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the psa contains some information you will need when preparing the closing docum
the psa contains some information you will need when preparing the closing documents.
prepare the deed for the upcoming closing. you will need to make modifications and additions using information provided in the instructions sheet and in the psa
the alta settlement statement must be opened in excel.
instructions from professor in video :
High real estate class. It′s Professor Mooney. I want to give you a video introduction to your final project for this class. As we head into the last third of the semester on the course website, go to content and you′ll see that I′ve made the final project folder visible. Now over here on the left, once I finish recording this video, I will insert it in this folder as well for you. Okay, so for your final project, it′s really a culmination of several things that you already know how to do. And then there are some things that you are in the process of learning about. But essentially, for the project, you are going to be acting as a real estate closing paralegal for an upcoming residential real estate closing. You will be preparing some of the most common documents that are prepared at the closing attorney′s office here in this folder. Once you′re in this folder, after you watch this video, which again I′ll insert here, you want to start with the instructions for the project because it has a lot of important information that supplements the information that you′ll also get in the other documents in the folder. So we′re going to open up the instructions. You′ll see you can download these if you′d like, but this goes through what the project requires. You will be preparing four things to help us get ready for an upcoming closing. A warranty B, a transfer tax form, up through the preview screen, because we do that online in Georgia, but I don′t want you to actually submit it, a title commitment for the closing and an Alta settlement statement for the closing. When you end up uploading to the assignment box, you′ll actually have four separate items. You′ll have the warranty deed, a screenshot of your preview review screen for the PT 61 transfer tax form. You′ll have your title commitment and your Alta settlement statement. Everything is due by Saturday, May 4. To complete this project, you′ll need these instructions that are here. In addition, you′ll need the purchase and sale agreement that′s in the final project folder. I have a form warranty deed that you′ll need to edit to prepare it for the upcoming closing, but that′ll be a basis that you work from. There′s a form title commitment in there, and all you need to do there is edit it to prepare it for the upcoming closing. For the Alta settlement statement, you have the bones of it, but you′ll need to edit it to prepare it for the upcoming closing. Then in terms of the supplemental information, please make sure you read the purchase and sale agreement because it′s been fully executed by our buyer and our buyer′s seller and our real estate agents. And it is the blueprint for this transaction. You need to read through that. In real life, the closing attorney′s office gets a copy of the PSA early in the closing process. Again, you′re going to need to edit the form warranty deed to prepare it for closing. And you′ll need to simulate the filing of a PT 61 form. And you′ll see here information on how to do that and the steps to follow. But remember, do not actually submit the form. Then, along with your PT 61 screenshot in the comments area of your assignments box submission, you need to type what you would do if this were an actual closing and you had submitted the PT 61 form electronically. In other words, explain what the closing paralegal must do with the PT 61 form if this was a real closing, in addition to filing it electronically. And then the title commitment. You′ll insert the pertinent information into schedules A, B one and B two. Do not delete any of the pre typed items, just add whatever needs to be added. I′ve highlighted where you need to add that information in yellow and leave your additions in yellow, please. And then the Alta settlement Statement. I have it set up in an Excel spreadsheet, and I have the sum to the formula set up. You don′t need to manually do the calculations, but if you delete my formatting, then you will need to manually add up your columns or re, add in the total formatting in there. Just be aware it is set up right now, pre formatted to automatically add up your columns. Then this is important for a sample, a settlement statement. There′s an example in your textbook in Exhibit 12. In Chapter 12, but really much better because the formatting, unfortunately, did not get format or preserved there. Look in the Alta settlement statement content folder, There′s a correct version of it with the formatting preserved in there. Okay. And then I′ve broken down the information by kind of who is giving it or getting it. So in other words, the settlement agent, otherwise known as the closing attorney′s particulars. So this is information that you′ll need. And then I have the lenders. So the lender always sends closing instructions with information as well. So you′ll need to incorporate this information as you′re preparing the Alta settlement statement. I have prorations information for your real estate taxes. This property has county taxes and also city taxes and a neighborhood HOA that needs to be pro rated for that month, and then the taxes need to be pro rated for the year. And then some other additional information for you that you′ll need to look at. And then information from the title report. After the title examiner runs the title, they′ll come back with what the results are of their title examination. That′s a really important sheet for you that you′ll need. And then I′ll just show you the documents. Here′s your deed template, but you′re going to need to modify it to make it recordable and also have the correct information for this closing. You can download all of these, they′re all downloadable Your title commitment. I again leave the highlighting and just fill in the information where I′ve highlighted. Again, just like the other documents, this can be downloaded. This one′s a Word document, like the deed, and the instructions, and the PSA. Here′s your purchase and sale agreement. I forgot to show you that this goes through. You need to make sure you look through here for anything that would need to be added to the closing documents that you′re preparing. And then finally, the Alta settlement statement. And this is where you′ll upload your items, including the 61 screenshot and what you would do with the PT 61 after you filed it online. If you had actually filed it online, this is the settlement statement and this is something that you can download and I′ll show you at the end here. These little dashes indicate this is because I have formatting again the autototals. These numbers will populate and you can download this as well. Again, some of this you′ve learned about already and we′re going to be learning about. But in terms of getting started now, you could definitely look at the instructions, look at the PSA. You could prepare the deed. Now you have that, the title commitment stuff we′re doing this week. Next week. This week, I believe you could be working on that. The title commitment and then the Alta settlement statement will be the biggest piece, and we′re working our way up to that. I hope that this at least gives you an idea of what the project entails. Reach out with any questions that you have as you′re working on this. Let′s see, I wanted to, let′s see, and I wanted to show you the better place to look at the Alta settlement statement is here in Module 13, I have a called better formatted version. This is much better and easier to read. This is the same information that′s in Exhibit 124, but it actually preserves the formatting. I think you′ll find this helpful as you work on the project. Notice not every line is filled in on either side of this. You′ll be able to follow the sample, I think. Well, I hope that gets you off at least on a little bit of a foot here. I want this project to be a good culminating experience for you because you′ve learned a lot so far in the class and you still have a good bit of information to learn. I think it′s a good hands on project that really caps off the semester for you. Thanks so much. I′ll stop recording again. Please reach out to me with any questions we can meet if you need any help. I really want this to be a positive experience for you. Yes. Have a great day. I′ll talk to you soon. Okay. Thanks. Bye bye.
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