Approved HUD Closing Agent

Mahony Title & Land Services is the only authorized closing agent in purchase transactions involving properties owned by the United States Department of Housing and Urban Development for the state of Louisiana.

As a purchaser, you will deal with Mahony Title during the closing of your new home. We will perform tasks such as the title search, deed preparation and the settlement transaction. At your discretion, Mahony Title can also provide title insurance on any transaction involving a HUD-owned property.

Closing Preparation and Requirements

The Earnest Money on all contracts must be sent to the Mahony Title Mandeville Office within 3 days from receiving the accepted seller signed contract. Please do not hold on to the Earnest Money expecting to provide this at the closing, if the monies are not received by the Mahony Office the file will be cancelled and returned to Cityside Management.

At your earliest convenience please provide Mahony Title full marital status including any prior marital history and lender contact information to our office. This information helps us expedite our title search and providing the title information to your new lender.

Please be advised that once we get lender closing instructions/fees we have to send the HUD-1 and Sale to Cityside Management for approval as Secretary of Housing and Urban Developments representative. Once approved and notarized we need at least 3 days before we can close the transaction at a Mahony office or our sub-closer locations.

Also we are unable to commence any close function unless we have received the required funds .This will include lenders funds\ cash purchase proceeds that must be deposited in our escrow account and confirmed by our bank. Other funds needed for closing from the purchaser must be provided at closing as certified funds prior to any closing function being completed.

Mahony E-Link

E-Link enables you to check on the status of your title or any document that is applicable to you through Mahony Title Services. You can communicate with your closing team through E-link 24hrs a day through this web interface, which allows you the ability to leave messages and or request. To utilize this service contact Mahony for you password and sign on and get up to date on all of your closing information.

Closing a HUD home

Closings are generally within 45-60 days and held at the closing agent office or their subcontractor. After your contract has been received correctly, it will be signed by CitySide Management on behalf of HUD and returned to your agent along with a contract acceptance letter. The letter will give you up to 60 days to close. Once you are ready to close, you and your agent must schedule the date with Mahony Title & Land Services, who also receives a copy of your contract.

Closing Information

HUD pays allowable Closing Costs up to 3% of the purchase price, IF inserted of line 5 of the sales contract. Click here to view HUD Notice H-2005-12 explaining which closing costs are allowable and the maximum amount in your appropriate State.

Time Period

Cash purchases must close on or before thirty (30) days from contract acceptance date. All financed purchases must close on or before forty five (45) days of contract acceptance date, with the exception of FHA 203(k) loans, which will have sixty (60) days to close.

Return of Earnest Money

When you submit a contract, your agent must deposit earnest money with Mahony Title (not CitySide Management), usually in an amount of $500 or $1,000. You may have to forfeit all or part of the earnest money if the sale does not close. If the sale is to an owner-occupant and does not close due to circumstances beyond their control, the money may be returned.

Closing Extension Request:

If the closing does not occur on the specified date on line 9 of the HUD Sales Contract 9548, the Broker should contact HUD's Closing Agent at least two weeks prior to that date to request an extension.

Extensions may be granted at no cost to owner-occupants under certain circumstances that are beyond their control, such as a delay in financing approval that is not due to the buyer. Extension fees may be charged under other circumstances, and for investors.
Extension requests must be submitted to the closing agent (not Cityside Management) in writing prior to the expiration of the original closing date, and accompanied by a non-refundable fee, in certified funds, if a fee is required.

Cityside Management as HUD's Representative, may grant an extension of closing time and, if approved, each extension will be for a period of fifteen (15) days:

• Submit the "Request For Extension of Closing Date" (Extension Request form) and all the required supplemental supporting documents to Mahony Title prior to the expiration of the sales contract.
• Documentation submitted with the extension request must establish that a closing can reasonably be expected to occur within the extension period.
• The extension request must be accompanied by a cashier's check, money order or other certified funds payable to HUD.
• The initial 15-day extension will be provided for owner occupant purchasers, at no cost, if documentation is provided indicating that proper and timely loan application was made, that the delayed closing is not the fault of the purchaser and that mortgage approval is imminent.
• HUD will retain all extension fees. In the event that the purchaser closes prior to the end of the extension period, the unused, prorated portion of the extension fee will be credited to the amount due at closing.

Lender Information

Lenders should contact the HUD Closing Agent assigned to the case as soon as possible to ascertain if the Closing Agent can meet the Lender's loan closing requirements while acting within the parameters of the Closing Agent's contract with HUD. If the Closing Agent cannot meet the Lender's loan closing requirements while acting within the parameters of the HUD contract, the purchaser may have to select another Lender, which will be able to work with HUD's Closing Agent to accomplish closing the transaction.

Please bring the following to your closing:

1. A cashier's check, certified check or money order for the balance of the closing costs.
2. A picture I.D., such as a driver's license.

3. Any documents required from your lender, such as an inspection report, homeowner's insurance paperwork or a recent pay stub.

If you have any questions about your HUD transaction, please contact your Realtor®. You may also call our office at (985) 727-9900 .