HUD-1 .................. Closing Customs

That sounds interesting.  I can't imagine costs could be so far off from one another to where it would prevent you from giving some kind of estimates in the ballpark.

Dear George,

We don't have to deal with attorneys here, but most of the attorneys who do closings have a well-oiled department that handles details. I am in Roanoke, Virginia.

I am glad that your attorneys are open enough to get together to talk.

Barbara

We have escrow co's doing the HUD's and keeping track of both sides paperwork. I like it that way. RE attorney's here do the litigation stuff...liens and so forth. Wtih escrow co's we can all have a neutral party available for questioning and so forth.  Good that you folks will be able to give some input.

George, I was just reading Maureen McCabes featured post about how far Active Rain has come, a baby book of sorts. It's because of posts from you and so many others that we learn. And I learned something tonight. Who knew? Colorado is a table funded state, no escrow, no attorneys unless somebody wants one. But we do go down to the wire and the last $1 at the table if neccessary. If we are prepared, as we should be, the settlement sheet comes in 24 hours prior to closing. It's then we pitch a fit over the last dollar.

George,

Similar here..we usually try to see the  HUD within 24 hrs in case of mistakes...but most times we don't get to approve them until hours before.

The matter of "attorney closings" or other is varies.

When I hear "attorney closing", I think of NY where the attorneys have control from contract on through closing. 

Attoney's doing the title search/exam, conduct the closing, order pass-throughs -- surveys, etc. are also done in MD and VA although the state permits licensed title companies to also handle closing.  Most of the title companies are owned and operated by attorneys.

Agents here, MD and VA still manage the contract from search to settlement.  We send the contract to the title company once it's accepted by the parties and then they do their thing.

It works. 

George,

Sounds like everyone will have a better idea of the costs.

Ann Hayden in warm Wildwood, Missouri

Most of the areas of the state here in CT have their own customs, which differ in details, but are generally similar.  For instance, the New Haven County Bar Association has their own customs (on their web site) I think that the Bridgeport Bar has customs (covering part of Fairfield County), there is a Bar Association in Westport,  and I think Hartford is working on revising their customs also.  Of course, one could make a good argument that the customs be compared and to the extent possible made the same, we are a pretty small state.  I trust the Middlesex County Bar has looked at the customs already 'on the books' so they not only do not reimvent the wheel but also make things as similar aspossible to those laready existing.  The biggest problem I have had in doing the HUD is the lender numbers.  We can do all the other adjustments (except maybe oil or propane which frequently the agent obtains and may come in late, and in some towns they insist on giving the sewer or water adjustment last minute).  But taxes and the like can be done well in advance.  With everything being done over the internet, the numbers can come in later and later and the closing can still go forward.  Not that long ago  the number had to be done a day or two in advance so that the lender could FedEx the package out.  Now with loading them on a website, it can be done later.  I should add that the best closings are when there is constant communication between attorney, lender, and realtors (and of course by extension buyer and seller) and the worst and the ones I really hate are when all the information comes as a big surprise at the closing table!