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COLORADO CLOSINGS (24 Credit Hours) Table of Contents

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COLORADO CLOSINGS (24 Credit Hours) Table of Contents COLORADO CLOSINGS (24 Credit Hours) Table of Contents Introduction and Directions for Closings course – 1 PART I – INTRODUCTION TO CLOSING STATEMENTS – 2 “General Proration and Settlement Concepts” – 5 PART II – CLOSING EXAMPLES – 8 Closing Example #1 - A Simple Real Estate Transaction – 8 Closing Example #2 - Final Settlement Through Lending Institution - 14 Closing Example #3 - Final Settlement When a Loan is Assumed – 21 PART III – CLOSING PROBLEMS – 28 Contract, Note & Deed of Trust and Closing Problem #1 – 28 Contract, Lender Documents and Closing Problem #2 – 45 Closing Problem #3 – 82 Closing Problem #4 – 85 McDougal to Smith – Contract Scenario for Closing Problem #5 – 89 Listing Contract Problem – 89 Listing Contract (blank) – 90 Sales Contract Problem – 98 Sales Contract (blank) – 99 First Counterproposal Problem – 116 Counterproposal (blank) – 117 Second Counterproposal Problem – 120 Counterproposal (blank) – 121 PART IV – FINAL CLOSING EXAM – 80 Questions Closing Problem #5 – 124 Blank Worksheets to complete (2) – 126 Final Exam Questions #1 through 25 – 128 Closing Problem #6 – 129 Blank Worksheets to complete (2) – 131 Final Exam Questions #26 through 50 – 133 Closing Problem #7 – 137 Blank Worksheets to complete (2) – 139 Final Exam Questions #51 through 67 – 141 Individual Closings Questions #68 through 80 - 144 MacIntosh Real Estate School Closings Course CLOSINGS (24 credit hours) INTRODUCTION and DIRECTIONS PART I of this course contains an introduction to closings and prorations, and explains RESPA (the Real Estate Settlement Procedures Act). This information is essential to understanding and properly solving the closing problems. The solutions to the problems are not common sense, and even a background in accounting probably won't help. The closings methodology is entirely unique, and must be understood thoroughly before attempting to solve the closings questions on the state Licensing exam. PART II reproduces the entire “Closings” chapter from the Colorado Real Estate Manual. This section acquaints the student with the items that are typically associated with three types of closings: A SIMPLE REAL ESTATE TRANSACTION; FINAL SETTLEMENT THROUGH A LENDING INSTITUTION; FINAL SETTLEMENT WHEN A LOAN IS ASSUMED. Each item is described, and then shown on a simple settlement sheet. PART III of the Closings course is exclusively copyrighted material of the MacIntosh Real Estate School. The student is given four problems to fill in contracts and forms, (just like the FORMS chapter - Ch. 21 - in the Colorado Law and Contracts course,) and closing worksheets in order to become acquainted with the closing process and the closing problems contained in the Colorado portion of the state broker licensing exam. Problem #1 is a basic Assumption with a Promissory Note and Deed of Trust for background. Problem #2 is a New Loan problem that starts out with the same order-of-events that a real estate Closer uses, then gives you Loan Company closing figures, a payoff statement, a title commitment and Sales Contract as sources of information that you will need to complete the worksheet. For informational purposes only, we then show you what a “real” settlement sheet, HUD- 1, Truth-In-Lending Disclosure, Promissory Note and Deed of Trust would really look like if this were a “real” closing. Problem #3 is and Assumption with a Seller Carry- back loan, and Problem #4 is another sale with New Loan worksheet to prepare. Finally, you must prepare a contract and counterproposal for a fictitious transaction that is the basis for Part One of the Final Examination (Questions 1 - 25) PART IV is the final examination. The Closings final exam consists of 80 questions, and each question is worth 1.25 points. You must submit answers for all 80 questions and achieve a score of 75% or better to pass the Closings final exam and receive credit for the Closings course. The Closings final exam can be challenging, but you will find the Closings Q&A resource (www.macrealestate.com/CLOSINGSQ&A.htm) very helpful in interpreting the wording of the problems, how to calculate certain figures and where on the worksheet they should be entered. Copyright 2016 - All Rights Reserved 1 Colorado Closings (24 Credit hrs.) MacIntosh Real Estate School Closings Course In Section I of the exam (Closing problem #5), you must use some of the background provided in the McDougal to Smith contract scenario at the end of Part III, and then complete a “new loan” problem by filling in a worksheet based on information given, and answer Questions 1 through 25 based on the worksheet answers. (The question numbers for these Questions 1 through 25 are located within the blank closing worksheet you have filled out. You will answer the questions based on what dollar figure, if any, you have placed in the particular row and column in which the Question number appears.) In Section II of the exam, (Closing problem #6), you must complete an Assumption worksheet based on the information given in the fact situation and Assumption statement. You will then answer Questions 26 through 50 based on the figures in your worksheet for this problem. Section III of the exam, (Closing problem #7), requires you to fill out another Assumption worksheet based on a given fact situation, and then answer Questions 51 through 67. Section IV of the exam contains 13 general closings questions, which are presented in the same style as questions on the state license exam. (Examinees will not be required to complete a worksheet and the facts of each closings question on the license exam are independent of any other closing question.) ~ PART I - INTRODUCTION to CLOSING STATEMENTS A real estate closing, or settlement, is the formal procedure by which title passes from seller to buyer and a final accounting is given for all funds received or paid. Closing procedures vary from state to state and even within the borders of a single state. In Colorado, closings are normally conducted by title companies. Real estate brokers, attorneys or independent closing agents may also conduct closings. The question of who conducts the closing is a contractual matter between buyer, seller and closing entity. Although real estate closers are not regulated, Colorado Insurance Regulation 89-2 requires that title companies close, real estate transactions only pursuant to written instructions. The Real Estate Commission has developed a set of. closing instructions which may be used by title companies, brokers or any other closing entity and recommends that these be completed at the time the contract is negotiated. Real estate brokers are required by Rules E-4 and E-5 to provide copies of complete and accurate closing statements to buyers and sellers for any transaction in which the broker assists or acts in an agency capacity. The listing broker and any cooperating licensee must carefully review their Copyright 2016 - All Rights Reserved 2 Colorado Closings (24 Credit hrs.) MacIntosh Real Estate School Closings Course respective closing statements for accuracy even if they will not conduct the actual closing. Failure to properly review closing documents could result in charges of incompetence or in a breach of the broker's statutory or fiduciary duty. A licensee who attends the closing must sign the settlement statement and is primarily responsible for providing a proper closing statement to the party assisted or represented. An associate must deliver a copy of the statement to the employing broker immediately after the closing. Although buyers and sellers may be charged a fee for closing, no fee may be charged for preparation of legal documents except by an attorney representing the buyer or seller. The Conway-Bogue decision granted real estate brokers the right to prepare certain legal documents, but prohibits licensees from charging a separate fee for such service. The companion Title Guarantee case specifically prohibits title companies from preparing legal documents. Today title companies only fill in blanks on legal documents under explicit instructions from the broker responsible for the closing. In Colorado, disbursements from closing may be made only after the closing entity has received "good funds" (C.R.S. 38-35-125). Good funds are considered to be cash; electronically transferred funds; certified, cashier's or teller's checks; and other funds which are either received in sufficient time prior to closing to be eligible for immediate withdrawal or are guaranteed by the depository on which they are drawn. With respect to real estate transactions, to "prorate" means to distribute or allocate shares of on-going income and expense items to the proper parties when the property changes ownership, according to the contract or governing law. Prorations are generally required for property taxes, rents, on-going association assessments, property and mortgage insurance, interest on loans, and for water and sewer. These items may be paid "in arrears" or "in advance". If the payment is due at the end of the benefit period, it is paid in arrears, such as Colorado property taxes. If the payment is required at the beginning of the period, it is made in advance, e.g., property insurance or monthly rent. The "proration triangle" illustrated below is a useful tool for dividing payments into the on the buyer's or seller's settlement statement. The left side of the triangle represents the period of ownership for which the seller must pay. The right side represents the period of ownership for which the buyer must pay. The base of the triangle represents the actual number of days in the payment period. In the approved Colorado contract forms, the buyer owns the property all day on the day of closing, and for the Colorado portion of the broker licensing examination, all prorations are done (unless otherwise stated) using a 365 day year and the actual number of calendar days in the monthly period.
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