Tips for Preparing for Settlement

 

hand signing form

Buyers

 

Bring government issued photo identification (driver's license, military i.d., passport, etc). Your settlement officer will make a copy for the file.

 

Bring certified funds. It is a good idea to call the settlement company to get an estimate of funds needed for closing the day before settlement or at least in enough time so that you can get a certified check from your bank. Most settlement companies will take a personal check for very small amounts only. It is better to get your certified check for too much money and have the settlement officer issue you a refund check unless you know the precise amount due.

 

Bring a copy of your homeowners insurance policy and a copy of your paid receipt. Most lenders require this as a condition of settlement.

 

It is also a good idea to check with your lender the day before settlement to see if there are any additional closing conditions. Sometimes lenders require copies of termite reports, well and septic test reports, etc. You'll want to know if these items are required.

 

Sellers

 

Make sure you have provided all mortgage payoff information to the settlement company well in advance of your closing.

 

Sellers should also bring government issued photo identification (driver's license, military i.d., passport, etc)

 

Make sure all persons listed on the deed to the property you are selling are present at closing. If this is not going to be possible, call your settlement officer several weeks in advance of closing to make necessary arrangements.

 

Bring all keys to the home you are selling to the settlement table. This should include garage door operator remotes.

 

Do not cancel your homeowner's insurance until after closing is complete.

 

Also check out this handy Guide to the Settlement Statement (.pdf)