The Purchaser or their representative should make the following available to University Title Company:
- Proper identification for closing so that your signature may be notarized. Proper identification is defined, per State statutes, as “a current identification card or other document issued by the federal government or any state government that contains the photograph and signature of the acknowledging person.”
- Required funds in the form of a certified check, cashier’s check or wire transfer instructions.
- Other documents required by the earnest money contract.
Your lender should provide to University Title Company written closing instructions describing the lenders requirements for closing and funding, including:
- Hazard insurance requirements.
- Special provisions required to be in the lender’s title policy.
- Payment of service charges and mortgage costs.
- Any other matters relating to the settlement.
Keep in close contact with the lender throughout the approval process. You will be notified of any special requirements that must be met prior to loan approval, closing and funding of the loan. Be sure to provide the lender with your insurance agent’s name and contact information as soon as possible.
All scheduled closings, where a loan is involved, are tentative subject to obtaining loan instructions and documents from the buyer’s lender.
Have your insurance agent contact University Title Company as soon as possible regarding the homeowners insurance policy, after you have determined your specific coverage requirements. University Title Company will supply the agent with the legal description of the property as well as the loss payable information for the lender.
If a Power of Attorney is to be used in closing, advise University Title Company immediately. The Power of Attorney must be in a form acceptable to University Title Company and/or its underwriters and to the lender. The individual executing the Power of Attorney must be available by phone the day of the closing to verify that they are alive and the Power of Attorney has not been revoked.
University Title Company will not have final figures until the lender’s closing instructions are received and insurance information is supplied to them.
- The funding process is different in each situation.
- Funding occurs only after ALL the papers have been signed by the buyer and seller
- Funding occurs strictly in conformance with the lender’s requirements:
– Some lenders require a closing package to be returned for review prior to releasing funds.
– Some lenders fund only at certain times of the business day.
– Some lenders require that certain documents be provided for review prior to funding.
– Funding at the END OF THE MONTH is much slower due to demand.
– Some lenders do not present a funding check to University Title Company; therefore the title company cannot fund until the lender’s wire is received.
- Funding cannot occur unless all parties (buyers, sellers and lenders) present “good funds” (cashier’s check or certified funds made payable to University Title Company or wired funds) to the title company.