Aug 19, 2017
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What is the procedure at the loan closing?
The loan closing is a process of finalizing of the loan.  The loan documents will be emailed to you and your contractor and with the assistance of the contractor you will execute the final loan closing documents.  Your contractor will return the signed documents to EnergySmart Partners LLC. 

All borrowers on the loan will sign the necessary documents at the closing. Make sure you understand what you are signing. Here is a list of the documents you may be signing (not all documents apply to all EnergySmart loan programs): 


Closing documents:

1.         Closing Disclosure

The Closing Disclosure provides details and features of your loan term, itemization of all fees related to the transaction, and payments due to your contractor(s) and other third parties.  This form must be signed by all borrowers in the transaction.

2.        A Deed of Trust

For loans secured by real property, a deed of trust  will be required to engage the public trustee within the county in which the subject property is located.  The public trustee functions as a neutral third party to enforce terms of the deed of trust, which represents the security instrument, or collateral, to the promissory note.  All persons holding title to the subject property must execute the deed of trust in the presence of a Notary Public.

3.        The Promissory Note

The note is the legal debt document and a promise to pay according to the terms of the loan.  All persons holding title to the subject property must execute the promissory note, though additional parties may also be required to qualify for the loan. 

4.        Borrowers Certification

You will sign a document acknowledging that all loan documents have been fully explained to you and that you understand the loan terms.

6.        Waiver of Lien and Completion of Work Affidavit

You and your contractor will sign a document after your energy efficiency upgrades are completed stating the contractor waives any right to claim a mechanics lien against the subject property.

7.        Right to Cancel

For loans secured by real estate, you have a legal right under federal law to cancel the transaction, without cost by signing a rescession document, within three business days from whichever of the following events occurs last: (1) the date of the transaction; or (2) the date you receive your closing disclosure; or (3) the date you received this notice of your right to cancel.

8.        E Statement Enrollment

You are authorizing EnergySmart Partners LLC to send you statements electronically through email.

9.     Authorization for Automatic Payments You are authorizing EnergySmart Partners LLC to initiate debit entries in to your bank account for your monthly loan payments.

 

 


 

 

 

 

 

 

 

 


 

 


 


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Energy Smart CO Contractor Agreement & ACH Authorization  |  EnergySmart Partners role in the process  |  Loan Closing Procedures

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Suite 400
Fort Collins CO 80524
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