Closing Protection Letters in Alabama - Revision history

Davidjenkins: /* Dual Agent CPLs */

2019-02-26T00:45:58Z

‎Dual Agent CPLs

2018-07-21T15:25:56Z

‎Overview

2018-04-12T01:46:55Z

‎Compliance

2018-04-09T20:06:08Z

‎Cross-References

2018-04-09T20:05:53Z

‎Notes

2018-04-09T17:15:26Z

‎Notes

2018-04-09T16:02:04Z

‎Disclosures

2018-04-09T16:01:25Z

‎Sources

2018-04-09T16:01:06Z

‎Overview

2018-04-06T23:10:47Z

‎Forms

@@ Line 29: / Line 29: @@
 ====Dual Agent CPLs====
-There is no specific prohibition against the issuance of a dual agent CPL.
+* There is no specific prohibition against the issuance of a dual agent CPL.
 ===Rates===

@@ Line 1: / Line 1: @@
 ===Overview===
-Closing Protections Letters ("CPL"), also called Settlement Protection Letters, are authorized to be issued in Alabama as part of single transactions only.  They may be issued to borrowers, buyers, lenders, and sellers in a given transaction.
+Closing Protections Letters ("CPLs"), also called Settlement Protection Letters, are authorized to be issued in Alabama as part of single transactions only.  They may be issued to borrowers, buyers, lenders, and sellers in a given transaction.
 ===Sources===

@@ Line 6: / Line 6: @@
 ===Compliance===
-See Section 27-3-6.1 of the Code of Alabama for details concerning the contents, uses, and minimum fees for a CPL in Alabama.
+See Section 27-3-6.1 of the Code of Alabama for details concerning the content, uses, and minimum fees for a CPL in Alabama.
 ====Disclosures====

@@ Line 55: / Line 55: @@
 ===Cross-References===
 * [[Alabama]]
-* [[Closing Protections Letters]]
+* [[Closing Protection Letters]]

← Older revision		Revision as of 20:05, 9 April 2018
Line 52:		Line 52:
	* By: ABF		* By: ABF
	* Manual Date:		* Manual Date:
		+
		+	===Cross-References===
		+	* [[Alabama]]
		+	* [[Closing Protections Letters]]

@@ Line 49: / Line 49: @@
 ===Notes===
 * Notes:
-* Rate Checked: 5/6/2016
+* Rate Checked: 5-6-2016
 * By: ABF
 * Manual Date:

@@ Line 9: / Line 9: @@
 ====Disclosures====
-At or prior to closing any transaction involving the purchase or sale of a fee simple or possessory interest in real property, in which a CPL has not already been requested by the lender prior to closing, a written statement must be obtained by the parties to the transaction acknowledging that they have received a notice that a CPL may be available for them and that they do not desire to purchase a CPL.  Section 27-3-6.1(e). The notice must contain the following:
+At or prior to closing any transaction involving the purchase or sale of a fee simple or possessory interest in real property, in which a CPL has not already been requested by the lender prior to closing, a written statement must be obtained from the parties to the transaction acknowledging that they have received a notice that a CPL may be available for them and that they do not desire to purchase a CPL.  Section 27-3-6.1(e). The notice must contain the following:
 * (1) The address or legal description of the property.
 * (2) A disclosure that closing protection may be available in accordance with the guidelines of the title insurer and the fee therefor.

@@ Line 3: / Line 3: @@
 ===Sources===
-The issuance of Closing Protections Letters is permitted under Section 27-3-6.1 of the Code of Alabama [https://law.justia.com/codes/alabama/2012/title-27/chapter-3/section-27-3-6.1/].  This code section also defines the contents, uses, and minimum fees for a CPL in Alabama.
+The issuance of Closing Protections Letters is permitted under Section 27-3-6.1 of the Code of Alabama [https://law.justia.com/codes/alabama/2012/title-27/chapter-3/section-27-3-6.1/].  This code section also defines the content, uses, and minimum fees for a CPL in Alabama.
 ===Compliance===

@@ Line 17: / Line 17: @@
 ===Forms===
-<nowiki>Insert non-formatted text here</nowiki>====Disclosure Form====
+====Disclosure Form====
 * None filed
 * [link to proposed form for agents]