Bring Picture Identification
Everyone who signs documents (buyers, sellers or people acting on their behalf) must have identification. A driver’s license or a passport are the most acceptable. Believe it or not, “impersonation” claims cost our industry more than $1,000,000 per year. You really do need I.D.!
Bring a certified check or cashier’s check
No personal or money market funds. As a buyer you will probably need to bring funds to the closing. Have the check made out to Liberty Title. This will help protect you in case it is lost or stolen. If your closing figures are not finalized and you have to go to your bank, you can estimate the amount you will need. Our staff will be happy to assist you with an estimate. Any difference will be returned at the closing.
Note: Checks from a stockbroker or fund manager are not acceptable at closings. If you are using such funds, deposit them into a bank account a week before your closing so you can obtain the proper funds in time.
Bring a copy of your homeowners insurance and a one year paid receipt
Almost every buyer needs to furnish proof of insurance and a paid receipt at the closing. Check with your lender and insurance agent regarding the specifics of the policy. In most cases, the policy must cover the amount of the mortgage and also contain a mortgagee’s loss payable clause. If you are purchasing a condominium, verify that the homeowner’s association has arranged to provide proof of insurance (this is also a good time to check on any homeowner association fees that you will need to pay at the closing).
Verify the time and location of the closing
If you are closing at Liberty Title, we will provide you with a map detailing the time and our office location. However, some closings occur at the Buyer’s lender, a real estate sales office, or an attorney’s office. Take a few minutes to check.
Consult your attorney
If you have been working with an attorney please let us know. You and your attorney will need time to review documents and closing figures, especially if your attorney does not intend to come to the closing. Do not assume we know an attorney is involved. We will only contact an attorney and provide her/him with documents after we have received your instructions. We value your privacy.
Review Lender Requirements
Lender requirements are usually well detailed on your “Mortgage Acceptance/Confirmation” letter. If you see a requirement that you have not discussed with your loan officer, DO NOT assume that it is no longer required. Your lender will typically require that you bring pay stubs, verification of funds, documents from the sale of your previous home, gift letters, and additional tax forms. The closing is not the time to negotiate with your lender on these items.
Bring your spouse
If you are buying/financing property and are married, your spouse may have certain rights. To acknowledge or waive these rights, your spouse may need to sign certain documents. If your spouse is not planning on attending the closing, please let us know.
Consult your Realtor regarding outstanding contingencies and final walk-through
Closings have been delayed or cancelled by failure to remove contingencies, or by the failure to clear items that were outstanding from the contractor’s inspection or final walk-through. The sellers should plan to vacate the home the day before the closing to make sure they have time to prepare the home for the walk-through a half day before the closing if they anticipate that the buyer may have a concern over the property’s condition.
Schedule moving services properly
Buyers should not expect to meet their moving van until 12-24 hours after the closing. In almost all sales agreements, possession remains with the seller until after the closing is over. A night spent in a motel or in sleeping bags may be well worth the anxiety of timing the arrival or departure of the moving van with the closing. You may want to use the time to line shelves, touch-up paint or celebrate!