- Contract of Sale.
- Correct legal description.
- Correct spelling of names.
- Correct addresses and telephone numbers of all parties.
- Signed by all parties.
- Correct earnest money.
- Effective date filed.This is very important because the effective date" starts the clock" running on contract obligations. To leave this blank could give the buyer or seller grounds to argue about their respective obligations.
- During processing and prior to closing, obtain and deliver to title company.
- Seller's loan information necessary for payoff and assumption information.
- Seller's forwarding address and social security numbers.
- If Seller is single, marital status from time of acquisition to closing. (If single, at the time of acquisition of the property, but married at time of closing, both spouses must sign the listing agreement, contract, and at closing, the deed.)
- Total commission. This is not stated on the contract, so let us know, and be sure to let us know of any changes prior to closing.
- Termite Report. Deliver the original report and invoice to the title company prior to closing. Tell us whether the report has been paid for and the amount. This information must be shown on the HUD.
- Home Warranty. Notify title company of the amount and name of the company. Bring application to closing.
- Hazard Insurance. Buyer needs to arrange for this and have insurance agent contact the title company for details of coverage and lender requirements.
- Repairs. If title company is to pay repair bills, deliver original invoices ASAP. It is best to get these done ASAP to avoid last minute mistakes or problems. Most lenders WILL NOT allow escrow for repairs nor allow a credit to the buyer for the repair allowance. Repairs need to be handled prior to closing or outside of closing.
RESPA guidelines require that all charges shown on the HUD-1 disclose the payee and the amount. We are able to more quickly give you and your customer "figures" if we have all of the above information several days before the scheduled closing.
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