CLOSING PROCEDURES

1.      Battaglia Law Office will send a representative to the closing.  The representative will bring a fully executed Special Warranty Deed, Deed Transmittal Acknowledgment and the HUD-1 bearing the seller’s signature.  The third party entity will execute the Deed Transmittal Acknowledgement at closing which affirms the Special Warranty Deed will be transmitted to the Register of Deeds Office by the third party entity no later than one business day after the closing date. 

2.      The Purchaser must be present at closing per HUD’s guidelines.  The closing will not take place if the purchaser or his/her attorney-in-fact is not present at the closing.  If the purchaser elects to utilize an attorney-in-fact, a copy of the Specific Power of Attorney or comparable documentation must be presented to Battaglia Law Office, LLC at least two (2) business days prior to the scheduled closing date.

3.      IF THE THIRD PARTY ENTITY CHOOSES TO PROCEED WITH A CLOSING WITHOUT THE KNOWLEDGE OF BATTAGLIA LAW OFFICE OR THE ASSET MANAGER; WITHOUT WRITTEN APPROVAL OF THE ASSET MANAGER; OR WITHOUT BATTAGLIA LAW OFFICE’S REPRESENTATIVE BEING PRESENT AT THE CLOSING, THE CLOSING WILL BE CANCELLED.  ANY FILES THAT ARE CANCELLED WILL HAVE TO BE RESCHEDULED ACCORDING TO THE PROCEDURES OUTLINED HEREIN.

4.      At the closing, the third party entity must provide the following to Battaglia Law Office’s representative:

a.       Two (2) Fully executed original HUD-1s.

b.      A copy of the deed transmittal letter to the Register of Deeds Office bearing the transmittal date.

c.       A copy of the purchaser’s driver’s license.

d.      A copy of the first page of the mortgage (if applicable).

e.       A check for the seller’s proceeds (must be certified funds).

f.        A check for Battaglia Law Office’s settlement fee (may be a trust check).

THE CLOSING SHALL BE CANCELLED IF THE THIRD PARTY ENTITY FAILS TO PROVIDE THE DOCUMENTATION SET FORTH ABOVE.

            POSTCLOSING PROCEDURES

1.      The third party entity must transmit the Special Warranty Deed to the Register of Deeds office no later than one business day after closing.

RECONCILIATIONS

1.      If an error is discovered by Battaglia Law Office, the Asset Manager for HUD or HUD, Battaglia will notify the third party entity of the error.  The third party entity has one business day from receipt of the notification, to correct the error and forward the corrected document(s) and/or the appropriate funds to Battaglia.  Failure to comple will prevent any HUD transactions from occurring until compliance with the request is met.