Steps to follow to make your closing go more smoothly and timely.
Realtors know how frustrating it is 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 valuable time.
As you know, 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. Your assistance in helping the buyer and seller provide this information is very valuable.
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 and their Attorney
Name, Address, Phone number, Fax number and Email address of the Buyer and their 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 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 Seller 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.
Seller to provide any documentation pertaining to any pending or dismissed court matters relating to the property, including divorces, judgment liens, etc.
Realtor to provide the current Real Estate Agreement of Sale, along with any addendums.
Realtor to provide details of the Broker Agreement commission due the Realtor.
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).
- Seller and Buyer/Borrower 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 to arrange for a new Deed to be prepared and delivered to Title Agent for review before closing.
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Seller 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 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.
- Realtors to provide Title Agent with commission statement and invoice of other charges to be paid at closing at least 48 hours in advance of closing.
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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 to Closing:
- Seller and Buyer/Borrower to bring any funds due at closing in the form of a certified check, cashier's check, money order or wire. NO PESONALS CHECKS can be accepted at closing.
- Seller and Buyer/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!
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