Top Ten Questions About the Closing Process

#1 – Who are my Team Players?

Real Estate Agent – Your real estate agent does not only help you buy and sell properties. Your agent will work with the other parties to help your transaction seamlessly close.
Lender – If you are obtaining a loan as part of your purchase, your loan officer or mortgage broker will help you meet your lender’s requirements so that the transaction funds on time.
Closing Agent – The closing agent facilitates the closing process so that the moving parts of your transaction come together at the closing table.

#2 – Do I really need to respond to requests from my team ASAP?

Your Team Players will be requesting information and documents from you beginning on the day you contract to buy or sell a property. It is practically impossible to close on time if you don’t respond quickly to requests. Take the time to provide docs and info ASAP!
If you are obtaining a loan, it is more important than ever that you communicate with your real estate agent. lender and closing agent. The TRID laws require mortgage disclosure at least three days prior to closing. You will not be able to close on the scheduled date unless you review and approve the closing disclosure in a timely manner.

#3 – What is TRID?

The Consumer Financial Protection Bureau (CFPB) created the TILA-RESPA Integrated Disclosure (TRID) Rule to improve mortgage disclosure forms to make it easier for consumers to understand the terms of their loans and closing costs. TRID has strict disclosure requirements that must be met to close in a timely manner.

#4 – How do I know my personal information will be protected?

As an additional security measure to protect your non-public personal information, you will receive secured emails from us. We will likely be asking for your social security number and banking information. We have a secure system for your protection.
Please follow the instructions for retrieving that information. You will be required to create an account. Make sure that you return any information through the secured email system.

#5 – How can I be protected from wire fraud?

If you are wiring us funds, we will provide you our wiring instructions. Contact our office VERBALLY to confirm wiring instructions BEFORE initiating all wires! If you receive any written or verbal communication advising that our wiring instructions have changed, contact our office immediately! We rarely change our wiring instructions.
If you are receiving funds from us, we will request your banking information securely. You will not be able to adjust your banking information without a two-step authentication initiated by us.

#6 – Why does the Closing Statement say that Owner’s Title Insurance is optional?

The new TRID laws require that the owner’s policy is disclosed as optional. If you are obtaining a loan, an owner’s policy is not optional and is required by your lender to close.
If you are purchasing in cash, technically, the owner’s policy is optional. However, we are not able to close a transaction without issuing an owner’s policy. This may jeopardize our malpractice insurance as well as require our office to guarantee and cover any title defects discovered after closing. We adhere to Best Practices for our industry to ensure you closing is smooth and successful. Issuing title insurance is part of our process and will ensure security for years to come.

#7 – Do I need a survey?

If you are obtaining a loan, a survey will be required by your lender. The cost is typically $350 – $425. We work with preferred vendors that we will recommend to you.
If you are purchasing in cash, you are not required to have a survey. However, any survey related matters arising after closing will not be covered by your title insurance policy. A typical example is the discovery, after closing, that your fence is on your neighbor’s property, resulting in the necessity to relocate your fence. Your title insurance policy will not cover survey related matters without a survey completed by the time of closing.

#8 – What is the difference between the ALTA statement and Closing Disclosure?

If you are obtaining a loan for your closing, you will sign both an ALTA statement and Closing Disclosure (CD) at closing. The ALTA is prepared by your closing agent. The CD is prepared by your lender in coordination with your closing agent. Although the CD and ALTA are different in form, the bottom line is the same.

#9 – Will buyer, seller and both realtors be present at closing?

Our office typically meets with buyer and seller separately. This gives us the opportunity to review documents and answer questions without distraction and while honoring the confidentially of the parties. We typically meet with sellers a few days before closing and hold all documents in escrow until the transaction has funded. We typically meet with buyers on the closing date. We have found this is the smoothest way to close.

#10 – What if I am not in town for my closing?

If you are a seller, you do not have to be present for closing. Your closing documents can be electronically delivered to you for execution prior to closing. We will provide full instructions to you. You will need access to a notary and two witnesses. If you are buyer closing with cash, you do not have to be present for closing.
If you won’t be in town for closing, you will need to arrange for your realtor or other trusted person to attend the walk through for you as well as plan for the exchange of keys. We will assist you with this process.