Steps to follow to make the closing go more smoothly and timely.
It can be frustrating for your borrowers to show up at the 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.
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 the 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 Lender and Lender's Attorney
Borrower (in a refinance transaction) 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 Borrower.
Borrower (in a refinance transaction) will need to provide any documentation regarding any pending or dismissed court matters relating to the property, including divorces, judgment liens, etc.
Items that need to be provided just prior to closing:
Lender will need to provide hazard insurance requirements to both Buyer and Title Agent
Borrower will need to provide Lender and Title Agent with the required hazard insurance policy with paid receipt or invoice
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).
Lender or Mortgage Broker will need to provide Lender's settlement charges to Title Agent at least 48 hours in advance of closing
Lender will need to provide Title Agent with closing instructions at least 24 hours in advance of closing
Lender will need to provide Title Agent with closing package at least 4 hours in advance of closing.
Borrower and/or Lender will need to provide Title Agent with any Attorney's fee charged and any other charges to be paid out of closing.
Borrower or Borrower's Attorney may need to arrange for any new Deed required by the Lender to be prepared and delivered to Title Agent for review before closing.
Borrower may need 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.
Borrower may need 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.
Borrower may need 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.
Items that need to be brought with you to Closing:
- Borrower will need to bring any funds due at closing in the form of a certified check, cashier's check, money order or wire.
- Borrower will need to bring two forms of valid government issued Photo Identification.
- All parties will need to bring any other items that have been requested in the title commitment and/or mortgage commitment.
Finally, be sure that everyone has driving directions to the place of closing!