Buyer Resource

Pre-Closing Day Checklist for buyer

Please read through these suggestions, failure to prepare can significantly delay a closing.

• Send an original, fully executed contract from your lender and to the law firm
• Decide about whether you want a survey. In most instances, a survey is recommended whether or not your lender requires it. Sometimes, the title insurance company will restrict its coverage if a survey is not provided.
• Anticipate how much money needs to be brought to the closing and call us on the day of the closing to confirm the amount needed. Please bring certified funds.
• Decide whether you want owner’s title insurance, this protects the equity you have in your home. The lender’s title insurance is required.

Closing Day Checklist for buyer

Please expect the closing to last approximately an hour

• Identification - two forms of identification are required, one must be a driver’s license or other government ID.
• Certified Funds - form of payment is the most preferred and reliable.
  • Also bring your checkbook to pay additional amounts if the certified check is less than the amount is less than what is due. (However, personal checks above $500 are not accepted and certified funds will still be required. This could delay your closing considerably).
  • If you prefer to wire funds, make sure you do so at least twenty-four hours in advance of the closing. It often takes a full day from the time of the wire is sent before it is confirmed in our escrow account. Without the funds, your loan cannot be closed.
• Original Homeowner’s Insurance Policy—with paid receipt showing coverage fulfilling lender requirements.
  • Without a paid receipt the premium will be collected at the closing.
• Bring a contract with all exhibits and addendum fully executed with original signatures, for our file.
• Contact information for your loan officer.
• All documents required by the lender as a condition to close should be brought to closing and/or evidence you have provided these documents prior to the closing.
• Originals of anything you have previously faxed to the lender.
• Original Powers-of-Attorney to be used at closing *
  • Please note: POAs must be approved by title company, lender and attorney.

The documents that a buyer signs at a typical closing where the buyer obtains a loan (please see important terms for definition)

• HUD-1 Settlement Statement
• Promissory Note
• Mortgage -- (a/k/a Security Deed, Deed to Secure Debt, Deed of Trust, Trust Deed, depending on the state in which the property is located)
• Affidavits-- If applicable, buyer executes sworn statements relating to:
  • owner-occupancy of the property;
  • current employment and income;
  • name variations or "aliases";
  • the non-existence of secondary financing;
  • truth and accuracy of all information supplied to the lender
  ;
  • other matters specific to the particular transaction.
• Disclosures and Acknowledgements-- If applicable, borrower may sign the following disclosures and acknowledgements:
  • Acknowledgement that a default in payment of the loan could result in a foreclosure;
  • Acknowledgement that the closing attorney/settlement agent represents the lender;
  • Disclosure of the Annual Percentage Rate ("APR") as reflected on the Truth In Lending Disclosure or "TIL";
  • Disclosure of projected escrow account activity for one year;
  • Acknowledgement that property is or is not located within a flood zone;
  • Acknowledgement of receipt and review of termite letter;
  • Acknowledgement of receipt and review of survey;
  • Disclosure of information relating to lender's history of transferring/selling loans.
• Loan Application - standard form which reflects the income, assets, debts and other pertinent information used to qualify borrower for the loan.
• IRS form W-9 - verifies the borrower's social security number for the reporting of payment of interest to the IRS.
• IRS forms 4506 and/or 8821 - authorizes the lender to obtain information from the IRS to verify information on application form.
• First payment letter - shows total payment amount, date of first payment and information regarding where to remit payment.

Post Closing

To complete the closing of the transaction, the closing attorney will do the following:

• Record warranty and security deeds in the county that the land resides
• Return to the lender the completed loan package
• Disburse al funds in accordance with the HUD-1 Settlement Statement