The Closing Process

The Residential Closing Checklist for Purchaser(s):

Contact the Settlement Agent: Immediately following the acceptance of the offer, make sure you contact the Settlement Agent and provide them with all your contact information and they may have additional documents for you to fill out on the onset of the transaction.

Title Commitment and Survey (If applicable): Pursuant to the Purchase and Sales Agreement, please review to make sure that the requirement for the Purchaser to receive and review the Survey prior to closing. Some Agreements state 5 days prior to closing and then some state 15 days. By reviewing the title commitment you will know if there is any issues with the seller providing clear title at closing and the survey will show where the is encroachments and easements that may or may not affect the property.

Lenders requirements: Provide the lender with all necessary documentation requested, stay in constant contact with the lender as to make sure the loan approval process is on track for the contract closing date. Please provide updates on the loan process to your Realtor and/or Settlement Agent. This is important as the Lender will on speak and provide your loan information to you and no one else!

Homeowner and/or Condominium Associations: If this is part of your purchase of the property, please contact the Association and/or Management immediately after acceptance of the offer. You should be able to get their contact information from your Realtor. This process can take up to 30 days depending on the Association/Management office procedures so make sure you're within the date of the contract closing date.

Homeowners Insurance: Your lender will require that an insurance policy be in place before closing. If you're purchasing a Villa, Townhome or Condominium Unit, please check with the Association to see what if any insurance they have and what it covers. The lender may or may not require that you obtain an additional policy for the contents.

Closing Disclosure: Once the lender has issued an Loan Approval the next step is a "Clear to Close', once you receive this from your lender the next step is they will be providing you with a Closing Disclosure that will show all your expenses with purchasing the house and what your payments will be moving forward. Please note your lender should be going over this with you prior to your closing being set (3) three days from this time. If you do not receive a Closing Disclosure (3) three days prior to you contract closing date, you must notify all parties.

Form of Funds for closing: All FUNDS for closing must be in the form of a Wire - No Exceptions. The funds received must be negotiable in order to disburse and keys can be released. This process is usually is done a few days before closing but no later than the day before. The Settlement Agent will provide you with their Wiring Instructions and the "Cash to Close" amount to be wired.

Closing location and time: The Settlement Agent will set the time and location for the closing, if you will not be attending the closing in person please advise the Settlement Agent at the very beginning so there is no delay in getting what you need to sign to you also if you're financing the purchase your lender will need to know as well.

What is needed to be brought to closing: Bring a Valid driver's license or Passport, Certificate of Approval, if applicable. If you're purchasing the property by yourself and you're married, your spouse will need to attend closing to sign certain documents as well. Call if you have questions on this.

Utilities: You'll need to make arrangements with the Power, Water and Cable companies prior to closing to have them turned on as the seller will have canceled these items as of the day of closing.

Contact the Settlement Agent: Immediately following the acceptance of the offer, make sure you contact the Settlement Agent and provide them with all your contact information and they may have additional documents for you to complete on the onset of the transaction.

Cancel your Insurance: At least the day prior to the closing contact your Homeowners Insurance agent and advise them that as of the closing date you will no longer be needing insurance coverage. They'll probably advise you that they'll need a document from closing which your Settlement Agent will provide to show proof you no longer own the home.

Cancel your utilities: At least the day prior to the closing contact your utilities such as Water Department, Propane Gas Company, Electrical Company and Cable company letting them know that as of the closing date you no longer will own the home.

Closing location and time: The Settlement Agent will set the time and location for closing, if you will not be attending the closing in person please advise the Settlement Agent at the very beginning of the process so there is no delay in getting the documents to you to execute and return back in satisfactory condition to complete the transaction.

ALTA Settlement Statement: At least 24 hours prior to closing you should receive a break down of all the charges, prorations and the balance in the form of an ALTA Settlement Statement for you to review prior to arriving at closing. Please take the time to look at the statement and contact the Settlement Agent with any questions prior to the closing as it's to late to change the statement once at closing.

What is needed to be brought to closing: The Settlement Agent will advise as to what documentation you will need to bring to closing in addition to a valid Driver's License or valid Passport. Please contact the Settlement Agent prior to arriving at closing just to make sure you have everything you need to bring so there is no delay in the disbursing of the funds.