The Real Estate Closing Process and RESPA Research Paper

The Real Estate Closing Process and RESPA - Research Paper Example When a property is transferred from the seller to the buyer as per the sales contract, the buyer becomes the rightful owner of the property and the seller gets the money. Closing deal of a property carries some costs other than the cost of the property. These costs incur from the sales contract, as per the customs and local, state, and federal laws (Real Estate Closing, 2011). Pre-closing Procedure Pre-closing Procedures are followed exactly before the closing to ensure that all documents are in order for the buyer to have a look. As per sales contracts, general practice of checking the premises for any violation of the sales contract is carried out by the buyer along with the broker. An updated survey of the property is conducted to satisfy the lender or the title company and payment for the survey is decided in the sales contract, identifying the entity. Pre-closing procedure provides assurance to the seller also that the buyer has the ready funds to finalize the transaction (Real Estate Closing, 2011). Any mortgage or other liens on the property needs to be cleared by the seller by providing a pay-off statement as of the date of closing. Such a statement normally shows not only the remaining principal and interest but also any pre-payment penalties and certificate-issuance fee. The seller gets acknowledged for any funds in escrow to pay for taxes and insurance (Real Estate Closing, 2011). ... The buyer may also deposit funds in an escrow account to pay for insurance and taxes for the property, to secure its collateral, as and if asked by the lender (Real Estate Closing, 2011). Title Procedures Title procedures are followed by the buyer and the lender to ensure that the title is free from any debts. The seller provides either a latest abstract of title, detailing any charge or an assurance from a title insurance company, the payment for which is made by the seller. The buyer’s advocate checks all charges to give an opinion of the title, as shown in the title record but this opinion is not a promise of good title. A second search on the title is recommended to the buyer in case the first search has been conducted months before the closing to ensure that no new charges have been leveled. Normally, the seller signs an oath, the affidavit that the title is clean from any encumbrances so that if anything wrong done is found, the buyer or the title insurance company could file a case against the seller in the court of law (Real Estate Closing, 2011). Closing Procedures Closing is the final settlement and transfer of the property. Closing procedures happen either face-to-face or through the third-party, a escrow agent who is not a stakeholder in the transaction of the property. Mostly, property closing details are registered with the Internal Revenue Service (IRS) by using Form 1099-S, detailing the seller’s social security number, the sales price, and any compensations to the seller in case of prepaid property taxes. Generally, the IRS or sometimes the lender is reported to by the closing agent on the closing (Real Estate Closing, 2011).

Information security management Essay Example | Topics and Well Written Essays - 2500 words

Information security management - Essay Example Both threats and vulnerabilities need to be considered concurrently. Threats can provide damage to the confidentiality, availability and integrity of information present in the information systems. They explore opportunities for security breaches to cause confidential data invasion via unauthorized access, amendment of data, removal of information from information systems. Threats can hit the network from various sources. Threats are confidential on the parameters of different capabilities and approach including external approaches by cyber criminals, hackers, terrorists. For handling threats of different nature different risk mitigation and control methodologies are required in the context of protecting the prioritized information systems. Vulnerabilities are the weaknesses which are present in the system against the current threats. Vulnerabilities can be distinguished as security loop holes in the system. If hackers find these loop holes in the system, results are devastating incl uding unauthorized access, amendment or complete deletion of the system. A recent example is the hacking of wiki leaks website which impacted the whole world and also affected strategic and economic relations between countries as various confidential documents were leaked out from the website. Vulnerabilities are successful due to policy weaknesses, inadequate implementation of security infrastructure, and information of personal issues. For identifying any possible threats, testing of the security infrastructure including network components, hardware and software is essential which may occur in the future. The risk is defined as the likelihood of different threats via different circumstances, which are affecting the network and information systems. The circumstances should consider the strategy, security measures, environmental measures, own experience and the experience of other connected entities in the context of information security failure. The impact calculation is also requi red in terms of data integrity, availability; confidentiality and the cost associated with the fixing systems, lost availability and other related issues which are of prime concern to the network and information system operations. Measurements consist of Cost which is used to protect the information and systems Value of the information and information systems Threat probability and occurrence Effectiveness of Controls Hazards determine the identities and quantities of any chemicals or harmful substances present as pollute causes in the environment. There are different type of hazards required for cleaning and maintenance of the office furniture and items. Hazards may masquerade to human health or the network and information systems when spilled out accidentally by mistake. They also require flammable characteristics which may occur in severe threats and help to increase fire or other incidents. Assets are the components serving internally, as well as externally, within the network. Assets can be divided in to several different information technology environments. The physical infrastructure contains Servers, workstations, data centers, switches, routers etc. The core infrastructure contains virtual private networks, Microsoft active directory, domain controllers, email servers etc. The Internet infrastructure co