NorthStar Newsletter: City of Cleveland Disclosure Form and Tips During the Loan Process

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City of Cleveland Disclosure Form

The City of Cleveland requires a disclosure form to be filled out by any individual selling a residential property within the city limits. The most effective way to make sure that this form is filled out is to present it to the seller(s) during the initial document signing. This way, the form is not overlooked at the last minute.

What is the Certificate of Disclosure and is there a fee?

The Certificate of Disclosure gives the code enforcement history of dwelling units (up to 4) to buyers, sellers and escrow/transferring agents for real estate transactions prior to closing. There is a $60.00 fee for the service.

http://www.city.cleveland.oh.us/CityofCleveland/Home/Government/CityAgencies/BuildingHousing/BHFAQ

The city performs random checks to see if this form is filed on properties throughout its municipality. If one is not found filed, a fine can occur for this error. In order to avoid this, please make sure your clients are signing the disclosure form.

Please see the City of Cleveland Disclosure Form.

The Dos and Don'ts During the Loan Process

DON'T apply for a new credit card of any kind

DON'T close credit card accounts

DON'T max out or over-charge your credit card

DON'T pay off collections or charge-offs

DON'T change jobs

DON'T make large deposits or move your money

DON'T make large purchases

DO join a credit watch program

DO continue to use your credit as normal

DO organize your financial documents