loan status update: Is the LSR Absolutely Necessary?
- 01/03/08 09:43 AM
In May 2005, the AAR (Arizona Association of Realtors) purchase contract was rewritten. Many major changes were made during that rewrite, not the least important being the inclusion of the LSR (Loan Status Report), which replaced the CLA (Conditional Loan Approval). The biggest difference in the two documents was that the inclusion of the LSR is now an integrated part of the AAR contract. Lines 62 & 63 of the AAR contract stipulate that the LSR be integrated into the contract as an included attachment thereto. So, what does that really mean in plane English? Well... There has been much bally-hoo about the … (3 comments)
My BLOG is published to help contribute mine and my wife, Lori Klindera, knowledge and experience of the industry, unusual transactions, and other industry related articles. We are REALTORS for over two decades, practicing first in Florida and now for the past decade plus, in The Valley of The Sun, Phoenix Arizona.
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