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#2268057 - 03/22/22 08:30 PM cash sale increase
ckme Offline
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ckme
Joined: Sep 2002
Posts: 248
We are about to issue our CD and found out the cash sale will be 6 extra pages. This was due to the fact that there are multiple sellers out of state who each had to sign separately. we disclosed 125.00 on the LE - for the normal 2 pages and exhibit. The cost is now 335.00 - obviously out of 10% tolerance. The borrower did choose an title compant that was not on our written service providers list.

Can we do a changed circumstance and issue a new LE? Can we just issue a corrected CD?

HELP-- we never had something like this before!!!

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#2268060 - 03/22/22 08:49 PM Re: cash sale increase ckme
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 80,358
Galveston, TX
Well, if you did not know that they were going to sign separately - then you had three business days to re-issue once you found that out that it would result in an increased charge. Although you did not say cost of what? Recording?
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#2268062 - 03/22/22 08:54 PM Re: cash sale increase ckme
ckme Offline
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ckme
Joined: Sep 2002
Posts: 248
yes, recording the cash sale. We are issuing the initial CD today and found this out today.

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#2268081 - 03/23/22 01:29 PM Re: cash sale increase ckme
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,868
Cape Cod
Put the increased cost on the CD, and it will serve in the place of a revised LE to adjust your basis for the estimate of recording fees (because you cannot issue a revised LE on or after the date of the CD).
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#2268110 - 03/23/22 04:09 PM Re: cash sale increase ckme
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,360
Depending on how far out you are from closing, you could issue a revised LE to capture the additional cost and then do the CD tomorrow.
More work, not necessary but some banks like to take all the steps they can.

Question: are you talking about recording the deed? I'm not familiar with your 'recording the cash sale' reference.

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