On purchase transactions involving a RE Agent, we have to print an ALTA statement for them. The paid by others does not show up on the ALTA. I have a realtor that (for purchase price over a certain amount) will purchase a home warranty for his client. I have to put that in the paid by others column. Sometimes the Realtor will pay other things to get the deal to work. I can show it paid by others and split the check. It would be nice to have some kind of statement showing that they paid for whatever that is.
Agreed. Currently, I create an ALTA statement in Word, add a line and type out any paid by other items. If you have to update any figures, it's a manual process to add the paid by other items back on. Creating any statements in Word can be very dangerous, so I try to avoid it.
Other closing software I have used adds any paid by other items as a separate line item on the ALTA in the respective sections. It will not show any amount in the buyer or seller columns but rather the line will show the description, payee and then show in parathesis the amount POC or Paid by Others. For example, the line would read:
Home Warranty to AMS (POC $245.00)
I suppose you could modify the line to read:
Home Warranty to AMS paid by Selling Agent (POC $245)
Additionally, in the other software, this would create a line item in your escrow accounting if you selected to print a check.
It would be nice for the above to be incorporated into CV.
Hello
I removed the document you attached as this is a public forum and didn't want any NPI information.
E-Closing