R51-5-7. Loan Closing

(1) After the Executive Committee approval, the Commissioner shall sign loans and make the final obligation of funds by signing the Rural Rehabilitation Obligation to Purchase form. (2) The department shall prepare loan documents and an instruction letter for the title company closing, including a signed warrant request to disburse funds. (3) The borrower may proceed with the closing at the title company. (4) Neither the state, the department, nor the Board has any obligation to disburse funds before the completion of the procedures described in Rule R51-5. (5) The borrower shall pay any costs incurred for loan closing, including: (a) escrow fees; (b) title insurance; (c) recording fees; and (d) appraisal, when necessary.