BUYER'S GUIDE TO PREPARE FOR CLOSING
ITEMS YOU WILL NEED AT CLOSING
- Wiring instructions/account information for your closing costs and the balance of the down payment to be wired to the title company. (Beware of scammers, call the title company prior to wiring money)
- Homeowners Insurance Binder or Policy on your new home along with a paid receipt for the first year's premium. Check with your mortgage lender regarding the policy amount and the correct loss payable clause to be included in your insurance policy. Have agents info with you to closing All buyers and their spouses, if any, must be present at closing to sign closing documents. A valid picture ID will also be required.
- You may need to provide all your previous addresses for the past 10 years if title company did not already contact you for this information.
- Other documentation may be required by your lender (ie proof of creditor payoff, gift letter, evidence of deposit) Generally all mortgage lenders require title insurance on a new mortgage to protect them against title problems that may arise. The Loan Policy they require insures their interest in your home, not yours. To insure your investment in your home against title defects, you need an owner's policy of Title Insurance. An Owner's Policy will insure you against title defects such as: Abstracting errors, Lack of legal access, Errors in recording documents, Claims of unrecorded rights.