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Buyer's Guide
Buyer's Closing
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Pre-Closing Checklist
 Provide
a fully executed signed contract to the title company.
Provide
another copy to the mortgage company which has been
receipted by the title company.
Call
the mortgage loan officer and arrange to make loan
application. (Loan application checklist attached.)
Inspections
of the property must be performed during the time limits
set forth on the Property Condition
Addendum to the earnest
money contract.
Request
itemized list of closing costs and prepaid items from the
loan officer to review prior to closing.
Required at Closing
A cashier's check must be made payable to the title
company at closing. This cashier's check must meet
"good funds" requirements. The title company
must have your mortgage company's closing instructions to
prepare the Settlement Statement (HUD) and cannot give you
a figure prior to receiving the closing instructions. Your
real estate agent may provide an estimate. Bring your
driver's license or other picture identification with you
to closing. Ask for keys, garage door opener controls and
other security cards or access cards.
Avoiding Closing Delays
ANY bills for inspections to be paid at closing MUST
be provided to the title company prior to closing. A
charge that is paid direct can be set forth on the
Settlement Statement (HUD) if the title company is advised
before closing that you want it shown as a POC (Paid
Outside Closing).
If you want to examine your loan documents, please
request that the mortgage company provide the documents to
the title company at least one day early so that you may
have a copy for review. The title company sends a title
commitment to you prior to closing for your review.
If you will not be present at closing to sign documents
and intend to use a Power of Attorney, the following MUST
occur:
- The title company must approve the Power of Attorney
prior to closing.
- Your lender must approve it prior to closing.
- The original Power of Attorney must be delivered at
closing for recording with County Clerk.
- The title company must make contact with you via
telephone on the day of closing to be certain you are
alive and well and have not revoked the Power of
Attorney.
Buyer's Prepaid
Items
Private Mort. Ins.
(2
months)
Interim Interest
Home Owner's Insurance (14 months)
Maintenance Fee (_ months @ _ per
month)
**Taxes (_ months @ $_ per month)
TOTAL |
$ __________
+ __________
+ __________
+ __________
+ __________
$ __________
|
**DETERMINED BY MONTH OF CLOSING: Count
months beginning with Buyer's first payment month (second
month after closing) to October 1st. Deduct this result
from 12 to arrive at total months to be escrowed at
closing.
Total
Estimated Money Buyer Must Have At Closing
Down payment
Closing Costs
Prepaid Items
Other Credits or Debits
Total Move-In Investment
Less Earnest Money
CASHIER'S CHECK AT CLOSING
|
$ __________
$ __________
$ __________
$ __________
$ __________
$ __________
$ __________
|
Buyer's
Monthly Payment Esitmate
Principal and Interest
Monthly Taxes (1/12 of Annual)
Monthly Insurance (1/12 of
Annual)
Annual Flood (if any)
PMI (if any)
Monthly Maintenance Fee
TOTAL |
$ __________
$ __________
$ __________
$ __________
$ __________
$ __________
$ __________
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