Communicate with your title company prior to closing to avoid last minute surprises.
The closing brings all parties together and Community Title & Escrow, Ltd. strives to make it a pleasant experience. The following suggestions are intended to provide a smooth closing and avoid unforeseen problems.
- Use full legal names and marital status of parties when preparing the contract. Include Realtor Agent name(s) and telephone numbers on the contract. Advise of the new lender contact as well. Community Title will hold earnest money for the transaction, if requested. On earnest money refund situations, Community Title will require a written release signed by all parties (seller, buyer) before money will be released.
- Provide Community Title with correct legal description. Check seller’s papers, particularly the Deed and Title Policy for correct legal description. If legal description is in ‘metes and bounds’ terminology, please furnish Community Title the complete description when contract order is submitted. Please send a copy of the sales contract as soon as it is finalized. If for any reason the transaction is unable to close, Community Title will cancel the order at no charge.
- If you are aware of any liens or potential title problems, such as: estate, heirship, probate, bankruptcy, divorce, child support, judgments, mechanics’ liens, etc., Community Title needs this information when order is submitted. This will help cure problems in advance of closing.
- Buyer will be responsible for providing homeowner’s insurance prior to closing.
- Community Title welcomes title orders placed by telephone, fax or Internet.
- A copy of an Owner’s or Lender’s Title Policy, if available, should be sent to Community Title when the order is submitted. This will save time and make it eligible for a discount.
- When it is necessary to mail closing papers to out of town parties, please inform Community Title as soon as possible. A power of attorney for the signature of someone absent from closing may have to be approved by the lender as well as the title company. A durable power of attorney with subject property specifically named is the preferred type.
- If there is a change of disbursement, regarding holding money for any reason (especially repairs), this should be discussed before closing between agents and parties so that an appropriate escrow agreement can be obtained, and approval received from the lender if necessary.
- If any modifications of charges occur, please notify Community Title as soon as possible so we can change closing statements and avoid delays during closing. When you have a closing set up late in the day please keep in mind that if a delay or problem surfaces, it is possible that the lender will not approve the closing, therefore, funds cannot be dispersed until the next day.
- “GOOD FUNDS” must be provided at the closing. The most popular types of good funds used are cashiers checks, money orders, and wired funds. To help obtain good funds prior to closing, Community Title will inform the lender and/or Realtor of the amount needed.
- Whatever form of money used, it should be made payable to Community Title & Escrow, Ltd. for various closing amounts pursuant to the closing statement.
If you have questions, or need assistance on any closing matter, please contact Community Title. Quality and professional service is our goal.