Information for Sellers
If our office has been asked to act as settlement agent in
the closing of the real estate you are selling, there are some matters
that we will require your assistance with in order to expedite the
transaction and prevent delays or extra costs to you. They are listed
below. Please also remember that you must bring a valid,
government-issued picture I.D. with you to closing for proper
identification. The closing cannot take place if you do not have this
identification with you. In order to insure a smooth closing, we would
like to make you aware of the following information.
An authorization form will be sent to you upon receipt of the order for
your signature to allow us to obtain lien pay-offs.
1. MORTGAGES: If your property is presently mortgaged, the
mortgage(s) will be paid off at the time of closing using proceeds from
the sale, if any. After your mortgages have been paid in full, the
banks will send us discharges which we will record. In the event there
is a non-institutional mortgage (i.e. one given to a private individual,
trust or corporation as opposed to a bank or mortgage company), we will
require that the payoff amount be furnished to us before the closing and
a discharge be delivered at or before the closing.
2. DEED: A deed to convey the premises to the buyer will be
required and can be furnished by us to you at standard cost.
3. EXPENSES: Depending on the terms of the purchase contract,
you may be required to pay for a portion of the settlement fee, title
examination, title insurance, conveyance fee,recording fees to discharge
mortgages and other liens, or other charges. We will make you aware of
these charges prior to closing.
4. POWER OF ATTORNEY: If there is a power of attorney involved,
please forward a copy of the power of attorney for our review and bring
the power of attorney document to the closing, this will need to be
recorded for the closing to occur. The deed transferring title from you
to the Buyer must be signed by you in the original.
5. TRUST OWNERSHIP: If this property is owned by a trust, our
office also requires review of the Trust document for authorization of
the Trustees powers.
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