Mortgage Deed For Initial Closing Legal: Fill & Download for Free

It’s important for home buyers to understand that a mortgage commitment letter in NYC does not guarantee that the bank will fund your loan.As you will see from the NYC mortgage commitment letter sample below, there are many contingencies in place for the bank to revoke its loan commitment to you. If you’re about to submit an offer and deciding whether to waive the mortgage contingency, it’s important to understand what a mortgage commitment letter entails and how much assurance a loan commitment offers you in the first place.What does a NYC mortgage commitment letter sample look like?This is an example of a standard mortgage loan commitment letter that would be issued to a New York City condo or co-op apartment buyer. There are additional sections in this NYC mortgage commitment letter sample you should review such as Commitment Conditions.MORTGAGE LOAN COMMITMENTBorrower Name(s):Borrower Mailing Address:Lender:Property Address:Type of Property: [Condo, Co-op, etc.]Commitment Expiration Date:Date:It is a pleasure to notify you that your application for a mortgage loan has been approved subject to the following matters set forth below and on pages 2 and 3.INSTRUCTIONSPlease sign, date and return Lender’s copy of this Commitment, along with any required fees and items requested, to the Lender at the following address, within 15 days of the date hereof, or at the option of Lender, this Commitment shall become null and void. Should you have any questions, please contact:This approval is not a final commitment. Due to the fact that interest rates are subject to change without notice, your approved payment and loan amount may change if interest rates increase or decrease.EFFECTIVE DATE AND COMMITMENT FEEThis commitment will become effective upon compliance with the terms herein and, if applicable, the receipt of your check in the amount of any non-refundable commitment fee (“stand-by fee”). It is understood and agreed that if this mortgage loan is not settled in accordance with the terms and conditions of this commitment, the Lender shall retain this fee as earned charges for the origination and approval of this loan.AMOUNTS, TERMS AND FEESAmount of Loan $[Amount]Initial (Contract) Interest Rate [Rate]%Loan Term [Number] monthsAmortization TypeBalloon Term (if applicable) [X] monthsLoan TypeLien Position 1st LienPAYMENT (P&I)Your initial interest only principal and interest (P&I) amount is $[Amount]. This amount does not include any escrowed amounts and may change if there is a change in loan terms.ESCROW[ X ] An Escrow Account is not required.[ ] An Escrow Account is required.Even if an Escrow (Impound) Account is not required at time of settlement, subject to the terms of your specific loan documents, the Lender may set up and require an Account should the taxes or insurance on the subject property ever become delinquent.EVIDENCE OF TITLEThe Evidence of Title is to be provided to the Lender and must indicate no liens, encumbrances, or any adverse covenants or conditions to title unless approved by Lender. The Evidence of Title must be issued from a firm or source, and in a form, acceptable to Lender. Borrower will be charged for the cost of providing such title and the cost of recording documents, all of which will be ordered by Lender unless requested otherwise.CANCELLATIONThe Lender reserves the right to terminate this commitment prior to the settlement of the loan in the event of an adverse change in your personal or financial status, or if the improvements on the property are damaged by fire or other casualty.REQUIRED ITEMS OR CONDITIONSAll Items Listed on the Commitment Conditions Addendum Apply.THE FOLLOWING CONDITIONS MAY APPLY TO YOUR LOAN DEPENDING ON THE LOAN TYPE AND TERMS.BALLOON MATURITYA balloon loan matures before the loan is fully amortized. The balance of the loan will be due in a lump sum payment at maturity.FIRE AND EXTENDED COVERAGE INSURANCEPrior to settlement, we will require an original insurance policy and/or binder containing fire and extended coverage (i.e., windstorm, hurricane, hail damages, or any other perils that are normally included under an extended coverage endorsement) insurance in an amount equal to the lesser of 100% of the insurable value of the improvements, or the unpaid principal balance of the mortgage as long as it equals the minimum amount (80% of the insurable value of improvements) required to compensate for damage or loss on a replacement cost basis through a company acceptable to the Lender, and a receipt showing premiums paid in advance for one year. The insurance policy shall also contain a standard mortgage clause in favor of Lender. We cannot require you to obtain a policy which exceeds the guaranteed replacement cost of the improvements securing the loan.If the property is new construction and you are not able to occupy the property immediately after closing, you will be required to furnish an original fire/hazard insurance policy or binder, including a Builder’s Risk Rider. If this is a renovation of an existing dwelling that will remain occupied, a Builder’s Risk Rider is not necessary.GOVERNMENT INSURED LOANSLoan Commitments issued for these types of mortgage loans, including, but not limited to FmHA, RHS, FHA, and VA, are subject to all the terms and conditions of the Agency’s commitment, or the VA certificate of reasonable value, as well as the rules, and regulations, and all applicable requirements of the Farmers Home Administration, Rural Housing Service, Department of Housing and Urban Development, the Department of Veterans Affairs, and/or other state or municipal authority.FLOOD INSURANCEBy signing and accepting this commitment, you acknowledge that if the property securing this loan is in an area identified as having a special flood hazard you agree to these insurance requirements.Our policy, in order to best protect collateral interest, is to adhere to the more common industry practice of requiring flood coverage for the lesser of: the full 100% Replacement Cost Value or the maximum amount of insurance available under NFIP for the particular type of building; currently $250,000 per residential dwelling/condominium unit. A copy of the declaration page or application signed by the agent, along with proof premium has been paid, is required prior to closing.Flood insurance is mandatory now or in the future if this property has been or will be determined to be in an area which has a special flood hazard. Federal Law requires that flood insurance, available through any agent, must cover the lowest of: the outstanding principal balance of the loan[s]; the maximum amount of coverage allowed for the type of building under NFIP or the full replacement cost value of the building or contents securing the loan.TAX AND INSURANCE PAYMENTSMonthly deposits and initial deposits as determined by Lender are required to cover the payment of estimated annual real estate taxes, special assessments and, if applicable, FHA or Private Mortgage Insurance Premiums. Lender may also require additional deposits for hazard or other insurance if required for this loan. Such deposits are to be placed in a separate escrow or impound account.SPECIAL ASSESSMENTSIf required, all unpaid and future special assessment installments must be paid in full prior to, or at time of settlement.DOCUMENTATIONThe mortgage or deed of trust, note and other pertinent loan documents will be provided by Lender and must be signed by all applicants that are to be contractually liable under this obligation. Further, the mortgage or deed of trust must be signed by any non-applicant spouses if their signature is required under state law to create a valid lien, pass clear title, or waive unclear rights to property. Note: Samples of loan documents are available upon request.ADDITIONAL CONDITIONS FOR CONSTRUCTION LOANS.CONSTRUCTION LOANS: ONE PAYOUT AND MULTIPLE PAYOUTImprovements are to be built in a good and workman-like manner in strict accordance with plans and specifications furnished Lender and in compliance with applicable building codes. After completion, said improvements shall be approved by a representative of Lender and an occupancy permit shall be issued by local municipality. Any changes, whether they be additions, deletions, or alterations, of the plans and specifications, must be approved in writing by Lender in order that this loan commitment remain in effect.CONSTRUCTION LOANS: MULTIPLE PAYOUTEvidence must be submitted that the net proceeds of our loan are sufficient to complete the construction of the building, free and clear of all claims of Mechanic’s Liens for labor and material. All disbursements will be made upon the order of the borrower upon presentment of proper waivers of lien, subject to compliance inspections by the Department of Veterans Affairs, the Federal Housing Administration, or Lender, not to exceed 80% of the value of the work done. The remaining funds will be held back until the certificate of completion and/or occupancy certificate is issued.I (WE) accept the terms and Conditions of this Commitment and will notify Lender if there are any changes to the information provided on the application before the closing of the loan.Borrower DateCOMMITMENT ISSUED ON BEHALF OF LENDER BY:Take special note of the cancellation clause listed above. If you lose your job or suffer some other financial setback, the bank will have cause to terminate your loan commitment!What are some typical commitment conditions in a NYC mortgage commitment letter sample?This is an example of a some typical commitment conditions in a NYC mortgage commitment letter sample. Note the long check-list of tasks that must be completed in order for the lender’s commitment to be valid.COMMITMENT CONDITIONS(Attachment to Mortgage Loan Commitment)Borrower: The Closing Disclosure will be provided to you in advance of your closing indicating your loan terms and is followed by a government mandated waiting period before the actual closing occurs. Receipt of the Closing Disclosure does not indicate all loan conditions have been satisfied which must occur prior to closing. Changes of any kind that occur after the final Closing Disclosure has been delivered to you may result in an additional waiting period prior to closing.Borrower: This loan is also subject to all other lender specified conditions and must comply with all applicable federal, state, and local laws and regulations.Lender: Verification from the Lender’s Closing Agent / Attorney that a Recognition Agreement has been executed by the the Cooperative Board and received by the Closing Agent/AttorneyLender: Title to have Recorded UCC1 lien search at time of closingLender: Recognition agreements and stock certificate required at time of closingLender: This loan is approved for a maximum interest rate of — [ ]% (qualifying pmt)Lender: If the loan does not close by the expiration date of the credit documents which includes verification of employment, assets and credit, re-verification will be required. To avoid re-verification the loan must close by: [Date] (rate)Lender: Obtain a completed and signed Form 4506-T (written permission to request tax returns from the IRS) for all borrowers at and before closing. — ** rcvd prior to closing **Lender: Closing agent to verify borrower(s) identityLender: Fully executed and signed Social Security Administration release (form OMB #0960–0760)Lender: Loan was approved based on the following parameters: Debt to Income Ratio not to exceed [ ]%; Total Reserves required for Transaction are $[Amount] or 12mos (subject to change) plus closing cost & prepays of $[Amount] (subject to change). Required Liquid Funds for transaction can be no less than $[Amount]. If any of these parameters change, as required by product guidelines, the loan will be subject to re-underwriting.Lender: If the loan does not close by the expiration date of the following documents, re-verification will be required:Appraisal: [Date] Verbal VOE: [Date] Rate: [Date] Lien Search: [Date] Co-Op Approval: [Date]Lender: No subordinate financing allowedLender: Seller paid closing cost may not exceed actual costs, the maximum amount that can be paid is — $[Amount]Lender: No cash out to borrower(s) at closingNote that this hypothetical lender does not allow any subordinate financing. That means you won’t be able to take out a 2nd lien home equity line of credit at a later time. Please also note that if your purchase doesn’t close in time, the lender may need to re-do the underwriting process.Sample Mortgage Commitment Letter InstructionsCONGRATULATIONS!Your application for a [Bank Name] Co-op Loan has just been approved. Enclosed you will find a commitment letter which provides you with specific details regarding your loan approval. We urge you to read it carefully as it contains important information on the financing terms and the documentation that is required in order to close your loan.WHAT ARE THE NEXT STEPS?You must sign the commitment and return it to us within ten (10) days of the commitment or before the expiration date, whichever is sooner with any fees specified. Please note that this commitment letter contains two critical dates. If you elected to lock in your interest rate and points there is a rate expiration date. If you do not close your loan on or before the rate expiration date, the terms and conditions will change.In addition, there is credit document expiration date. If you do not close your loan on before this date you will need to satisfactorily update certain credit documents in order for the terms and conditions of this commitment letter to apply. If your rate and points have not been locked, the rate expiration date will be established once you elect to lock in your rate. You must lock in your rate at least five business days prior to loan closing.Please read the commitment letter and riders carefully, as they contain conditions that must be satisfied prior to your loan closing. It is incumbent upon you to make sure that we are in receipt of all items listed. These items must be reviewed and approved at least three (3) days prior to loan closing. Again we must emphasize that you cannot close your loan unless all these items have been satisfied.We have notified the closing attorney for [Bank Name] of this loan transaction.Arrangement and instructions for closing your loan should be obtained by contacting the [Bank Name] attorney named in your commitment letter. A loan closing can be scheduled shortly after all necessary documents have been received by [Bank Name].The [Bank Name] attorney will be able to provide you with specific information regarding the following:-Closing Date-Closing Location-Prepaid Interest and Escrow Funds-Co-op Lien Search Requirements-Survey Coverage Requirements-Insurance Requirements (Hazard/Flood/Condominium/Co-op)We encourage you to have your attorney contact the [Bank Name] closing attorney to review the requirements. This should help to ensure that your closing goes smoothly.Thank you for choosing [Bank Name] for your financing needs. We are delighted to have you as a client.What are sample closing conditions in NYC?Dear [Borrower],We have received today from [Bank Name] a copy of a commitment letter for a co-op loan and will represent [Bank Name] at the closing. Please be advised that we cannot schedule a closing unless we receive confirmation that the conditions required by [Bank Name], prior to closing, have been satisfied and the conditions required at closing will be obtainable and brought to the loan closing.Enclosed with this letter you will find three copies of Recognition Agreements. The Recognition Agreement must be delivered to and executed by an Officer of the Cooperative Corporation. The fully executed Recognition Agreement must be delivered to our office prior to loan closing or it must be brought to loan closing. We will be unable to close a co-op loan without the original executed Recognition Agreement with the corporate seal.Enclosed with this letter you will find a Uniform Commercial Code Authorization Form. This document must be signed by each person who will be on title and promptly returned to our office. This document is necessary for [Bank Name], to obtain a security interest in the cooperative. Upon our receipt and/or confirmation of certain information i.e. section/block/lot numbers of the building same will be inserted in the financing statement prior to filing. Please be sure to note that the executed Uniform Commercial Code Authorization Form and the check required by paragraph 3 below must be remitted to our attention at the time you accept your commitment letter to a assure a timely closing.To ensure that [Bank Name] has a proper security interest, a Cooperative search of the appropriate records will be conducted solely for [Bank Name]’s benefit. The search will be ordered by our firm and will be reviewed and approved by our office prior to loan closing. Payment of the lien search must be remitted to our office at the time you send back the UCC-1 Authorization form. The cost of the search is $275.00 and the filing fee for the UCC-1 is $100.00. Please remit a check for $375.00 made payable to [Name] for the lien search and the recording of the financing statement.Unless paid prior to loan closing, all charges and fees due to [Bank Name] must be paid from the loan proceeds. If you call our office the day before loan closing, we will advise you of the exact amount being deducted from loan proceeds.The commitment letter has two expiration dates; one is the Commitment Expiration and one is the Rate Lock Expiration. The loan must close and funds must be disbursed on or before the earlier of the Commitment Expiration or the Lock-In Expiration. In the event the loan is a refinance transaction and it is subject to the required three (3) business-day right of recission it must close four (4) business days prior to the expiration of any applicable rate lock agreement.Please note that a closing cannot be scheduled until the following items have been completed:– We have been advised by [Bank Name] that all commitment conditions have been satisfied.– The U.C.C. -1 financing statement has been filed.– The co-op search has been reviewed and approved– We have a copy of the proposed Stock Certificate and the first page of the Proprietary Lease. At closing, the original Stock Certificate and Proprietary Lease must be delivered to [Bank Name] Closing Attorney.– We must be in receipt prior to or at loan closing of a blanket insurance policy for the co-op evidencing sufficient dwelling coverage.[Bank Name] requires at least two (2) business days to schedule a loan closing.We are committed to providing you with the highest level of customer service. If you should have any questions please feel free to call us at [Phone Number].Content courtesy of https://www.hauseit.com/nyc-mortgage-commitment-letter-sample/Disclosure: Hauseit and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

It depends on whether you are the buyer or the seller. Many sellers only have their attorney prepare the deed to convey title. Their cost would be limited to the cost of preparing the deed. At the closing, the attorney handling the closing would prepare settlement statements (in most cases, a HUD form, see HUD-1 Settlement Statement - Wikipedia) showing that they will pay the seller’s attorney for preparing the deed and charge the seller for taxes required to file the deed (taxes applicable to the seller, that is).You’ve received great answers about what the attorney for the buyer does. In areas like mine, the attorney will go to the courthouse and search the records to examine the chain of title back for 60 years (our area does not have computerized title records in all counties yet). He/she will review tax assessments, review any recorded plats and compare them to any others in the title to be sure no accidents were made in subsequent plats, find out if any real estate taxes are due and owing by the seller, and review judgments to be sure the seller doesn’t have judgments levied which could attach to the property.Assuming all is well, the attorney or his/her staff will prepare the documents that the buyer needs for closing, which is usually a deed of trust (mortgage), ordering plats if no current ones are available, verifying the payoff for the seller’s existing mortgage (if any), applying for title insurance (sometimes banks require mortgagee title insurance), reviewing the seller’s deed to be sure it is proper, and other documents as may be required. As one example, if the seller has died and seller’s heirs are selling the property, the attorney will specifically look in the chain of title for inheritance certificates, wills, or other evidence of probate.If the attorney knows the heirs are selling the property and there are no documents in the chain of title to prove how they acquired title, the attorney will then prepare the proper documents to protect the buyer and show a clear title. In some cases the seller may want his/her attorney to prepare those documents which is fine, then the buyer’s attorney would only need to review them.In many cases, the attorney must prepare a draft settlement statement (HUD form) and documents required by the mortgage company/bank and send them to that company for review. This includes obtaining a payoff amount from the current mortgagee, pro-rating real estate taxes, calculating the cost of recording all required documents at the courthouse, setting up escrows, paying for inspections like termites or home inspections, realtor’s commissions, plats, and the like. The attorney reviews the real estate contract (if he/she didn’t prepare it) to see what other expenses may be involved, such as the seller paying buyer’s closing costs. The mortgage company will not release the proceeds of the loan until they review the documents to be sure everything is correct.If all of this goes well, the attorney sends a copy of the settlement statement to the buyer and the seller so they can review prior to closing and bring any funds needed to the closing, if any. Finally, the attorney will preside over the closing, answer any questions at the closing about any of the documents or settlement statement costs and then have all documents recorded in the courthouse.But he’s not finished yet! The attorney will send funds to the seller’s mortgage company to pay off the seller’s loan(s). He will disburse funds where needed, such as paying delinquent real estate taxes, paying the seller’s attorney for any expenses incurred, send the realtor’s commission check, and so on.After the documents are returned to the attorney from the courthouse, the attorney will prepare a package of documents for the mortgage company, the buyer, and in some cases, the seller. The attorney may send a check to the buyer’s mortgage company to cover initial escrow deposits, plus send the recorded deed of trust (mortgage) and other closing documents to the new mortgagee. If title insurance has been required by the mortgage company, the attorney will wait to apply for the final policy AFTER the seller’s loan has been paid off and that mortgage company releases the seller’s mortgage lien in the courthouse. He will certify to the title insurance company that the title is clear and the mortgagee has a valid first (or second, etc) lien on the property.There is a great deal of paperwork required for real estate closings. When I first went to work for an attorney, the real estate contract was one legal page, front and back. In my state today, the real estate contract used by realtors is multiple pages (5 or more), front and back, and SMALL type font! Real estate closing are much more involved than they used to be.I’m sorry this is a long answer, but frankly the attorney and his staff do a great deal of work in closings. Many attorneys in my area do not want to bother with all the paperwork, because it is time intensive and they don’t make a lot of money for all their trouble. Not putting them down, just stating the obvious. I used to help prepare all those documents when I worked as a paralegal and I know how much time and effort is required.Please keep in mind my answer is based on my experiences working for attorneys as a legal secretary and, later, as a paralegal and is not legal advice.

The retaliation and revenge that my NPD ex took was very predictable. When I went no contact he realised that I was taking back control. That’s when he really showed his true colours…Financialhe completely refused to show full and frank disclosure during the divorce. Meaning a very very expensive 15 month legal battle.He refused to close the joint bank account.(it’s needed both of us to agree to it being closed). Meaning numerous expensive unnecessary solicitor letters to get him to sign the form. I was terrified he’d run up huge debts on an account t with my name on it. He knew this, hense him not closing it.He sent nasty malicious emails to my Private email address. When that didn’t get a response he started sending them to my work address. He had to be blocked everywhere. A deluge of these came the day he heard from the mediator telling him I had insisted on separate room for the second session. Oooooo, he didn’t like that!He started defaulting on maintenance for his two children following me going no contact. With no warning a payment was not going to be made, I have had to borrow funds on several occasions to make sure my rent was paid. (i had to rent a home to me and our 2 kids when we left him).he demanded the return of the car I was using to get our children to school and myself to work despite the fact he had 3 other vehicles. This was my only form of transport. When I left, he initially agreed I could keep the car to use until our family home was sold, releasing funds so I could buy another vehicle. He not only the refused to sell the house but said if I didn’t return the car immediately he would cease ALL payments for the children. He’d already missed several months and I was panicking so I gave the car back. I had to then borrow yet more money to purchase a cheap little car to get the children to school.He stole over £6000 from a insurance policy that was paid by me, from our joint bank account I couldn’t get access to. I never got this back.He illegally hides his cash income from the Inland Revenue to prevent me being able to go through official channels for maintenance payments. This he thinks is really funny. He taunted me over this before I went no contact, saying how funny he thought it was and how clever he is!?He illegally removed my name from the deeds of the family home, thus trying to steal all my equity. (He did this before I went no contact by years but I only found out about it after). This also complicated the legal battle, taking an additional 15 months to divorce him and cost me tens of thousand of pounds. When he was ordered by the judge to put the property on the market, he told the estate agent if she spoke to me about any details, He would sack her, inspire of the fact the judge stated ‘joint conduct of sale’. I have had to pay dediculouly high private rent whilst waiting for my former home to be sold. A mortgage would by far be the cheapest and most secure way of putting a roof over our children’s heads but my ex considered it wouldn’t be better to let the former family house sit empty and rot. His way of punishing me for confronting him over his latest affair, then me leaving and going no contact, is to attempt to stop me getting back what’s mine so I can provide a home for his children.EmotionalMediation appointments were made, as part of the divorce/financial process. I insisted on ‘shuttle mediation’ so as not to be in the same room. He would firstly only agree to times that were awkward for my working day or the times I was supposed to collect the children from school, (he’s self employed so anytime would suit him, he was just being really really awkwardly). He would demand I bring certain paperwork etc, eg valuations of jewellery, which would cost me money and time to get done. I would rush around trying to get this done in time. Then, The mediator would ring to say he’d cancel the session the day before. All just to cause maximum stress. A new date would be arranged through mediation. I had to emotionally build myself up for these appointments, even though I would be in the same room as him. Then he’d cancel and I would know I’d have to go through the same nightmare again two weeks later. So, another one would be made. He would then say he needed more time to fill in his form etc. But eventually he turned up to a meeting and said he had no intention of filling in any forms, even if they were a legal requirement. Each sesssion cost me nearly £100. The form alone was over £50. He had the audacity to claim legal aid! - Because he’s illegally never declared enough earning to pay enough tax. Although later I was able to show he earned £40,000 that year. It was all about making me jump through time consuming, expensive and pointless hoops. I see it as his last ditch attempt at controlling me. To punish me… how dare I twke bafk co trol. I was allowed to leave the sessions before him, for safety etc. But he still managed to chase after one time, shouting and taunting me…he would park one of his vehicles outside my work or outside my house. I felt he was stalking me. (I’ve now reported this to the police for the next time he does it)He proceeded with a nasty and viscous smeer campaign in an attempt to make everyone think I was crazy and he was the victim, therefore justifying any outlandish behaviour his ‘friends’ or family found out about. He even told one person I was actually dead!he gaslighted his youngest son to prevent people finding out about verbal, emotional abuse, bullying and neglect. My son needed counselling because he doubted his own memory and sanity!he put me through a nightmare having to prove all his Form E to the court was lies. I spent weeks tracing documentation to prove Form was completely fictitious. All of his lies were to discredit me as a person. Eg He claimed to own property when we first met 20 years, saying I didn’t own anything, therefore all the equity in our marital homemade was his… I was able to show I owned my own home, however he share details a rented flat. I spent hours and hours trawling over files to get all the paperwork to prove my Form E information was correct, despite the fact his stated completely different informationhe turned my father-in-Law against me. The most hurtful part of his smeer campaign. This man had been more of a dad to me than my own dad for 20years.he has discarded his own children over the last 12months. Only contacting them very occasionally when he demands to see them. Eg Father’s Day!he refused to return my pet cat for a year. I found out eventually a kind neighbour was feeding her and looking after her, as he wasn’t even living in the house anymore. something else he denied. My cat was eventually dumped by him, in a box, on the doorstep outside my house in the night. She was very scared, poor thing.I guess I wouldn’t have had any of this had I not been married, had children, and a financial link to this Narc. It would have been easier to disappear.Well, lesson learned. I shall not ever put myself in that position again.