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Posts Tagged ‘HOA’

Reviewing your Hud 1 at closing

J. Andrew English J. Andrew English
Wednesday, August 6th, 2008

Review your Hud 1 very closely at COE, it is as simple as that.

Hud 1’s are produced by the escrow officer just before closing. This document breaks down the exact cost of the transaction between buyer and seller. In its most basic form, the Hud 1 is a list of debits and credits to both parties. (sim to a balance sheet) Every fee charged by the lender, brokers, escrow company, etc.. will appear on this document. You as the seller want to make sure this document is accurate before signing. It is very common for the Hud 1 to contain mistakes, thus, it is essential you review this document. A few things to watch out for on your Hud 1 below.

Overnight fees from TitleĀ – Many times you will see an overnight fee on your Hud 1, however, you very well may not have had anything overnighted to you.

Incorrect Commissions -Escrow Officers don’t always get these right despite receiving written instructions from both brokerages.

Tax Prorations – If you own the property free and clear, you may have already paid your property taxes directly.

HOA Fees – HOA’s are notorious for double charging buyers and sellers. Double check the Hud 1 and your most recent HOA bill to ensure your HOA is not collecting the same fee from both you and your buyer.

NV HOA Resale Packages

J. Andrew English J. Andrew English
Friday, July 18th, 2008

If you live in Nevada, you want to be aware of the HOA resale certificates Rules/Regs. To summarize, if you reside in a community with CC&R restrictions, you must provide a resale package to your buyer within 10 days of acceptance of the offer. To acquire this package, you simply contact your HOA and let them know that you need a resale package. They will then either mail this out to you or email it. Once you have the docs, fwd these on to your buyer.The point of this is to allow your buyer the opportunity to review the HOA docs prior to closing escrow. The resale package will include such things as the updated CC&R’s, updated budget, minutes of the last meeting ,etc… The key is that you give this to your buyer with ample time to review. In NV, this is the responsibility of the seller. This is a very important aspect of the transaction that can not be overlooked. If you do not reside in an HOA community, this is not something you need to worry about.