Utah Admin. Code R51-5-7 - Loan Closing
(1) The
Commissioner shall sign loans that have been approved by the Executive
Committee and make the final obligation of funds by signing the Rural
Rehabilitation Obligation to Purchase form.
(2) Loan staff shall prepare loan documents
and an instruction letter for the title company closing; including a signed
warrant request to disburse funds.
(3) The borrower may proceed with the closing
at the title company.
(4) Neither
the state, the department, nor the Board have any obligation to disburse funds
before the completion of the procedures described in Rule R51-5.
(5) The borrower shall be required to cover
any costs incurred for loan closing including escrow fees, title insurance,
recording fees, and appraisal when necessary.
Notes
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