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Helpful Information for the Buyer

Steps to follow to make your 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.

At Liberty Bell Agency, we strive to make even the toughest transactions go smooth. You can help us to make your Closing an easy and enjoyable experience 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
  • Buyer should obtain from the Seller any previous Owner's and/or Lender's Title Insurance policy, and provide it to the Title Agent
  • Buyer should provide the current Real Estate Agreement of Sale, along with any addendums.
  • Buyer will need to provide Title Agent with Social Security Number(s) or Tax ID Number.

The Real Estate Agreement of Sale (Purchase Contract) between the Seller and Buyer 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


Items that need to be provided just prior to closing:
  • Buyer will need to provide Title Agent any new survey or plan of property.
  • Buyer/Borrower will need to provide Lender and Title Agent with the required hazard insurance policy with paid receipt or invoice
  • Buyer/Borrower will need to provide Lender and Title Agent with the required Flood Search and Flood Insurance policy with paid receipt or invoice, (if applicable).
  • Buyer/Borrower will need to provide Title Agent with any Attorney's fee charged and any other charges to be paid out of closing.
  • Buyer or Buyer's Attorney will need to arrange for a new Deed to be prepared and delivered to Title Agent for review before closing.
  • Buyer will need to provide Title Agent with a list of any financial adjustments for prepaid or unpaid charges such as rents received or due, utility bills, etc.
  • Buyer will need to review the preliminary Settlement Statement provided by the Title Agent one day in advance of closing, and advise the Title Agent of any changes to the amounts shown on the statement

 

Items that need to be brought with you to Closing:

  • Buyer will need to bring any funds due at closing in the form of a certified check, cashier's check, money order or wire. NO PERSONAL CHECKS can be accepted at closing.
  • Buyer will need to bring two forms of valid government issued Photo Identification.
  • Buyer will need to bring the utility meter readings from final walkthrough for any utility charges that are to be prorated (adjusted) at closing
  • Buyer will need to bring any other items that have been requested in the title commitment and/or mortgage commitment.
  • Be sure to ask the 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, Don't forget to obtain driving directions to the place of closing!
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