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Closings and Settlement Costs New

Course Description

NOTE: This course is approved for 2 Hours Mandatory and 2 Hours Elective Credit.

Course Description:

In many states, a licensee has no official duties throughout the closing process. This leads some real estate licensees to believe that their job ends when the purchase and sales contract is signed, but this is not a prudent stance. Transactions can and do fall apart during the closing stage. Licensees who are familiar with closing procedures and settlement costs can stay involved and use their skills to help ensure that their transactions end well.

This course covers a broad range of issues related to closing and settlement to help the student learn ways to help clients through this sometimes complicated process. It includes the following lessons.

  • Real Estate Closings
  • Expenses
  • The HUD – 1 Settlement Statement

In addition, this course includes a final practice lesson. This concluding lesson presents real – world dilemmas and concrete applications of the information presented in the rest of the course. As the student completes this course, he or she should try to develop a broad picture of closing and settlement and how they fit into the larger practice of real estate. The last lesson will help with this project by presenting comprehensive content questions, practice problems and case studies.

Learning Objectives

Upon completion of this course, the student will be able to.

  • Outline the primary concerns that arise throughout the closing process, for both the buyer and the seller.
  • Describe what both the buyer and the seller must do to prepare for the closing date.
  • List the documents that the buyer and the seller must complete to close a typical real estate transaction.
  • Explain a licensee’s responsibility with respect to IRS Form 1099 – S and HUD’s “Notice to the Homebuyer” form.
  • Name and distinguish the different types of closings.
  • Describe the licensee’s role in the closing process.
  • Outline the basic requirements and regulations imposed by the Real Estate Settlement Procedures Act (RESPA).
  • Identify which party is responsible for each expense in a typical closing transaction.
  • Explain the concept of credit and the concept of debit.
  • Prorate prepaid items and accrued expenses.

State Requirements

Our real estate CE courses meet the requirements of the Indiana Professional Licensing Agency (PLA). Take your Indiana real estate continuing education now. Salespersons must complete their CE requirements within the renewal cycle—July 1 of the even year until June 30 of the next even year. Brokers must also complete their CE requirements within the renewal cycle—July 1 of the odd year until June 30 of the next odd year.



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