The seller or his representative should make the following items available to University Title Company:
- Proper identification at closing so that your signature may be notarized. Proper identification is defined, per State statues, 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.”
- Deed, other required title documents and curative documents.
- Please note that title companies do not prepare legal documents that are used for the parties benefit (such as deeds, releases, or mortgage instruments), nor are title insurance agents required to cure title defects. However, with the seller’s instruction the title company can arrange for these documents to be prepared by a law firm, with a fee to be collected at closing.
- Hazard insurance policies with proper endorsements and assignments attached (when existing policies are to be assigned) as required by the lender.
- A copy of the coupon used in making your loan payments. In the case of an individual, the name, address and phone number are needed. This will facilitate a quick response on the payoff/assumption information.
- Provide your social security number or tax identification umber. Some lenders will not release information without this, and the number is required at closing.
- All unrecorded releases of liens or discharges of mortgages in his possession.
- The most current paid real estate tax statements and receipts.
- A statement showing the amount of real estate commissions to be paid out of the settlement and to whom payable.
- An agreed division of charges for title premiums, recording fees and settlement charges.
- Copy of the earnest money contract, fully executed and dated; also, any bill of sale covering personal property or required property condition disclosures.
- Instructions concerning the disbursement of sellers proceeds. The proceeds check will be made payable to all parties in title, unless written instructions signed by all parties in title are received instructing otherwise. Should the seller wish proceeds be wired, University Title Company will need instructions as to what account, either to the seller’s account or directly to another title insurance company.
- Your social security number and/or tax identification number and forwarding address per the Internal Revenue Service’s requirement.
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 party executing the Power of Attorney must by available by telephone the day of closing to verify they are alive and have not revoked the Power of Attorney.
If the buyer of your home is securing a new loan, please remember that the funding process differs in each situation, i.e.:
- All scheduled closings, where a loan is involved, are tentative subject to obtaining loan instructions and documents from the buyer’s lender.
- 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 the 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 the title company; therefore University 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.
- Funding cannot occur until all inspections required by lender have been completed.
Please remember that University Title Company must distribute proceeds directly to the seller vested in title. If more than one entity is vested in title, the proceeds may be split among those vested with written authorization.