OLD CAR…wrapping up the series soon
One of the ways we can best explain (and remember) what we are obligated to follow when dealing with clients and customers is taught to us using the term OLDCAR. Each letter represents a different obligation and this 6 part series, I am going to break down each on. This week we focus on accounting
This is part of a multiple entry series, so I encourage you to head over to Episode 78 to start the series at part 1 if you haven’t already done that. I also think you may find some value in taking a look at episode 63 as that is an overview of the entire series wrapped into 1 entry.
Show me the money….
As your agent, I am responsible for properly accounting for all funds that change hands. If the other side is presenting Earnest Money or Due Diligence (Episodes 6 & 7, and 22) funds, I should make sure those are handled properly and correctly credited.
Closing Disclosure
Before we reach the closing table, the attorney’s will release a Closing Disclosure or HUD-1. I’ll cover the difference in a post later in the year. Both are a basic break down of all funds that are changing hands, and are used to insure that no money is exchanged that is non-disclosed (kick backs, etc)
All the fees, taxes, loan funds, and commissions are broken down in a line item form and properly credited and debited. Its important, as your agent, that I look that over to make sure every thing in the contract and amendments has been taken care of.
82 and counting…..
WOW-How have we gotten to 82 episodes already? Funny You asked. Because I do a new one of these every week. If having a ton of knowledge and using that information to help you make better decisions and have the upper hand in negotiating is you thing, then these blog and video post are just for you. LIKE….SUBSCRIBE….SHARE.
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Chris Whitehurst
Rose and Womble
ChrisWhitehurst.com
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