Luckett Land Title is the only authorized closing agent in purchase transactions involving properties owned by the United States Department of Housing and Urban Development for the Central District and Southern District of Mississippi.

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

Closing Preparation and Requirements

At your earliest convenience please provide Luckett Land 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 lender.

Once we get lender closing instructions and fees we will send the HUD-1 and Hooks Van Holm for approval. Once approved and notarized we will work to close the transaction at one of our offices statewide as soon as possible.

Also we are unable to commence any closing functions until we have received the required funds .This will include lenders funds and/or 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.

Closing a HUD home

Closings are generally within 30-60 days and held at one of the offices of Luckett Land Title. After your contract has been received correctly, it will be signed by Hooks Van Holm on behalf of HUD and returned to your real estate 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 Luckett Land Title.

Closing Information

HUD pays allowable Closing Costs up to 5% 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 Luckett Land Title, 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 Luckett Land Title 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 Luckett Land Title 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.

Hooks Van Holm 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 Luckett Land 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.

Please bring the following to your closing:

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