Fill - Free fillable For properties identified for the Buyer Select closing (Sage Acquisitions) PDF form

For properties identified for the “Buyer Select” closing agent program, the buyer will chose their own Escrow / Settlement Company.

HUD will not pay the escrow fee. The purchaser will be the responsible for any and all closing fees. Amounts listed on line 5 may be

applied toward closing fees. Please note Line 9 of the HUD-9548 Sales Contract must contain the name of the buyer selected

closing agent listed on this form.

TO ENSURE ACCURACY OF YOUR DOCUMENT, PLEASE UTITLIZE THE FILLABLE FORMAT BELOW

_HANDWRITTEN DOCUMENTS WILL NOT BE ACCEPTED_.

I/We authorize ___________________to release a copy of the sales contract and all applicable addenda/amendments for the following

property to the closing agent/escrow company listed on this form.

FHA Case Number ________________________________

Property Address ______________________________________City__________________________State________Zip_________

Buyers Name ___________________________________________ Phone Number ______________________________________

____________________________________________ Phone Number ______________________________________

Selling Broker Name ______________________________________ Phone Number ______________________________________

Listing Broker Name_______________________________________ Phone Number ______________________________________

TITLE COMPANY / CLOSING AGENT / ESCROW COMPANY INFORMATION

Company Name _____________________________________________ Phone Number _____________________________

Primary Contact Person ________________________________________ Phone Number _____________________________

Secondary Contact Person _____________________________________ Phone Number _____________________________

Mailing Address________________________________________City__________________________State________Zip_________

Phone Number ________________________________ Email Address: __________________________________________________

Has this closing/escrow company previously registered with HUD? YES NO

If yes, please enter Title ID# _____________________________

If no, attach a copy of Closing/Escrow Company’s State license, evidence of Errors and Omissions insurance, and

evidence of appropriate fidelity bonding currently in place. .

Purchaser’s Signature _____________________________________________________________Date:__________________

Selling Agent’s Signature __________________________________________________________Date:__________________

As the closing agent/company identified above, we agree that no release, whether written or oral, will be required from the

buyer or any other entity prior to forwarding the earnest money to the Department of Housing and Urban Development

_HUD_ or their authorized agent should the earnest money is determined as forfeited in part or whole, and such

determination is provided in writing by HUD or their designated representatives in accordance with HUD’s Earnest Money

Policy which the purchaser has signed.

Closing Company Authorized Agent: _________________________________________________Date:___________________

U.S. Department of Housing and Urban Development

Office of Housing

Federal Housing Commissioner

For Agency Use Only:

Processed By _________________________________________________Date:________________ APPROVED DENIED

Single Family Acquired Asset

Management System (SAMS)

Buyer Select Closing Agent

Signature

Reset Form

Sage Acquisitions

Closing Instructions And Certification

Page 1 of 6

SAGE02232017

Thefollowingaregeneralinstructionsandmaynotprovidealldisclosuresforsalesunderspecial

programsorcircumstances.Theselectedclosingentitymustreadthiscertificationthoroughlyand

acknowledgepriortothecontractbeingexecutedforthespecifiedproperty.

HUDCASENUMBER:_____________________________________________________________

PROPERTYADDRESS:________________________________________________________________

BUYER’SNAME:_____________________________________________________________________

Assettlement/titlecompany/agent,youmustadheretothefollowingclosinginstructionstoclose

thissalebetweentheUSDepartmentofHousingandUrbanDevelopment(HUD)andthebuyer

identifiedontheattachedexecutedsalescontract.Ifyouareun abletoperformthesetaskswithin

therequi

redtimeframe(asdefinedonline9oftheHUDForm9548),pleasenotifythebuyer’s

RealEstateagentimmediately.

Asthesettlementagent/titlecompany,youmustmeetallapplicablelocalandstatestandardsaswellasthose

requiredbyHUD.(See“StandardsforAcceptableClosingCompanies”c

ontainedinthisdocument)

Youmustclo sethissaleforonlythebuyer(s)identifiedonthe executedsa lescontract,or

amendment/addendum whichhasbeene xecutedbythebuyersandSAGEACQUISITIONS.

EARNESTMONEY:SAGEACQUISITIONSwillNOTincludetheearnestmoneywiththefullyexecuted

salescontract.Theearnestmoneywillbedeliveredwithin(2)businessdaysofreceivingtheexecutedsales

contractfromtheListing Broker.IfyoudonotreceivetheEMpleasenotifySAGEACQUISITIONSbythe

)thirdday.

REALESTATETAXE S:Realestatetaxesforthecurrentyearshallbepro‐ratedtothedate of

closing.HUDwillonlypayfortaxescurrentlydueandwillnotpayorreimburseany party after

closingifrealestatetaxesarereasses sedby localgovernment.

HOMEOWNERASSOCIATION(HOA)FEES/DUES:HUDwillpayforHOAfees/duespro‐rated

fromthedateofHUD’sownersh iptothedateofclosing.HUDwillonlypayforHOAfees/ duesthat

arethelegalresponsibilityofHUDduringitsownershipina

ccordancewi

thStateStatutes .

RENTALMONIES:Youwillbeprovidedspecialinstruc tionsfromSAGEACQUISITIONSincase

thepropertyisbein gpurchasedbyaHUDapprovedtenant. 

, , ,

Closing Instructions And Certification

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SAGE02232017

SPECIALPROGRAMS:HUDhasanumberofspecialprograms,includingtheGoodNeighbor

NextDoor(GNND)Salesprogram,inwhichthebuyerreceivesadiscountoffthepurchaseprice,

asindicate dontheexecutedsalescontract.

Further,somesalessuchasthoseunderGNNDrequ ireasecondNoteandDeedofTrust/

Mortgageand

/oraLandUs eRestr ictionAd dendum.Ifapplicable toth issale,special

instructions forthecompl etionofthosedocumentsareattachedorwillbesuppliedbySAGE

ACQUISITIONS.PleasecontactSAGEACQUISITIONSif youdonotrecei vetheseinstructions. 

ForpropertiescoveredbyanAssetControlArea(ACA)Agreement,SAGEACQUISITIONSwillprovide

additionalclosing

instructions.

CLOSINGCOSTS:HUDwillpayuptoth eamountonLine5oftheexecutedsalescontracttowards

reasonableandcustomaryclosingcostsan dtheamountshallbeannotatedontheHUD1in

accordancewithRESPA.Anyunusedportionwillbecreditedto HUD’sproc

eeds.

ClosingAgentFe e:Thepurchaserisrespo nsibleforanyandallclosin gfeesuptothemaximum

allowedperStateLawandRegulatoryrequirement s.Thebuyerma yapplyamountslistedonline5

ofthesalescontractforpaymentofclosingfees.

Recordingfeesforthe SpecialWarra

nty/GrantDeeds

transferringownershipfromHUDtothebuyer

asstatedontheexecutedsalescontract,forthesecondNote/DeedofTrust,ifrequiredforspecial

HUDprograms,an dforspecialaddendums,ifrequired,suchasLandUseRest rictionAddendum,are

theexpenseof thebuyer.Thisexpensemay be cover

edfromfundsonLine5ofth

eexecutedsales 

contract.Ifthebuyerdidnotrequestfundson line5,theamounttocoverthecostofrecordingshall

becollectedfromthebuyeratclosing.Th erecordingoftheDe edmaynotberelinquishedtoany

otherparty.

EXTENSIONFEES:Allrequests fo

rext

ensionsmustbesubmittedtoSAGEACQUISITIONSfor

reviewandarenotguaranteed.Feesmustbemade payabletoHUD. Requestsmustincl udethe

appropriateextensionrequestform,lenderdocumentat ionorproofoffundsandfee.Thereare

instancesinwhichafre eextensionmaybegranted

.Addition

alinfo rmationandinstructionhave

beenprovidedon theForfeitureandExtensionform.

SETTLEMENTDOCUMENTPREPARATION:Youmustaccurately prepareth ePreliminary

HUD‐1,ALTA, ClosingDisclosure,orSettlemen tStatementandprovideit toSAGE

ACQUISITIONSfive(5)businessdaysinadvan ceofthescheduledclosing date fortheirreview,

approval,an

dre turnpriortoclosing.Th iscanbe accomplishedelectronically.

DEEDPREPARATION:YoumustprepareaSpecialWarrantyorGrantDeed(whereapplicable)

andpro videittoSAGEACQUISITIONSalongwiththeClosingDisclosure,SettlementStatement,

ALTA,orHUD‐1fo rreview.SAGEACQUISITIONSwillexecute,notarize,an

dreturnanorig

inal

Deedvia two‐daydelivery.

Closing Instructions And Certification

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SAGE02232017

WIREPROCEEDS:YoumustwireHUD’sproceedstotheUSTreasuryviaFEDWIREthedayofbut

notlater thanthenextavailableba nkingdayafterclosing,ensuringtheamountmatchesthatofthe

executedclosingdocuments.SAGEACQUISITIONSwillprovidespecificwiringinstructio ns,

includingtheformtobeused.Thecas

enumbershownon th

esale scon tractpackageMUSTbe

includedonthewireforthefundstoproperlypostedinHUD’ssy stemofrec ord.

DEEDRECORDING:Youmustensurethedeedisdeliveredforrecordingtotheappropriatecounty

recorder’sofficenolaterthanone(1)businessdayafterclosing.

NOTIFICATIONOF CL

OSING:YoumustnotifySAGEACQUISITIONSviaemailonthedaytheclosing

hasorhasnotoccurred.

CLOSINGPACKAGE:YoumustdeliveracompleteclosingpackagetoSAGEACQUISITIONSnotmorethan

two(2)businessdaysaftertheclosingiscompleted.Ataminimum,thepost‐closingpackageshallinclud

ethe

following:

 FinalHUD‐1andthe HUD1Certification;

 Copyofthewireofproceedstransferconfirmation;

 Evidencethatthedeedwasdeliveredforrecording;

 Copyofanyinvo iceHUD paidatclosing;

 Copyofdisbursementlog,accountingforallincomingandoutgoingfundsrelatedtothis

transaction.

AdditionalinformationandinstructiononacompletefinalpackagewillbeprovidedbySAGE

ACQUISITIONSaftercontractexecution.

CANCELLEDSALE:Ifasa leiscan celedandnotimmediatelyrescheduled,thedeedmustbe

returnedtoSAGEAC

QUISITIONSwithi

ntwo(2)businessda ysoftheoriginalscheduled

closingdate.Ifthesaledoesnotcloseonthe scheduleddate,notifySAGEACQUISITIONS

immediatelyviaemailastothedatetheclosingisrescheduledorifithasbeencanceled.

Ifthesalehasnotbeenrescheduledoriscanc

eled,the

ClosingCompanyshallscantheoriginalofthe

signeddeed,markedVOIDinlargele ttersacrossthefront,andelectronicallydeliverittoSAGE

ACQUISITIONSnola terthanthesecondbusinessdayafteraclosingiscancelled.Theoriginal

documentwillthenbe mailedtoSAGEACQUISITIONSthatsameday

,alongwiththeearnest money

depositandextensionfeesthatareinyourpossession.

Closing Instructions And Certification

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SAGE02232017

FORFEITEDEARNESTMONEY:Complywiththeearnest moneyforfeiturepolicythatwassigned

bythebuyer(s)andispartoftheexecutedsalescontractpackage.Earnest moneyforfeituresareto

besenttoSAGEACQUISITIONS,payabletoHUD,within3businessdaysoftheea rnestmoney

dispositionissuedbySAGEACQUISITIONSorexpirati

onof

thecontractwhiche vershalloccur

first.

HUD,norSAGE ACQUISITIONS,willberesponsibleforpayingacancellationfee,ifthesaledoes

notcloseand thecontractiscancelled,re gardlessofreason.Cancellationfeesmaynotbededucted

fromtheearnestmoneyoran yotherfundsheldbytheclosi ngage

nt.

STANDARDSFORACCEPTA

BLECLOSINGCOMPANIES

BuyerSelectedClosingCompanies(BSCC)mustcertifythattheymeetthe followingstandards:

1. ABSCCmustbean attorney,titlecompany,orescrowcompa ny.Inaddition,anyBSCC

mustmeetallrequirem entsofsta teandlo callawsfortheapplicableent itytype(e.g.,ifthe

propertyis inastatetha

tbansatto

rneysfromconductingaclosing,anattorneyma ynotbe

usedasaBSCC).

a. Useofattorneys‐AnattorneyorlawfirmmayactasaBSCC,providedthattheyareduly

licensedtopracticelawinthestatewherethepropertyislocatedandstatelawallowsan

attorneytofacilitateRealEstateclosings.

b. Useoftitl

ecompanies‐AtitlecompanymayactasaB

SCC,providedthattheyare

dulylicensedtodobusinessin thestatewherethepropertyislocated,andare

regulatedbythe StateInsuranceCommission,orsimilarregulatoryagencyrecog nize d

bytheState.

c. UseofEs

crowCo

mpany‐AnescrowcompanymayactasaBSCC,providedtha t

theyaredulylicensedtodobusinessintheSta tewherethepropertyislocatedand

meetallstatelega landregulato ryrequirementsasarecognizedan dregistered

escrowcompany.

2. InsuranceandClosingPr

otectionLe tterrequirement‐AnyBSCCmustbecoveredby

ErrorsandOmissionsInsuranceofatleast$1,000 ,000.Titlecompaniesshallprovidea

ClosingProtectionLetter(CPL)whenrequiredtoinsureagainstanyimproperhandlingof

HUDʹsproceedsordeed.

3. ConflictofInterest‐ABSCCwhohas,orwh

oseimmediatefam

ilymember,orbusiness

associateshave,afinancialinterestinth epropertyshallnotbeinvo lvedintheclosing

process.Financialinterest incl udeshavinganequity,creditor,lender,ordebtorinterest in

anycorporation,trust,orpartnershipwithafinancialinteres tinth eproperty.

Closing Instructions And Certification

Page 5 of 6

SAGE02232017

4. Debarmentorsu spensi on‐Noattorn ey,TitleCompany,EscrowCompany, orBSCC,

currentlydebarred,suspended,orotherwiseexcludedfrompart icipat inginHUD

transactionsorfedera lprograms,mayparticipa teinanyas pectoftheclosingortitle

clearanceproc ess.

5. Non‐Discrimi nation‐NoBSCC,employe e,orpersonorentityoth erwiseauthorizedtoact

foraBSC

Cagen

tmayactinviolationofTitleVIIIoftheCivilRightsActof1968(theʺFair

HousingAct ʺTitleVIIIorPublicLaw90‐284)orExecutiveOrder11063 .BSCC’s,their

employees,andanypers onorentityotherwiseauthorizedtoactonbehalfofaBSCCsha

(1)refrai

nfrom discriminationon thebasis ofrac e,color,creed,religion,sex,sexual

orientation,genderidentity,maritalstatus,nationalorigin,ageorha ndicap;(2)instruct

theirstaffsin the policiesofnondiscrimin ationandallapplicableloca l,Stat e,andFederal

fairhousingandnon‐discriminationlaws.

6. FailuretoAbidebyHUD’sClosingInstr

uction–Fa

ilureto adheretoHUDrequirements

orguidancemayre sultinsanctionsincluding,butnotlimitedtocivilmoneypenaltiesor

administrativeactionagainstanyperson, part,company,form,orbusiness.

7. IfullyunderstandthatitisaFederalcrimepunishablebyfineorim

prisonm ent,orboth,to

kno

inglymakeanyfa lsestatementsconcerninganyoftheabovefacts,and/orstandardsas

applicableundertheprovisionsofTitle18,United StatesCode,andSection10 01,etseq.

Closing Instructions And Certification

Page 6 of 6

SAGE02232017

I,theunders igned,for myselfandan ybusinessentityIrepresent, certifythatIhavereadthis

documentandcanand willperfor mallthedutiesandtasksrequire dbythetermsof thisdocument,

andcomplywithallofthelaws,regulationsandstandardsspecifiedinth isdocument.Ifurther

understandan

dwillco mplywiththes einstructionsandrequirementsandanysubsequently

providedwritteninstructions pro videdbyHUDdirectlyorSAGE ACQUISITIONS,forthesales

transactionnamedonthea ttachedexecutedSalesContract,andunderstandthatmyfailureto

complywithsuchins tructionsandrequirementsand/orpe rformsuchdutiesan dtasks maysubjec

t

metosanctions,administrativeactions,orcivilmoneypenalties.

AuthorizedBCSASignature:_____________ ______________________________Date:____________

PrintedNamewithTitle:____________________ _______________________

Telephone#______________ Email:_____________________ ___________

StateLicense#________________ HUDTitleID(I fknown)#________ ____

HUDCASENUMBER:___________________________________

PROPERTYADDRESS:____________________________________________________________

BUYER’SNAME:____________________________________________

Acknowledgementandcer tificationofth isdocumentMUSTbe submittedwiththesalescontractor

therewillbeade layinexecution.Oncethe contractha sbeenexecuted,additionaltraining

informationwillbeprovided,includingdesignatedemailaddressesforSAGEAC QUISITIONS.

, , ,

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