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Tips for a Successful Closing

Send purchase and sales agreement and copy of listing to escrow closer as early in the transaction as possible! Provide escrow closer with the following information: Loan numbers, lenders, name and address for loans being assumed or paid off in closing.

Provide name of new lender and loan officer. If you change lenders anytime in the transaction, please advise closer.

If there is an "owner-carry" in the transaction, provide closer with exact terms. Let closer know if there is to be an escrow collection and where it is to be held.

If the property is a rental, please provide monthly rents, list of tenants, when rent has been paid and dollar amount of the security deposit.

If there is to be an interim occupancy agreement, please provide closer with a copy and any amount to be prepaid to seller.

If you re-write the purchase and sales agreement or add addendums or counter offers, please see that the closer receives a copy!

Has any money been advanced from earnest money deposit for credit report, appraisal, septic or well inspections? Has the agent advanced any amounts that should be reimbursed to him/her at closing?

Always be certain that commission amounts are shown on some document.

Is either party out of town? Will either party be signing by "Power of Attorney"? Most title companies will prepare a "Power of Attorney" form, but in almost all cases it will need to be reviewed for sufficiency.

Are there any additional bills to be paid from the closing?

Review the title commitment upon receipt. Vested owners will be assumed to be signing at closing unless you specify otherwise.

If there has been a divorce or death of title holder, please let the closer know as soon as possible.

Buyer should have their insurance agent contact their new lender or closer as soon as possible. Some lenders may require the original policy in their office prior to closing rather than just the binder.

Please inform your buyers that all closing funds should be in the form of a cashier's check or wire transfer payable to the title insurance office.

The buyer, seller and/or their legal counsel (mom, dad, uncle, etc.) may wish to review copies of the closing documents prior to closing. If so, please notify closer. Preliminary statements will be furnished whenever possible for you and your clients prior to closing.


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