Pre-Contract for Buyer

HomeOwnership Sales Coordinator Checklist Property: ______Pre-Contract for Buyer  SEP Information Meeting  SEP Income Eligible Buyer: ______ SEP Asset Eligible or Exception  Pre-Approval letter for Property Seller: ______ Workshop completed or scheduled  Underwriting Worksheet to check ratios and financing policy criteria

At Contract Buyer  Receive Deposit Check for $2,000  Give Legal Documents Folder for Review  Give Lead paint education (if pre-1978)  Give Copy of Sellers Property Information Report - SPIR  Go over Buyer’s Checklist and Resource List  Give Copy of Signed Contract with copy of deposit check Seller  Go over Seller’s Checklist – Resale Cert, HOA docs, Fire and Safety Inspection  Give Copy of Signed Contract with copy of deposit check CHT  Give Copy of Signed Contract with deposit check to Accounting  Scan Contract to H Drive

Within 1 Week of Contract  Make Sure Inspection is Schedule  Send HOA Documents to Buyer for Review To Lender:  Lender letter (mention SFAP, appraisal type (fee simple/leasehold), any addt’l funding sources)  Copy of Purchase and Sale

2-3 Weeks after Contract  Inspection Resolutions  Receive Bank Documents (Loan App, etc) To Lender:  HOA Documents and Questionnaire  Master Insurance Binder To VHCB:  Affordability Worksheet  Request SFAP if needed  P & S  If Resale - Option Price Worksheet  If New Property: o Inspection Report o Inspection Resolutions o Appraisal o Septic Inspection/Water Test (If applicable) To CHT attorney  Attorney Deal Sheet  P&S To Buyer’s and Seller’s Attorney  Attorney Deal Sheet  P&S Any Other Funding Sources  If VHFA Funds (second mortgage) in deal, Homeownership Specialist, Diane Edson at VHFA contacted  Burlington HOME Funds

4-5 Weeks after Contract  Check on Inspection Resolutions  Fire and Safety Inspection Finalized – Send to CHT’s Attorney  Appraisal received – Send to VHCB if new property  Start Coordinating Closing Date (Lender, All Attorneys)

1 Week before Closing  Send Lender Appraisal Info to CHT Attorney  Insurance Binder Received from Buyer  Legal Docs Meeting with Buyer  Resale certificate in hand – Update if needed  Check requisition Checks needed:______ Does seller owe any delinquent membership fees:______Any Delinquent Taxes:______ Does CHT attorney have payoff, appraisal reimbursement info, overdue membership, prorations, escrow info, any unusual details?  Schedule Walk through Date:______ Legal docs from Other Funders (VHFA, HOME Funds, Etc)  Closing Date:______Time:______Place:______Settlement Agent:______ Informed of closing date:  CHT Atty  buyer  lender  buyer’s atty  seller  seller’s atty  Escrow for repairs? Escrow Holder:______

Day Before Closing  Final Walk Through - Remove Lock Box  Check HUDs  Check in with Buyer – bring bank check  Check in with Seller – especially if have to bring money  Get Bank Check from Merchants – if CHT is bringing money to closing

During Closing  Buyer Bag Given  Exit Interview from Sellers

Post Closing  Notes in CMax To Accounting:  Checks  Closing Recap  Both HUDs  Housing Subsidy Covenant/Declaration of Covenant  Copy of Checks Property File:  Closing Recap  Both HUDs  Copy of Checks  Give file to AmeriCorps for Post Closing