Steps to follow to make the closing go more smoothly and timely.
It can be frustrating to show up at a Real Estate Closing, only to find out at the last moment that there is some problem; especially a problem that could cause the closing to be prolonged and even possibly postponed, thereby wasting your valuable time.
The title company, the mortgage lender, and other parties involved in the transaction may need certain documents and other information from both the buyer and the seller to move the process along. Even in a refinance, the borrower can assist greatly by having certain documents and information available at the beginning of the process. Their legal representative is an important part of the process, and can help to bring the the real estate transaction to a successful conclusion quickly and easily.
At Liberty Bell Agency, we strive to make even the toughest transactions go smooth. You can help us to make the Closing a simple and enjoyable experience for your client by reviewing the following checklist of items needed for every residential closing.
Information and items that need to be provided to the Title Agent at the beginning of the process:
- Name, Address, Phone number, Fax number and Email address of the Seller's Real Estate Agent and Attorney
Name, Address, Phone number, Fax number and Email address of the Buyer's Real Estate Agent and Attorney
The current deed to the property from the Seller
Seller, Buyer or Borrower should provide any previous Owner's and/or Lender's Title Insurance policy
Seller (or Borrower in a refinance) will need to provide written authorization for the Title Agent to obtain payoff statements from any existing lienholders, and provide the related account numbers for those liens, or they will need to provide the Title Agent with a current valid payoff statement for any liens shown on the title commitment, or otherwise known to the Seller (or Borrower).
Seller or borrower (if refinance) to provide any documentation regarding any pending or dismissed court matters relating to the property, including divorces, judgment liens, etc.
Seller to provide the current Real Estate Agreement of Sale, along with any addendums.
Seller to provide details of the Broker Agreement commission due the Realtor.
The Real Estate Agreement of Sale (Purchase Contract) between the Seller and Buyer, and the Broker Agreement agreement of the Realtor hired by the Seller, should contain details on the following information:
•Division of settlement charges, including insurance premiums
•Earnest money terms
•Bill of sale for any personal property
•Required property condition disclosures
•Real estate commission terms
Items that need to be provided just prior to closing:
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Seller, Buyer or Borrower to provide Title Agent any new survey or plan of property.
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Seller to provide Title Agent any inspection reports and invoices; (Pest inspection, Sewer Inspection, etc)
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Seller to provide Title Agent any Home Warranty and invoice
- Buyer/Borrower to provide Lender and Title Agent with the required hazard insurance policy with paid receipt or invoice
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Buyer/Borrower to provide Lender and Title Agent with the required Flood Search and Flood Insurance policy with paid receipt or invoice, (if applicable).
- Buyer/Borrower to provide Title Agent with any Attorney's fee charged and any other charges to be paid out of closing.
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Seller to provide Title Agent with any Attorney's fee charged and any other charges to be paid out of closing.
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Buyer or Buyer's Attorney to arrange for a new Deed to be prepared and delivered to Title Agent for review before closing.
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Seller or borrower to provide Title Agent with the most current paid Real Eatate tax statement(s), or any new tax statements that are now due and owing.
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Seller or borrower to provide Title Agent with the most current paid public utility statements (Water, Sewer, Gas, ect.) or any new statements that are now due and owing.
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Seller and Buyer to provided Title Agent with a list of any financial adjustments for prepaid or unpaid charges such as rents received or due, utility bills, etc.
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Seller or borrower to provide Title Agent with the most current paid Homeowner Association or Condominium Association statement(s), or any new statements that are now due and owing.
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Seller to provide Title Agent with the Condominium 3407 Resale Certificate, (if applicable).
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Seller to provide Title Agent with the Municipal Occupancy Certification statement, or Building Code Compliance Letter, (if applicable).
Items that need to be brought with you to Closing:
- Seller, Buyer or Borrower to bring any funds due at closing in the form of a certified check, cashier's check, money order or wire.
- Seller, Buyer or Borrower to bring two forms of valid government issued Photo Identification.
- Seller and Buyer to bring the utility meter readings from final walkthrough for any utility charges that are to be prorated (adjusted) at closing
- All parties to bring any other items that have been requested in the title commitment and/or mortgage commitment.
- Seller to bring keys, security system passcodes, and any other pertinent information that will give the Buyer proper possesion of the property after the Closing is completed.
Finally, be sure to obtain driving directions to the place of closing!