Booth Escrow Newsletter

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The New HUD and Your Commission

There are a number of things that change with the new HUD-1, but lets face it, everyones eyes go straight to the amount of commission that is being charged, right? In this example we have a sales price of $250,000.00 (although that isn't shown on page 2 of the HUD anymore) and a 6% commission split 50/50. The selling agent is holding $10,000.00 as an earnest money deposit. So you can see the proper split on line #701 and #702 that totals $15,000.00, but in the column on line #703 you only see $5,000.00 charged. You wonder where the rest of the commission may be? Check out page 1 of the HUD, line item #508 (usually) and you will see the "earnest money deposit with the Selling Agent", $10,000.00 in that column.

Even the most experienced escrow officers I know have had trouble with this change and HUD says that this is the way it was always supposed to be reflected on the HUD. Well one thing is for certain, we all know it now!

Realty Times

This is a gem of a website for anybody in the real estate market. Each week they present current information that is facing our industry. Check out www.realtytimes.com and save this as your favorite.

Domestic Partnerships

You might be working with buyers that are filed as a Domestic Partnership. If so, you will want to note that on page 1 of your Purchase and Sale Agreement, so that your Limited Practice Officer can prepare the Deed correctly.

For example: "Susie L. Smith, a single person and Marge M. Brown, a single person, as Registered Domestic Partners.

The State has a great website with Frequently Asked Questions on it for you to check out. On the website is a Family Law Handbook with loads of great information in it for you and your clients.

Of course, feel free to call with any questions.

Julie Booth

Are you receiving exceptional service from your escrow officer? If you are interested in seeing what I do different, lets go have a cup of coffee and talk.

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