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Competency Standards For Paralegals Introductory Level May 2010
This document contains introductory level competency standards for paralegals developed by the Institute of Paralegals with assistance from legal organizations. The standards are relevant for aspiring and newly practicing paralegals. More experienced paralegals should use intermediate or advanced levels. The standards provide benchmarks for paralegal recruitment, training, evaluation, and career development.
Note
1. This is a promissory note between a borrower and lender for a loan of a principal amount at a fixed interest rate.
2. The borrower promises to make monthly payments of principal and interest on a set date each month to repay the loan. If the borrower does not repay the full amount by the maturity date, they will have to pay the remaining balance.
3. The note details what would happen if the borrower fails to make monthly payments, such as incurring late fees, and allows the lender to require full repayment of the loan if the borrower defaults.
TILA-RESPA_Guide
This document provides instructions for completing the Loan Estimate and Closing Disclosure forms required under the TILA-RESPA integrated disclosure rule. It aims to help creditors, settlement service providers, and software companies understand how to fill out the forms. The guide explains the purpose and requirements of the new forms, which consolidate overlapping disclosures that were previously provided separately under TILA and RESPA. It also directs readers to additional CFPB resources for support with implementing the new rule.
right_to_cancel
This document is a Notice of Right of Rescission that informs the customer of their right to cancel a mortgage transaction on their home within three business days. It specifies that if the customer cancels the transaction, any lien or security interest on their home from the transaction will be void. It also states they are entitled to a refund of any down payment or consideration if they cancel. It provides the name and address of the creditor to notify and includes a section for the customer to sign and date to cancel the transaction.
re22LandTransferTaxAffidavit
The document appears to be an affidavit related to land transfer tax from the Law Society of Upper Canada. It likely requires a signature to certify information regarding a real estate transaction for tax purposes. In 3 sentences or less, it summarizes legal documentation for a real property transfer with tax implications.
re22HydroUndertaking
The solicitor undertaking is for a real estate closing on June 30th involving the sale of a property located at 1105 Easy Street in Blissville, Township of Paradise, County of Bliss from Benjamin and Sheila Quail to Sonya Letkowski and Victor Snelgrove. The solicitor, Selby Martin, undertakes to pay $63.95 for any arrears in hydro bills found on the property at closing.
re22GSTCertificate
This document is a GST/HST certificate for the property sale of Part Lot 11, 2nd Concession from Benjamin and Sheila Quail to Sonya Letkowski and Victor Snelgrove located at 1105 Easy Street, Blissville, Township of Paradise, County of Bliss. The Quails certify that they are not builders, the property has not been substantially renovated since 1991, they will not claim any input tax credits, and no GST is payable for the transaction. The certificate is dated and signed by the Quails on June 30th.
Recommended
Competency Standards For Paralegals Introductory Level May 2010
This document contains introductory level competency standards for paralegals developed by the Institute of Paralegals with assistance from legal organizations. The standards are relevant for aspiring and newly practicing paralegals. More experienced paralegals should use intermediate or advanced levels. The standards provide benchmarks for paralegal recruitment, training, evaluation, and career development.
Note
1. This is a promissory note between a borrower and lender for a loan of a principal amount at a fixed interest rate.
2. The borrower promises to make monthly payments of principal and interest on a set date each month to repay the loan. If the borrower does not repay the full amount by the maturity date, they will have to pay the remaining balance.
3. The note details what would happen if the borrower fails to make monthly payments, such as incurring late fees, and allows the lender to require full repayment of the loan if the borrower defaults.
TILA-RESPA_Guide
This document provides instructions for completing the Loan Estimate and Closing Disclosure forms required under the TILA-RESPA integrated disclosure rule. It aims to help creditors, settlement service providers, and software companies understand how to fill out the forms. The guide explains the purpose and requirements of the new forms, which consolidate overlapping disclosures that were previously provided separately under TILA and RESPA. It also directs readers to additional CFPB resources for support with implementing the new rule.
right_to_cancel
This document is a Notice of Right of Rescission that informs the customer of their right to cancel a mortgage transaction on their home within three business days. It specifies that if the customer cancels the transaction, any lien or security interest on their home from the transaction will be void. It also states they are entitled to a refund of any down payment or consideration if they cancel. It provides the name and address of the creditor to notify and includes a section for the customer to sign and date to cancel the transaction.
re22LandTransferTaxAffidavit
The document appears to be an affidavit related to land transfer tax from the Law Society of Upper Canada. It likely requires a signature to certify information regarding a real estate transaction for tax purposes. In 3 sentences or less, it summarizes legal documentation for a real property transfer with tax implications.
re22HydroUndertaking
The solicitor undertaking is for a real estate closing on June 30th involving the sale of a property located at 1105 Easy Street in Blissville, Township of Paradise, County of Bliss from Benjamin and Sheila Quail to Sonya Letkowski and Victor Snelgrove. The solicitor, Selby Martin, undertakes to pay $63.95 for any arrears in hydro bills found on the property at closing.
re22GSTCertificate
This document is a GST/HST certificate for the property sale of Part Lot 11, 2nd Concession from Benjamin and Sheila Quail to Sonya Letkowski and Victor Snelgrove located at 1105 Easy Street, Blissville, Township of Paradise, County of Bliss. The Quails certify that they are not builders, the property has not been substantially renovated since 1991, they will not claim any input tax credits, and no GST is payable for the transaction. The certificate is dated and signed by the Quails on June 30th.
re22DocumentRegistrationAgreement
This document registration agreement is between the solicitors for the purchaser and vendor for a property transaction. It outlines procedures for exchanging closing documents and funds in escrow, including having one solicitor electronically register transfer and mortgage documents, then notify the other solicitor so documents and funds can be released. It also allows either party to return the documents and funds if registration cannot occur by the deadline or is notified against before registration. The agreement is intended to facilitate electronic registration of documents for completion of the property purchase by the closing date in accordance with the purchase agreement.
re22DirectionTitle
This document provides direction for a real estate transaction. It authorizes the transfer of title for a property located at 1105 Easy Street in Blissville from Benjamin and Sheila Quail to Sonya Letkowski and Victor Snelgrove as joint tenants. The closing date for the transaction is June 30th of the current year.
re22DirectionFunds
This document contains two vendor directions regarding funds from a real estate transaction. The first direction authorizes and directs the recipients to make all monies due payable to Selby Martin in trust. The second direction is a redirection from the solicitor, Selby Martin, instructing the recipients to pay $95,799.36 to Feathered Nest Mortgage Company and the remainder of $28,556.81 to Selby Martin in trust. The transaction is for the sale of property located at 1105 Easy Street in Blissville by Benjamin and Sheila Quail to Sonya Letkowski and Victor Snelgrove, closing on June 30th of the given year.
re22CompletedStatementOfAdjustments
The document is a statement of adjustments for the sale of a property located at 1105 Easy Street in Blissville, Ontario from Benjamin and Sheila Quail to Sonya Letkowski and Victor Snelgrove. It outlines credits to the vendors for a portion of the yearly property taxes and fuel oil in the tank, as well as a credit to the purchasers for the balance due at closing.
hud_script
This document is a HUD-1 Settlement Statement form that provides a breakdown of costs and fees associated with closing on a residential property. It lists charges paid by both the borrower and seller at settlement, including origination fees, title fees, taxes, and other closing costs. The form also includes a comparison of estimated charges from the Good Faith Estimate versus actual charges on the HUD-1, and outlines the key loan terms such as the interest rate, monthly payment amount, and presence of any prepayment penalties.
How to Prepare Closing Documents in a Residential Real Estate Transaction
The document outlines the steps to prepare closing documents in a residential real estate transaction, including: 1) interviewing clients and gathering necessary information; 2) preparing closing documents as early as possible; 3) being aware of which documents are usually prepared by the seller's and buyer's solicitors; 4) reviewing documents from the other party in a timely manner and informing them of any required changes well in advance of closing; 5) sending documents to the other party early; and 6) determining who will prepare the deed of land if documents will be electronically registered.
gfe_script
This Good Faith Estimate provides borrowers with estimates of settlement charges and loan terms for a potential loan. It summarizes estimated settlement charges, loan details such as initial loan amount and interest rate, important dates, and whether the loan has features like a prepayment penalty or balloon payment. It explains that actual charges on the HUD-1 form at settlement may differ if the borrower chooses their own service providers rather than those selected or identified by the lender.
Loan_Estimate
This loan estimate summarizes a $162,000 fixed rate mortgage loan with a 3.875% interest rate to purchase a home for $180,000. The monthly principal and interest payment is $761.78 for 30 years. Closing costs total $8,054 and include origination charges, taxes, prepaid costs, title fees, and initial escrow payments. The borrowers must pay $16,054 at closing, which includes the closing costs, after receiving a $10,000 deposit. The loan has a prepayment penalty of up to $3,240 if paid off within the first 2 years.
fed_truth_in_lending
This document is a Federal Truth in Lending Disclosure Statement for a mortgage loan from Your Favorite Mortgage Corporation. The annual percentage rate is 7.337% and the total finance charge is $205,017.52. The amount financed is $138,796.50 and the total amount to be paid over the life of the loan is $343,814.02. The borrower will make 359 monthly payments of $955.05 and a final payment of $951.07.
Closing_Transaction_Checklist
This document is a transaction checklist for a real estate closing. It requests contact information for the buyers, sellers, attorneys, brokers, closing officer, lender, title insurance company, appraiser, home inspector, and any other required inspectors. Space is provided to list names, contact details, property address, MLS number, sale and target closing dates, and dates of inspections. The purpose is to collect all relevant parties and details for a real estate transaction.
Closing_Sellers_Progress_Checklist
The document is a sellers' progress checklist that tracks tasks and responsibilities during a real estate transaction. It includes sections to track the target and actual completion dates for preliminary title reports, utility readings and payments, home warranty policies, repairs, preparing deeds, arranging tax payments, and setting a closing date. Sellers can also note whether tasks have started and add additional notes.
Closing_Disclosure
The loan is for $162,000 with a fixed interest rate of 3.875% and monthly principal and interest payments of $761.78 for the first 7 years and $761.78 plus estimated escrow of $206.13 for years 8-30 totaling $967.91 monthly. There is a prepayment penalty of up to $3,240 if paid off within the first 2 years. Closing costs are $9,712.10 and the amount owed at closing is $14,147.26.
Affidavit-for-Confession-of-Judgment
This affidavit for confession of judgment allows a defendant to confess to a debt owed to a plaintiff. It contains information about the defendant such as their address and the state they reside in. It also states the amount of money owed, any interest that has accumulated, and facts around why the debt is owed such as a lease or payment agreement. The defendant signs the affidavit swearing the information is true before a notary public.
Purchasing and Selling Commercial Real Estate Checklist Initial Steps
This document outlines the initial steps for successfully closing a commercial real estate purchase and sale transaction. It begins with selecting a broker and negotiating a brokerage agreement. The parties then determine objectives, draft a letter of intent, and conduct due diligence on the property. Due diligence involves requesting and reviewing documents related to title, zoning, leases, financials, and property condition. Finally, the parties negotiate and sign a purchase and sale agreement to finalize the transaction.
More Related Content
More from Karen Alridge
re22DocumentRegistrationAgreement
This document registration agreement is between the solicitors for the purchaser and vendor for a property transaction. It outlines procedures for exchanging closing documents and funds in escrow, including having one solicitor electronically register transfer and mortgage documents, then notify the other solicitor so documents and funds can be released. It also allows either party to return the documents and funds if registration cannot occur by the deadline or is notified against before registration. The agreement is intended to facilitate electronic registration of documents for completion of the property purchase by the closing date in accordance with the purchase agreement.
re22DirectionTitle
This document provides direction for a real estate transaction. It authorizes the transfer of title for a property located at 1105 Easy Street in Blissville from Benjamin and Sheila Quail to Sonya Letkowski and Victor Snelgrove as joint tenants. The closing date for the transaction is June 30th of the current year.
re22DirectionFunds
This document contains two vendor directions regarding funds from a real estate transaction. The first direction authorizes and directs the recipients to make all monies due payable to Selby Martin in trust. The second direction is a redirection from the solicitor, Selby Martin, instructing the recipients to pay $95,799.36 to Feathered Nest Mortgage Company and the remainder of $28,556.81 to Selby Martin in trust. The transaction is for the sale of property located at 1105 Easy Street in Blissville by Benjamin and Sheila Quail to Sonya Letkowski and Victor Snelgrove, closing on June 30th of the given year.
re22CompletedStatementOfAdjustments
The document is a statement of adjustments for the sale of a property located at 1105 Easy Street in Blissville, Ontario from Benjamin and Sheila Quail to Sonya Letkowski and Victor Snelgrove. It outlines credits to the vendors for a portion of the yearly property taxes and fuel oil in the tank, as well as a credit to the purchasers for the balance due at closing.
hud_script
This document is a HUD-1 Settlement Statement form that provides a breakdown of costs and fees associated with closing on a residential property. It lists charges paid by both the borrower and seller at settlement, including origination fees, title fees, taxes, and other closing costs. The form also includes a comparison of estimated charges from the Good Faith Estimate versus actual charges on the HUD-1, and outlines the key loan terms such as the interest rate, monthly payment amount, and presence of any prepayment penalties.
How to Prepare Closing Documents in a Residential Real Estate Transaction
The document outlines the steps to prepare closing documents in a residential real estate transaction, including: 1) interviewing clients and gathering necessary information; 2) preparing closing documents as early as possible; 3) being aware of which documents are usually prepared by the seller's and buyer's solicitors; 4) reviewing documents from the other party in a timely manner and informing them of any required changes well in advance of closing; 5) sending documents to the other party early; and 6) determining who will prepare the deed of land if documents will be electronically registered.
gfe_script
This Good Faith Estimate provides borrowers with estimates of settlement charges and loan terms for a potential loan. It summarizes estimated settlement charges, loan details such as initial loan amount and interest rate, important dates, and whether the loan has features like a prepayment penalty or balloon payment. It explains that actual charges on the HUD-1 form at settlement may differ if the borrower chooses their own service providers rather than those selected or identified by the lender.
Loan_Estimate
This loan estimate summarizes a $162,000 fixed rate mortgage loan with a 3.875% interest rate to purchase a home for $180,000. The monthly principal and interest payment is $761.78 for 30 years. Closing costs total $8,054 and include origination charges, taxes, prepaid costs, title fees, and initial escrow payments. The borrowers must pay $16,054 at closing, which includes the closing costs, after receiving a $10,000 deposit. The loan has a prepayment penalty of up to $3,240 if paid off within the first 2 years.
fed_truth_in_lending
This document is a Federal Truth in Lending Disclosure Statement for a mortgage loan from Your Favorite Mortgage Corporation. The annual percentage rate is 7.337% and the total finance charge is $205,017.52. The amount financed is $138,796.50 and the total amount to be paid over the life of the loan is $343,814.02. The borrower will make 359 monthly payments of $955.05 and a final payment of $951.07.
Closing_Transaction_Checklist
This document is a transaction checklist for a real estate closing. It requests contact information for the buyers, sellers, attorneys, brokers, closing officer, lender, title insurance company, appraiser, home inspector, and any other required inspectors. Space is provided to list names, contact details, property address, MLS number, sale and target closing dates, and dates of inspections. The purpose is to collect all relevant parties and details for a real estate transaction.
Closing_Sellers_Progress_Checklist
The document is a sellers' progress checklist that tracks tasks and responsibilities during a real estate transaction. It includes sections to track the target and actual completion dates for preliminary title reports, utility readings and payments, home warranty policies, repairs, preparing deeds, arranging tax payments, and setting a closing date. Sellers can also note whether tasks have started and add additional notes.
Closing_Disclosure
The loan is for $162,000 with a fixed interest rate of 3.875% and monthly principal and interest payments of $761.78 for the first 7 years and $761.78 plus estimated escrow of $206.13 for years 8-30 totaling $967.91 monthly. There is a prepayment penalty of up to $3,240 if paid off within the first 2 years. Closing costs are $9,712.10 and the amount owed at closing is $14,147.26.
Affidavit-for-Confession-of-Judgment
This affidavit for confession of judgment allows a defendant to confess to a debt owed to a plaintiff. It contains information about the defendant such as their address and the state they reside in. It also states the amount of money owed, any interest that has accumulated, and facts around why the debt is owed such as a lease or payment agreement. The defendant signs the affidavit swearing the information is true before a notary public.
Purchasing and Selling Commercial Real Estate Checklist Initial Steps
This document outlines the initial steps for successfully closing a commercial real estate purchase and sale transaction. It begins with selecting a broker and negotiating a brokerage agreement. The parties then determine objectives, draft a letter of intent, and conduct due diligence on the property. Due diligence involves requesting and reviewing documents related to title, zoning, leases, financials, and property condition. Finally, the parties negotiate and sign a purchase and sale agreement to finalize the transaction.
More from Karen Alridge (18)
How to Prepare Closing Documents in a Residential Real Estate Transaction
How to Prepare Closing Documents in a Residential Real Estate Transaction
Purchasing and Selling Commercial Real Estate Checklist Initial Steps
Purchasing and Selling Commercial Real Estate Checklist Initial Steps