothing but additional information about the loan for the borrower now one thing you'll notice is that at the time of closing if you represent the seller you will not see any of this this is our personal information and only for the buyer that's why the 7 pages are broken down into five for the buyer and two for the study the seller will only see their closing disclosure they will not see any of this information because it's private information for the borrower only so if you are a listing agent you will not get a copy of this nor will you see only the buyer's agent and the buyer and I know that I mentioned that because I've had some listing agent saying but I haven't seen a copy the closing disclosure yes you did it's yours there's only two pages you're only getting the seller side you're not getting the buyer side okay so page four is nothing more than basic information ironing out the details of the borrower's loan all right page five it's more information regarding the borrowers loan it's just gonna say alright listen you're getting this loan and this is gonna be your total of payments this is gonna be your total finance charge the amount you finance annual percentage it's just more information for them to know and to have the CFPB really wants to make sure that these consumers are well aware of every detail regarding their loan the last two pages of this closing disclosure were never on our HUDs before our HUD settlement statement was just basic numbers no information no personal information it was just basic now down here for contact information sometimes you may be getting a call from one of our girls and asking you hey what's your license number and what's your broker's license number and the reason for that is that the CFPB wants us to write on there all of the information when it comes to the real estate broker the listing agent the selling agent and the settlement agent they want your information to be transparent to the consumer meaning that if you are not putting it in your license number chances are one of our girls will call you and saying hey I need your license number so I can put it in the closing disclosure it is a requirement from the CFPB I wish it wasn't but it is so if you can get yourselves into the habit if you are working with Newell do we do send out a sender information sheet if you can get into the habit of already writing in your license number would be super helpful because that way we could just plug it in the first time and we don't have to call you again later and ask you hey can you send me over your license believe it or not not having a license number can delay the turnaround time in issuing the closing disclosure to the buyer because it has to be filled out and it has to be completed okay so let's go on to before we go on to the closing breakdown are there any questions regarding the closing disclosure right now because now we're gonna go on to UM the closing process so now you understand or can have a little more understanding on what the closing is although Genesis here awesome Genesis I don't see you but I'm on my shared screen so all right any questions nope none nothing in the chat alright nothing on the chat and moving on all right so let's go down to the closing process and if I can can you add Genesis also as a co-host so she can chime in on this as well I don't I don't have control to add her just a I'm here as a co-host you don't have to have her but then that way so you all know Genesis is one of our closers and she is our area manager for a new world title I think many of you have already had the pleasure of working with her so she is part of this presentation and I'm very happy she's here because she can also put in some of her input when it comes to the closing breakdown process um because there are a lot of moving pieces like I mentioned before and and our job here is to make sure that everybody understands and has a better understanding of what to expect so the first thing that we do is once we have the closing process break job aside from ordering title on ordering city lien letters again our job is to issue a clear marketable title so before we can go ahead and submit a file for closing we have to make sure that our reports are clear meaning that any titles affect any mortgages any payoffs anything has to be cleared prior to us being able to clear our file to close so oftentimes you may hear a lender's cleared or closed and you may hear you know is the title company clear to close once we're clear that's when we start arranging everything with the lender okay once the lender issues the cleared or closed notice and we have our later clues notice our closer we'll review the closing documents and we're going to order a second title report and I'm going to talk about that really quickly especially in the day that we are in today and it's super important we order title at the very beginning finals usually don't close until 30 days after that's 30 days 30 days that the county can go ahead and post anything that they want in county records our closers have to order an updated title report prior to closing yes certain things may appear on title and other times nothing appears on title please be aware of that it's not that the title company didn't order the title one time we very well did we order it but we have to do an update to make sure nothing else was reported in between the days so once all that is done our closure is going to now start communicating with the lender and their job is to match numbers and you're gonna hear a word of a phrase that says balance and all that means is the lender is going to send us their closing figures okay between our bank account our escrow account and what the lender is sending us we have to balance remember the lender is sending the closing disclosure three days to the buyer before closing they're sending it to us and we have to balance it out sometimes there is a discrepancy so it may delay on us receiving the package this is where communication between the title company and the lender is very important because we have to work together and we have to work in sync to number one balance the file correctly and to receive a copy of the closing the closing step instructions which also means the closing package without a closing package we are not able to sign I know that a lot of people are like well they're gonna take the time off they're gonna take the day off whatever the case may be but please know that if the lender and the title company are not able to balance meaning we're not able to match our numbers then chances are that lender will not issue a closing package for us to close okay so that's very important once we balance and once we have the closing package then we go on into signing again it is important for you to guide your buyers and have that communication with the lender and the aging and anthem and the borrower that when the lender sends out the closing disclosure three days before the closing please have that conversation and review your numbers because by the time that they sign and if they're not okay with the interest rate or your processing fee was missed um or they feel that you know the lender fees are too high at the time of signing is not the time to make those changes they have to have done that three days before I'm going I keep stressing about that because I want to make sure that nobody falls into that trap and you're able to guide your clients through through the process one everything is done we go ahead and send in the file and we coordinate the closing once everything is done we go ahead and get the closing package back we will fund the file now there is an extra step and it's usually what I call the missing conversation where buyers are usually presumed or they think that you know once they come in and they sign and they're okay with the closing cost and they send in their check and they're worried the cashiers check whatever the case may be you know that alright you know where are my keys well there's an extra step to the funding process once we have the document signed we have to get these documents scan them send them to the lender and follow the lenders instructions and most if not all lenders will require a funding authorization what does that mean that we are not allowed to hit send dispersed cut checks give anyone money until the lender says you're authorized to fund does that make sense because I know sometimes we have a lot of questions when it comes to to funding and and what not we have a question here from Carla can an agent news or Commission to pay for closing costs if purchasing a property for themselves if so if so that coordinating with the lender that is coordinated with the lender Carla because that has to do number one you have to coordinate with your lender and number two you have to coordinate that with your broker um my suggestion is is always go to the lender first because that underwriter may have specific guidelines as to whether or not they're going to allow an agent to use the Commission to use their own Commission on their specific wording that on the contract or the agenda that the lender may want to see once you have it squared out with the lender then on the closing fake on the closing instructions they'll typically let us know hey listen the closing the agent is using X amount of dollars on further closing usually by then you'll have it on the addendum too so you'll send it over to the title company I don't know if maybe Genesis wants to chime in on that one so I'll let her reply back also um to that question but yes parlor you you can definitely you can definitely use it alright so moving on any questions on the funding side because I know that's always one of the biggest rushes and okay we signs and again communication expectations and knowledge please let your consumers know that once they sign that's fantastic we're gonna celebrate we're gonna give you a cake and we're gonna take pictures and this is a great amazing moment but there is still the funding authorization process okay once we have the funding authorization from the lender we can fund we can we can disperse accordingly you can exchange your keys now I usually tell agents listen you have an option you know um you run your business this is your license you run it however you want to run it however if you exchange keys to the buyer and the funding authorization hasn't been submitted or you know you don't have funding a confirmation there's a it's Harry it's it's I'll give you an example um a long time ago and another company that I worked with we did a funding and the clients exchange the keys without the seller seeing the money in the bank account long story short they called us seven days later and said hey my seller hasn't gotten their money what do you mean this letter hasn't gone their money the first thing I thought was oh my god they didn't put in the right information they didn't put in the right bank account alright we're gonna figure this out we call the bank um the Bank confirm the right number the right routing number the bank account number and when they wanted to further review what they found was that the bank held the money because the buyer name came up on what's called an olfactory port I'm sure Genesis can go ahead and elaborate on what that is on this chat in a nutshell this man had the same name as a wanted criminal in Cuba so guess what the bank did it they held the money because they wanted to make sure that this man that just bought this property was not one in the same so it's not to say that it happens all the time but it may happen so you want to either wait for the wire confirmation and saying listen we're gonna exchange keys with just the wire confirmation the Sutter's gonna get the money any moment in time now or you can just tell the buyer listen until my dog might my seller sees the Benjamins or the dollar signs in their bank account we're not releasing keys does that make sense I hope so any questions just jump them in in the chat obviously once the file is closed and you exchange the keys the file goes over on to post-closing which at that point we will send all of the documents on to record and public records on deed mortgage all that it'll be recording voting records what to bring with you on closing date forms of ID please we need to know you are who you are we want to take pictures of them too because the lenders want a copy of your profile on their package and so do we you know we like to take autographs spouses if you're married you're married if you're separated you're married if you're divorced you're divorced so please bring your spouses to the closing they will have to sign off on the mortgage and on the documents and on the closing disclosures in some cases um we kind of already spoke about except expects funding delays we we talked about the funding authorization process and bring a smile and any promotional pictures for your props this is an exciting moment for your buyer this is an exciting moment for such as an exciting moment for everyone let's celebrate it and usually what we'll do a dual title is we'll celebrate with the cake with the picture sometimes a champagne toast sometimes a water toast um it's not either way bring your bring your props bring your smiles bring your cameras showcase to the world that you have done another successful closing um I have a question from Alma what is better for lender if you buy married or single it really doesn't matter to the lender whether you buy married or single um just has to do with with your status and it has to do with what you qualified for um I'll give you an example I'll give you my personal personal story I have been divorced now for what 13 years I think um when I had separated from my ex-husband I had literally had to wait three years to buy my property and the reason why I waited three years was because I did not get divorced if I would have purchased my first property still married my then ex-husband which was still my husband would have had an interest into my property at that point I said mm-hmm I will wait the three years to get divorced so that I can purchase this property as a single person so whether you purchased married or single it's really not relevant to um the lenders I think it's just relevant for for you and your in your situation what is the meaning of God so basically GAAP it's just that it's just it's just the gap period so like I mentioned when we order title when we get a new file were ordering title right away so that's day one and usually by the diet the day at the time it closes it's usually like day 30 day 45 day 35 that period is usually what's called a gap period meaning that there is no reporting of anything that may have happens in the county courthouse within those that within that timeframe that's why we have to order a title search 24 hours prior to closing to cure our gap period just to make sure that the county didn't report anything else or you know the seller didn't try to be slick and take out an equity line of credit and we know they were closing so that's what is meant by by gap it's just that period in between the day we order the clothe the first title to the day that we close the deal um good point if you are divorced for more than one year you know unfortunately you're still married in Florida law well we know that if you are divorced for more than one year then you're considered single right yeah yes yes yes listen the moment your divorce day one you're single you can have a divorce party if you want but yes you would be legally divorced um if you're not legally divorced then and separated you're still considered married and there is no such thing as legal separation just I want to put it out there you can be legally separated for purposes of children for purposes of anything other than property if you are married you were married and Florida law will stay everybody has a divided interest and the proceeds need to be um separated you know divide it equally um so yeah that's always a fun that's always a fun topic yeah it's always an interesting topic when it comes to divorce and marriages um let me see what else we have here it's a Genesis is there anything that you want to add in and are there any questions regarding any of the slides I have time to to go back so if you have um questions let me know we have here a question from bunny I have a buyer who wants to do a doctor loan okay that's probably just for for someone else um I think that's it no questions come on you guys need to pick my brain a little bit it can't be that good of a training that nobody has question hold on following I'm bunnies a doctor on bunny wet it and I know you wanted to have well in the very beginning of the zoom session you mentioned several different types of loans the conventional or an FHA but you didn't mention a doctor's loan so with that type alone I forget now what it was that I really wanted yes I guess mailing was mentioning the type of loans that would have a closing disclosure instead of a oh thank you yes I guess you're giving a clarification what with the doctors emailing I never heard of a doctor until yes so insight yeah so typically what it is is um doctors loans or a home for hero loans they're pretty much all still classified under like FHA VA or conventional it's just a loan product meaning that I'll take a VA for instance um just charge my my laptop real quick cuz it's running on a battery a VA loan is basically it gives the veterans credit it gives them an opportunity to purchase a property with zero to no down payment doctor's loans are similar to that um it hasn't been classified yet as like a VA for instance but I probably maybe but it's just a loan product out there so my guess my customer would be and knowing and having experiences the doctors know will probably fall anywhere between a conventional or VA or FHA loan type um it's just another name for a certain products or maybe a credit or maybe an incentive that they're now giving to doctors um think of it also like a home for Heroes you know if you're part of home for Heroes as an as an agent you can give a credit from your commission towards you know a doctor first responder a police officer um a teacher towards their closing costs oh so doctor loan would in my personal experience would probably fall under anything of a VA or conventional product so yes they would have a closing disclosure prepared for that type of loan product well it brings up something else so an FHA loan a condominium has to be FHA approved so what would that how would that work with the doctor's loan is there would there be a separate approval for something like that through a yeah and it would depend on the lender and their underwriters what their underwriting guidelines are for a doctor's loan so if you know that FHA has a guideline for condos doctors loans may have specific guidelines from that underwriter um you my suggestion is it's contact that the loan officer that's helping you with the doctors known and saying alright what are the guidelines like I need to know what my client is getting himself into what are the guidelines and in approving such a loan um and they'll tell you they'll say okay listen they have to have this amount of DTI you know the property has to be qualified through this you can't have this it can't have that that would probably be the best suggestion is to contact the loan officer and say what are the guidelines for a doctor's known so I know as a real estate professional what would be the ideal and perfect property for my client based on a doctor's loan product that would be my suggestion um because it is a new loan product so there's probably a lot of a lot of unanswered questions when it comes to that so I just ask them for the guidelines and any time are there any other products for attorneys I have I don't know of any um but you can definitely talk to a loan officer and see what products they do have for for attorneys on I know they have stuff for home buy a home for Heroes so I know they have teachers first responders such of that sort um okay what if the buyer is also an agent and he's representing himself can he claim no Commission at closing yeah absolutely I don't see why you can't do that listen I did it so I was like I said I'm not asking for a commission so can you lower the purchase price by that much and let's call it a day so yes you can absolutely use that as a negotiation tactic that would probably be an amazing question to ask Julie so that she can help you structure that and how to have that conversation with that Center you do still also have to disclose that you are a licensed real estate agent on the contract so you can't digress from that um but yeah talk to Julian and ask her how you can how you can renegotiate that um i'm even sure you can put that towards your closing car and find different ways to to work around that um all right wow you got some good questions any other questions I love questions by the way well the moment of silence when we get some in Genesis anything you wanted to kind of input tell me Rosa oh she has to imbue herself I don't know how to unusual okay just funding ever take more funding consecutive funding to take a couple a couple of days and I'll elaborate a little bit on May from here now yes I can you okay perfect so back to the question of law as far as the Commission question that I wanted to point out is that anything that gets anything that gets negotiated with the broker it's always necessary for us to have a brokered letterhead when we get audited that's one of the main questions that they ask for and they're looking for so aside from putting it on the contract it is very necessary to make sure that your broker let us know in broker letterhead and find what it is that you negotiated to whether it is no Commission whether it is partial commission whatever it is aside from the norm we would need it in poker letterhead that also it has a lot to do with if you're doing disbursement authorizations um what that means is let's say you want your Commission to be given to you at the time of closing Genesis will need a disbursement authorization form from Julie or your broker in order for her to be able to do that so keep that in mind that anytime we have to disperse outside of what are in our invoice or our vendor is there always has to be a disbursement authorization form um at closing um Giacomo okay and that can be done at closing right it can um but typically we would definitely want to have it prior to closing because once we have the funding authorization our funder wants to try to do everything in her power to fund immediately so if you can try to have everything done prior to closing so we can have all of the invoices um and all of the authorizations prior to be great if not it could definitely be done at closing just make sure you hands over that form tuned to our closing I'm going back to Lina's question um those funding take this wedding ever takes you more than a few days actually it can't and I will explain I'll explain why um there are a lot of moving pieces so as I said in the slide before we can go ahead and coordinate the closing have the borrower come in and sign but once they sign we have to take that package and we have to send it back to the lender the lender has to review that package and there they may be super super picky and they may come back to us and say hey May you know what um the buyer did an initial on the right section can you have them re-- initial or we need a copy of this document or we need a copy of that document and you also have to keep in mind that most of these underwriters are not local they're not in Florida they're in Texas California and there are a few hours difference between us and them so you have to also take that timeframe into consideration there may be times where the funding approval from the lender to the title company may be delayed for whatever XYZ reason that the lender has not given that funding authorization if the lender on their instructions and don't let us know because when they send us closing instructions not only are they're sending us the figures that we need to put into the low-cost portion on of the closing disclosure and the the prepaid portions they're also gonna tell us hey once you sign then we need a copy of these documents but sent back to us or hey once you sign we don't we don't we don't authorize we don't need funding authorization you could just fund when you sign so it just depends on the lender and what they're asking for when you are in that situation Nina my suggestion is and again it goes back to communication um just communicate and ask you know the title company and ask the lender hey why is the lender taking so long um the most important thing that I can tell you right now is this piece of the closing is always a missed conversation that means that nobody is having this conversation with these consumers aside from the title company they need to know and they need to understand hey listen there may be a delay in your closing I know you're going in right now and you're signing your documents but your lender may require a funding authorization and that may delay you getting your keys something that I always tell my agents want to do the contractor closing class is the best days to close are Tuesday Wednesday and Thursday I always try not to suggest Monday closings or Friday closings if you're closing on a Friday at 3 o'clock and this lender requires funding authorization guess what's happening that buyer may not be getting the keys and Mendez movers or fuente mowers or brother movers or whatever moving company it is that they hired is not going to be moving them into their new home come Friday evening or Saturday morning don't that's just a conversation you need to make sure that as you get to the closing table you're having with the buyer and communicate with the title company thing all right what is it that the bank is missing and what is it that we can do the help facilitate Selena I hope that answers that answers your question Mae can I add that not only as a funding authorization that we're looking for but some lenders not release their wire to us until after they give funding authorization so just even if we have funding authorization that doesn't necessarily mean we have the money in our account just yet to be able to disperse so there are many other factors aside from funds of funding authorization from the lender that can delay the funding process all right and there's and again there's a lot of moving pieces and and I and I say this to everyone communication is key having communication with your title company your lender with everybody involved is super important um Audria how long does title search usually take so it can take anywhere between three to five days however because we're in this new world that we're in we have been seeing them take a bit longer um remember the county offices were closed for several weeks um so I'm only going to safely presume and say that they're backed up so I would probably guesstimate anywhere between seven to ten days once the county start getting back into their feet and they start getting updated um it's gonna go back to the three to five days so that's usually the the timeframe typically three to five but considering today's market and what we're living in today I will probably say seven Stinson um Genesis recruitment that's accurate yeah that's accurate however on certain circumstances if it's absolutely necessary we can push it up and we could get it within 24 to 72 hours now again I would be very pickup precise as to which files you really need this title search fax quickly so that we don't do it on and then there's really not a rush and everybody you know and then that defeats the purpose so if it's not really needed right away then yeah so three to five business days I may be mentioned would be the accurate average time awesome any other questions before we sign off you have both of us here Genesis and I to pick our greens with any closing questions and you try arms anything about thank you I was asking if they if I was asking if they are trying to do a quick clash cruise um all right Audrey this is my suggestion when it comes to doing a quick cash closing I always try to not put a date on it because one thing is getting a close eye getting the title and another thing is clearing the title so often times when I see a lot of a lot of mistakes and and a lot of hiccups where you start kind of getting tension is if you have a cash closing it's presumed okay I can close once title is in or I can close once the city lien letters it is in and you start counting that timeframe but one thing that you're not accounting for is what happens and what is on that title report so if my title report and my seaport come back clear then no harm no foul you can close right away because you have a clear report but if the title report comes back with a probate or a lien or a judgment um or anything that's gonna take time to clear what ends up happening is you're gonna have to go back to the seller and ask for an extension to close so something I suggest it I would usually do the closing date um for 14 days on the closing but then add an additional addendum or a disclosure on the contract that states you know Byron Center agree the closing date shall be um whatever 14 days contingent upon a clear title that means that you're basically asking for more time automatically if there's an issue that comes in on title because there's really no way of us knowing what's on the title until we actually get the report um so that's just a little a little tip there because I do see a lot often time a lot of friction when it comes to cash deals because everybody's like I owe you said 14 days 14 days yeah I get it but uh your titles not clear or you have an open per made or you have a cold violation on on your city lien letter you know these are things that have to be clear and remember the role of a title company is to issue a clear marketable title so I hope that suggestion will help you um when you're doing your car your cash closings or you cash contracts at that man anything else um here we go if the center is the one that has the title issue the buyer has to sled for more time yeah if the seller has the one is the one that has a title issue yes the buyer base the key has to has to give them more time to clear it I mean unless the buyer wants to sign a hold harmless agreement with a problem with issues on the title but most lenders won't allow that anyways so yes they would automatically have to give this letter some time to security but the seller has to do it their due diligence also so that that's when you have to kind of be very detailed with and make sure that the seller is doing their due diligence to clear that title issue can the buyer just not do the deal it depends on what's on the contract it depends on how on how you you really wrote it out it depends on what provisions you put on there so my suggestion is is that I be more than happy to review their contracts for you um and give you my personal experience or my personal suggestion and then you take it from there but it just depends on how you have the contracts written what you actually put on there could you explain the three title options on the far bar contract okay are you talking about on the provisions as far as seller buyer miami-dade and Broward yes awesome question see that's why we're here awesome question all right the contract ties with three provision where it says it asks for the stunner to select title the buyer to select title or miami-dade broward where the buyer selects title and the seller pays two reports okay so I'm gonna go into it a little bit slower so you understand what each section is if you are selecting seller designates the title company in essence that means that the seller is selecting the title insurance company and they are paying for the title insurance policy and one report which will probably be the title search report that's option one centerpiece option to where it's buyer pays it'll stay on there that buyer shall select the title closing agent they will pay for the title insurance policy and wanna report which is usually the city lien search that's on the option to option three is miami-dade broward provision where it will ask for three things from the bot from the Sutter the first thing is is that the buyer is going to pay for the title insurance prob the title insurance policy the satyr will pay the city lien search and the seller will pay the title search it also asks for the center to provide a copy of the title insurance policy to be approved for a possible reissue credit on the full premium of the title insurance policy so if you're representing a buyer typically you'll want to select miami-dade Broward and miami-dade broward provision because you're reducing closing costs you're reducing to closing costs from the buyer side or you might can select on the buyer so you want to make make it even you want to go down the middle saying alright seller pay one report buyer pay another report and we pay the title insurance policy great now a tip that I can give you is on that contract on that same page where you see title provisions right above it it's paragraph nine and paragraph nine will tell you closing costs they are paid by buyer closing cost paid by seller if you go down those little bullet points it'll tell you what each person will be responsible for based on the provision they've selected so for instance if they select miami-dade broward you'll see on the center side center shall pay for City lien search if section 9 C 3 was selected and what that means it's just the provision that was that was selected so I can send you a cut a snapshot of that contract with the highlights on because I have a copy if you want just a mere email and I'll send it to you so you can print it out and just use it as a guy um and just that's a little thing that I can do I like having highlights guy and seeing the ABS highlights guides and stuff yes Audra I will send I will send up that form out so you want to copy that as well perfect um awesome let me see what else we have here I think that's it maybe what I'll do is uh because I have everyone who registered how they're wounded you know that way I think I guess ported to you and then you could that way send it to everyone a much yeah well word me all of the emails and I will send a copy of this presentation and I'll stand on a copy of Nicole Garcia her email wasn't registered on you might want to just add her to to that list as well what is our closing feat our closing fees are very very flexible um I'd like to go off the consumers needs so I would have to basically have a conversation with you and see what it is that we can do so there's may actually let me interrupt for dooney's Realty we have a set specialty of 495 clozapine there you go there's your answer now you have it more instructive for the agents that are not part of our office to join us because we do have communities that are not with usability look for those better or not now you know we are very flexible on with our fees so no worries just contact us and we'll be more than happy to to work something out we want to make sure your your budget your buyers or your clients budget is aligned with what what they can do so please reach out to us and let us know our door was like wow alright guys so any questions my information is on the screen please feel free to contact myself or you can contact Genesis also we'll be sending out an email with a copy of the slide as well as being the extra sheet of the title provisions that I mentioned and we'll be more than happy to help you with any closing needs and answer any questions you have we're here to help you and help you close the file I hope you ease the closing process and help you earn more business and grow your business which is why we're all here that's why we all chose to do real estate because we want that flexible life oh we have to tell them for those of you if you're not aware next week yes and now it's gonna be a good one to anything title I'm in I'm in I've been doing this for way too long all right guys you're welcome I'll see you guys next week hopefully I'll tap in and we'll talk soon