Question: Although a broker does not participate in the settlement process, they still need to remain in touch with all the stakeholders until the loan

Although a broker does not participate in the settlement process, they still need to remain in touch with all

Although a broker does not participate in the settlement process, they still need to remain in touch with all the stakeholders until the loan settles. Before the loan can settle the borrower needs to adhere to pre-settlement conditions. In the pre-settlement phase, there are items that need to be checked and satisfied. (a) Building insurance (b) Independent legal advice. Why are these two pre-settlement conditions required? Explain the importance of each of item.

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a Building Insurance Importance Protection of Asset Building insurance is crucial to protect the lenders and borrowers interests in the property It en... View full answer

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