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Fred Romano
February 1, 2011 at 8:19 am
Since when do agents prepare HUD’s??? That is the job of the attorney. Why would the agent be involved with this at all??? Here in CT the attorney handles the entire closing process. In fact, they even deal with the bank during a short sale.
Sheila Rasak
February 1, 2011 at 8:59 am
Melissa,
Just yesterday something didn’t seem to add up in my HUD. i asked my transaction coordinator to sit with me while we plugged the numbers in and it not only unmasked the one problem we felt was wrong, but called to light that the taxes had been miscalculated as well.
Three weeks ago I caught an error on the short sale lenders’ part. It was minor, by my standards, but if it creates a hiccup, my client is no longer protected.
Never assume that the documents you review are correct until you’ve had the opportunity to do the calculations and make certain the dates for COE, taxes, HOAs, etc. are in line.
Cheers!
Sheila
Melissa Zavala
February 1, 2011 at 12:23 pm
This is obviously something that varies from state to state. In California, no attorney is used in a real estate transaction.
Fred Romano
February 1, 2011 at 12:46 pm
I find it difficult to understand why attorneys would not be used to “legally” protect buyers and sellers in what most agent’s consider “the biggest financial purchase most people will make” !!! Agents are not lawyers and should not be involved in conducting the legal aspects of a real estate transaction, like contracts, title, and closing documents. Just unbelievable!!!
MH for Movoto
February 1, 2011 at 6:01 pm
I mean, certainly the requirements on this do vary from state to state, but it seems like a glance from an experience real estate attorney could never NOT be a good idea.
Melissa Zavala
February 1, 2011 at 6:12 pm
Absolutely. Consulting an attorney is really an important part of any real estate transaction–even in states that handle their closings without the use of an attorney.