What do I need to bring to closing?
- Both Buyer(s) and Seller(s) will need to bring valid picture identification, such as a driver’s license.
- Buyer(s) will need to bring a Cashiers or Certified Check for the total amount of closing costs and/or down payment made payable to Court Square Title Agency, LLC, or Buyer(s) can make arrangements to have their funds wired to Court Square Title Agency by calling the local office handling your closing for the wiring instructions.
- Seller(s) if you would like your proceeds wired into your account, you will need to provide wiring instructions for your Banking Institution.
How long does a closing usually last?
A purchase closing usually lasts about an hour and a refinance closing usually lasts about a half hour.
What do Buyer(s) and Seller(s) need to do to get ready for their closing?
Once the title request is received from Lender/Realtor for a purchase, Court Square Title Agency will contact the Buyer(s) for several things:
- for Buyer(s) to select date and time of closing,
- Buyer(s) will be asked if they have selected a Homeowners Insurance Company,
- What is the best way to reach them if additional information is needed?
Court Square Title Agency will contact Seller(s) for the following information:
- To confirm date and time of closing,
- To request Seller’s payoff information, Lender’s name, Loan number, Customer service phone number and social security number. Depending on your Lender, you may be required to sign an Authorization Form so we may obtain your payoff.
- Who (which attorney) is preparing your deed,
- Who will be doing the inspections needed on your property, such as termite, septic and/or water?
Next Court Square Title Agency will contact the Lender and Real Estate Agents to confirm the date and time of closing with them.
As the Closing Date draws closer and once Court Square Title Agency has received the Loan Package from the Lender, your Settlement Agent will prepare the HUD1 Settlement Statement [The HUD-1 is a form used by the settlement agent (also called the closing agent) to itemize all charges imposed upon a borrower and seller for a real estate transaction. It gives each party a complete list of their incoming and outgoing funds. Fees associated with the transaction but paid prior to closing are also included on the HUD. They are normally marked "POC," for Paid Outside of Closing.]
, and then fax to Lender for final approval. Once the HUD1 Settlement Statement is approved, the Settlement Agent will contact the Borrower(s) with their total needed for closing and then the Agent will fax a copy of the HUD1 to both Realtors. Final approval of your HUD1 Settlement Statement may be delayed until just prior to closing; which is not unusual. Should this happen, your Settlement Agent will make specific arrangements wwith you to obtain funds needed to close.
For a Refinance closing the Borrower(s) will be contacted for the following information:
- To schedule date and time of closing,
- To request who the Homeowners Insurance Company/Agent will be,
- To request the payoff information, Lender, Loan Number, Customer Service Number and Social Security Number. Depending on your Lender, you may be required to sign an Authorization Form so we may obtain your payoff.
- Information regarding any additional items being paid off at their refinance closing, such as any car loans, personal loans, or credit cards.
Once the closing process is complete there are still some very important events that the Settlement Agent has to take care of:
- The first step after closing is to fax documents required by the Lender to obtain a funding number. The funding number gives the Settlement Agent authorization to disburse funds.
- Once the funding number is obtained and the wire from the Lender has been received, the Settlement Agent will prepare the checks and have the proper documents sent to the local courthouse for recordation.
- Once the documents are recorded, the Settlement Agent can disburse all funds which include Seller(s) proceeds and Realtors commission checks. Funds collected for payoff(s), inspections, homeowner’sinsurance, etc… are also disbursed at this time.
- After the disbursement of all funds the Settlement Agent is required to make sure all documents are notarized, copied and original documents returned to the Lender within 24-48 hours of closing.
- If an Owner’s Title Insurance Policy is purchased by the Buyer(s), it will be issued and mailed along with the Original Recorded Deed. This usually happens within thirty (30) days from closing.
Some additional things the Buyer(s) may wish to consider are:
- Do you want to obtain a new survey of the property you are purchasing?
- If there is no current survey of record showing all improvements – Exceptions to coverage may be taken on the Owner’s Title Insurance Policy. Please contact your Settlement Agent to discuss this matter further.
- Do I want and/or need Owner’s Title Insurance Coverage?