Escrow (continued) ....Does Escrow have to used? If so what specific law states that we must? No one is requirred by law to use an escrow for any of the previously mentionted transactions in my last blog , including the sale of real property. However, when a buyer and seller reach an agreement about the sale of a property, including terms and an exact price $$, it is usually advisable to invite a neutral thrid party to handle the details of completing the agreement. Misunderstanding, or even criminal or innocent negligence, on part of the principals could the cause of loss to one or both parties if the contract is not handled by an outside professional whose business is to conduct escrows. Would you give yourself an operation or would you rather have a liscensed and accredited doctor pe... 12/31/2006

Transfer of a Lease :If the lease does not prohibit it , a lesee (tenant) may assign or sublease his or her interest in the property to another person. Assignment :An assignment is the transfer of the entire leasehold estate to a new person known as a assignee. The orginal lessee (assignor) steps out of the primary responsibility for the lease and a new lessee (assignee) becomes responsible to the landlord for all the terms of the original rental agreement. For Example:Bobby leases a two-bedroom apartment from Luis and live there for six months until he is transferred to another part of the country. The term of the lease is one year and he has six months left before it expires. Melissa accepts  Bobby`s offer of assignment of his lease lease and moves into the apartment when Bobby moves ... 12/30/2006

 What a landlord may not do is give in to frustration about the deliquent orremove the tenant  by committing ublawful acts, such as, removing the tenant`s belongings, changing the locks, shutting the utilities, or bullying the tenant with threats of bodily harm. Under the right of replevin, a tenant has the legal right to recover personal property unlawfully taken by the landlord. Other Unlawful Acts by a Landlord :- Tenant Lockout- Taking Tenant Property and Selling it - Removing Doors and Windows- Shutting Off Utilities - Trespassing - Verbal Threats  Eddy MartinezBest Rate Funding - Direct Lender - Wholesale RatesSenior Loan ConsultantDirect Line: 1-888-702-2225 x. 115E- Fax :1-310-943-6551bestrate Funding"A business that makes nothing but money is a poor business. "- Henry Ford   12/30/2006

If a landlord fails to make needed repairs to property after repeated requests by the tenant, the tenant may terminate the leases. If a tenant fails to meet the terms of the rental agreement, or has not paid the rent, the landlord only has to give a three-day notice in writing, asking the tenant to conform. The tenant then must move out within three days or meet the landlord`s requirements. The notice to pay rent or quit is an eviction notice. The landlord cab sue for each installment of rent when it is due, "re-let" the premises and sue for damages, or serve a three-day notice to pay or quit to the tenant. Eddy MartinezBest Rate Funding - Direct Lender - Wholesale RatesSenior Loan ConsultantDirect Line: 1-888-702-2225 x. 115E- Fax :1-310-943-6551bestrate Funding"A business that makes n... 12/29/2006

Classifications of Leases (continued)---Method of Rent Payments---Leases are also classified by method of rent payments, such as gross, net, and percentage leases.(A) Gross Lease : A gross lease is also called a flat, fixed, or straight lease. The tenant pays an agreed-upon sum as rent and the landlord pays any other expenses such as taxes, maintenance, or insurance.(B) Net Lease : In a net lease, the tenant pays an agreed-upon sum as rent, plus certain agreed upon expenses per month (i.e, taxes,insurance,and repairs). The benefit of a net lease to the lessor is that it created a fixed income.(c) Percentage Lease: A percentage lease is a lease in which the tenant pays a percentage of gross monthly reciepts in addition to a base rent. Usually the higher the gross reciepts, the lower the ... 12/26/2006

Classifcations of Leases (continued) :  --Types of Real Estate--Leases based on types of real estate would include office leases, ground leases, proprietary leases and residential leases. A ground lease is a lease only for the land. A proprietary lease is used in co-op apartment buildings. THe lessee is also a stockholder in the corporation that owns the builiding. A residential lease is used for all residential property including single=family homes, duplexes, and multiple-family dwellings.--Length Of Time --Leases based on length of time would include short-term and  long-term leases. An apartment lease is an example of a short-term lease. An example of a long-term lease is a major tenant in a shopping center who has mulitple-renewal rights. Eddy MartinezBest Rate Funding - Direct Len... 12/26/2006

Regulation Z - The Big 9!!!!!The first four disclosures must include simple descriptive phrases of explanation similar to what is written besides them. 1) Amount Financed - The amount of credit (principal amount borrowed less prepaid finance charges includeable) provided to you2) Finance Charge - The dollar amount the credit will cost you3) Annual Percentage Rate - The cost of your credit expressed as a yearly rate4) Total of Payments - The amount you will have paid when you have made all of the scheduled payments.5) Payment Schedule - The number, amount, and timing of payments6) Name of the lender - /creditor making the disclosure7) Written itemization of the amount financed , or a statement that the consumer has a right to recieve a written itemization, and a space in the statement fo... 11/28/2006

Disclosure Statement (Continued)The annual percentage rate (APR) is the relative cost of credit expressed as a yearly percentage rate. It is defined as the relationship of the total finance charge to the total amount financed, expressed as a percentage. In general , the lender nor anyone else may charge a fee until after the borrower has recieved this information. The borrower usually gets these disclosures when he or she recieves an application form, and will get additional disclosures before the plan or loan program is opened.  If any single term has changed before the plan is opened (with the exception of a variable-rate feature) , and if the borrower decides not to enter the plan becuase of a changed term, the lender must RETURN all FEES. Regulation Z requires that creditors disclos... 11/28/2006

Retention is key in this business. Here is a brief list of things I have done over the years and have earned repeat business / referrals. The Dont`s section are things i have seen many other loan officers who i have seen come and go actually do.  Do`s:     Follow Up------ Return Phone Calls ------------- Talk to Clients with the respect they deserve ----------- ask for referrals -------------------- after closing send a thank you card / gift ------------- Inform clients of changes in their transaction --------------- schedule an appraisal ASAP ----------- Provide signed disclosures -----Fill out a COMPLETE 1003 -------- Include a GFE will all title and escrow fees ----------- Give a client a estimated close date Dont`s:  Disclose a rate you know you can not get -------------------- fail... 08/21/2006