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All States - Residential Real Estate Closing Package

All States - Residential Real Estate Closing Package
Product Code: LB-RE--RCP
Availability: In Stock
Price: $19.95 $2.00
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UDOLEGAL.COM LAW SCHOOL AND EDUCATION CENTER

Residential REAL ESTATE

ClosingPACKAGE

$19.95

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a.Select this kit for all documents necessary to close your transaction.Remember, in closing any transaction there are additional documents necessary beside a deed in order to protect to yourself—both as a buyer or seller.

b.The following Documents are included in this kit:

i.BILL OF SALE—Such a document is necessary for the buyer to receive proper title to any personal property included in the transaction.Personal property includes furniture, draperies, floor covering, appliance and any other property included in the transaction.

ii.NO LIEN AFFIDAVIT--- Such a document is an absolute necessity from the seller.In this document a seller swears that there are no liens, action suits or complaints currently pending against the property.Additionally the seller swears that he has not hired any contractors and not paid those contractors within the past ninety days.If you are a buyer do not complete a transaction without such a document.

iii.Non Foreign Certificate:The IRS requires that the seller supply its Taxpayer Identification Number as well as other relevant information upon the sale of any real property.This form will allow you to comply with that requirement.

iv.HUD CLOSING STATEMENT---A closing statement is necessary to ascertain the amounts payable to the seller and the amounts to be brought to the transaction by the buyer.This form is a standard form that contains all possible description of the funds and their disposition.

v.WARRANTY DEED ---A deed is the most important document in any transaction.The deed gives title from the Seller to the buyer.A deed is the written document which transfers title (ownership) or an interest in real property to another person. The deed must describe the real property, name the party transferring the property (grantor), the party receiving the property (grantee) and be signed and notarized by the grantor. To complete the transfer the deed must be recorded in the office of the County Recorder or Recorder of Deeds. Additionally a seller who grants a Warranty deed agrees to defend the title to the property from claims of others.The seller is representing that they fully own the property and will stand behind such a claim. The specific "warranties" vary by state but generally are as follows: First, the seller warrants that he is the lawful owner of the property at the time the deed is made and delivered and that the grantor has the right to convey the property, second, the seller warrants that the property is free from all encumbrances or liens and third, the seller warrants that he or she will defend title against all claims. Complete the deed with great care.

vi.SPECIAL WARRANTY DEED--- A special warranty deed limits the liability of the seller by warranting only what the deed explicitly states. A special warranty deed has practically the same effect as a quitclaim deed. Special warranty deeds are generally used by corporations or other entities that want to avoid assuming the liability of a general warranty deed. Complete the deed with great care noting exactly what is being warranted or 'guaranteed' by the seller.

vii.QUIT CLAIM DEED--- A quitclaim deed transfers only that interest in the real property which the seller actually has. A quit claim deed contains no warranties and the seller doesn't have liability to the buyer for other recorded claims on the property. The purchaser takes the property subject to existing taxes, assessments, liens, encumbrances, covenants, conditions, restrictions, rights of way and easements of record. The quitclaim is often used among family members or from one joint owner to the other when there is little question about existing ownership, or just to clear the title. Be very careful with a Quit Claim Deed.If you are a Buyer there is very little advantage to you in taking a Quit Claim.For a Seller a Quit Claim Deed allows you to transfer the property with no warranties or 'guarantees' as to title issues.

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