Real Estate Fundamentals:
The Closing Process, Part 1 - Illinois
(an ATG Legal Ed OnDemand program)

PROGRAM SUMMARY:

Every real estate practitioner must thoroughly understand the closing process. ATG's underwriting staff will cover key topics and issues surrounding the closing process:

Closing Responsibilities - When to Delegate. How to determine which tasks are completed by the closer and which are completed by the member (e.g., who must determine the insurability of the deed and mortgage).

Agency Escrow Disbursement Accounts. How to use, maintain, and keep track of your escrow account.

Closing Protection Letters (CPLs). Learn what insurance CPLs provide, and the guidelines for issuing them.

Real Estate Settlement Procedures Act (RESPA). Disclosures required by RESPA before, during, and after the closing.

Payoff Letters. How to review payoff letters and how to pay off a revolving line of credit mortgage.

Mortgage Execution and Homestead Waiver. Who needs to sign a mortgage? When does a party need to waive homestead?

Survey Issues and Encroachments. How to review a survey and ATG’s underwriting requirements for insuring encroachments.

Hold Harmless Letters. A review of hold harmless letters, including answers to the following questions:
  • When is it appropriate to try to obtain a hold harmless letter?
  • What type of information must I provide?
  • What should I look for when I receive a hold harmless letter?
Escrows and Deposits. ATG forms for holding escrows and the form, procedure and considerations for title indemnity deposits.

Federal Income Tax Reporting. Which transactions are subject to reporting requirements and what information must be reported.

Predatory Lending Database. We will provide an update on Illinois' predatory lending database legislation requirements (known as House Bill 4050) and the ATG procedures to comply with it.
Connect program logo
ATG’s remote-learning system enables you to participate in MCLE without leaving your office. Register via e-mail. No software downloads or cumbersome add-ons — just a Flash-enabled* web browser, which you probably already have! Click here for more information.

*NOTE: After May 19, 2008, users must update their Flash Player to version 9 or greater. To install Adobe Flash Player version 9, click here.

CONTINUING LEGAL EDUCATION INFORMATION:

ATG is an Illinois Accredited Continuing Legal Education Provider. This program qualifies for 1.50 hours of MCLE credit in Illinois.

WHO SHOULD ATTEND:

ATG members, members' staff, and member closers.

ATTENDEE RATES:

The following per person rates apply for this program:
  • $50 | Active ATG member attorneys (*issued and remitted at least one policy during the current year)
  • $25 | Paralegals and staff employed by active ATG member attorneys
  • $95 | Inactive ATG member attorneys and their paralegals and staff; non-member attorneys; others

ABOUT THE SPEAKER

REGISTER:

On-Line Form

Each person attending must register separately. You will need external speakers or headphones (see requirements).
Learn more:
About ATG
Subsidiaries
Benefits of ATG Membership
Membership Application Form
[Last update: 7-2-08]