Closing: What You Should Know
Closing Department:
Funds must be wired within 24hrs (business days) of the Closing Date (both the case number & property address MUST be included when wiring funds).
The final closing package must be uploaded to HUD’s Yardi/P260 system within 48 hours of closing. The final closing package must include:
1) Post-Closing Checklist (w/Closing Agent column filled out)
2) Executed HUD-1 (signatures from all parties)
3) Wire Confirmation (the case number & property address must be listed on the Wire Confirmation)
4) Disbursement Log/Accounting Ledger
5) Recorded Deed or Deed Receipt (the deed receipt can be anything showing the deed was sent to be recorded, such as, a receipt from the e-recording or the recording office along with a copy of the Deed, a copy of the mailing label addressed to the recording office along with a copy of the Deed, a copy of the check made payable to the recording office along with a copy of the Deed or the recording check clearly listed on the Disbursement Log along with a copy of the Deed)
Below are some very helpful tips on how to make sure the closing process is expedited as quickly as possible. If you should have any questions please don't hesitate to ask:
If the buyer needs utilities activated/property dewinterized in order to conduct inspections/appraisals, please make sure that you contact your Field Service Manager as soon as possible. In order to find out who that is, please go to www.hudhomestore.com and click on Property Contacts at the top of the page. Type in your case # or property address and your Field Service Manager will be clearly referenced. The FSM websites are listed below for additional information depending on which one your property is assigned to:
Please note that if the purchaser is obtaining FHA203b or 203k financing, HUD will procure a Lead Based Paint inspection for properties built prior to 1978. Closing may not occur until the inspection and a Clearance Certificate has been obtained or a proper credit for stabilization of deteriorated Lead Based Paint has occurred, depending on the type of FHA financing selected. Please note that this process may take weeks to complete. Please follow up with me before scheduling your closing to get confirmation that the proper procedures concerning Lead Based Paint have been completed. You may refer to the LBP Disclosure Addendum enclosed in your contract for more information
FOR ALL CLOSINGS:
Sage will need the BSCA/Closing Agent to upload to the prelim-HUD subcategory, settlement category in Yardi over 5 business days prior to the estimated closing date.
Please upload the following documents:
• Settlement statement
• Tax bills from the locality
• All property invoices to be paid on the settlement
• Deed for execution (no quit claim deed)(we have no template, please use a deed applicable to your state that is ideally limited or special warranty).
Please provide all these documents to us in order to accommodate closing to closings@re-global.com . Please provide these documents to us 5 business days prior to the estimated closing date. Sage Acquisitions is committed to facilitating your closing seamlessly during this transition period. Sage Acquisitions utilizes the HUD P260 Closing Agent Portal to receive and approve closing packages. In an effort to avoid closing delays please ensure that your access to P260 is active. To test the activity of your account please login at https://www.hudp260.com/Pages/Resources/hudtraining_mm3_portal.aspx.
If your account is inactive or your do not know your user ID and password you will need to submit a request to closings@re-global.com for reactivation.
• Subject Line: Super User Reactivation Request – Closing Pending
• Attach to email: State license that allows you to practice in your state.
• Attach to email: E&O insurance (Must reflect $1 million in claim and aggregate and be good within 60 days of presentation)
• Write in the body of the email (include the headers below in:
Company Name:
Primary Contact Name:
Address:
Business Phone Number:
Email Address:
Super User (same as primary):
Case Number: