Resources Closing Your Transaction
Closing Your Transaction
From the beginning of your transaction to your closing date, our emphasis is on what we can do for you. Our office is equipped to efficiently manage the following portions of your settlement:
- Perform Title/Real Estate tax search
- Clear title defects
- Coordinate closing with new lender, buyer, seller and realtors
- Collect and pay all debt associated with transaction
- Deposit EM (earnest money) into escrow account
- Manage signing, acknowledgement and notarization of closing documents
- Record documents with county clerk
- Prepare and provide title insurance policies
General Tips for Successful Closing
- Send purchase and sales agreement and copy of listing to our office as early in the transaction as possible. Be sure to provide us with the following information: loan numbers, lenders, and name and address for loans being assumed or paid off in closing.
- Provide name of lender and loan officer. If you change lenders at any time during the transaction, please advise our office.
- If there is an "owner-carry" in the transaction, provide our office with the exact terms. Also advise our office if there is to be an escrow collection and where it is to be held.
- If the property is a rental, please provide monthly rental rates, list of tenants, when rent has been paid and dollar amount of the security deposit.
- If there is to be an interim occupancy agreement, please provide a copy of the agreement and any amount to be prepaid to the seller.
- If you re-write the purchase and sales agreement and/or add addendums or counter offers, please ensure our office receives a copy of the most updated agreements.
- If funds have been advanced from earnest money deposit for credit report, appraisal, septic or well inspections, please advise our office of any amount due to be reimbursed at closing.
- Always be certain that commission amounts are shown on the same document to ensure that all parties are aware and prepared.
- If either party will be out of town during closing, a power of attorney form can be prepared, but sufficient notice must be given to ensure the documents are reviewed sufficiently well prior to closing.
- Advise our office if any additional bills are to be paid from the closing.
- Review the title commitment upon receipt and note that any vested owners will be assumed to be present to sign at closing unless you specify otherwise.
- If there has been a divorce, death or other extenuating incident with the titleholder, please advise our office as soon as possible.
- The buyer should ask their insurance agent to contact the lender or our office as soon as possible to ensure the binder information for your new homeowners' insurance policy is properly documented. Please also note that some lenders may require the original policy prior to closing.
- Note that all closing funds should be in the form of a cashier's check or wire transfer payable to our office.
- The buyer, seller and/or their legal counsel will be provided with preliminary statements prior to closing for review whenever possible or upon specific request.