SELLER’S GENERAL CLOSING INFORMATION
In connection with your upcoming real estate sale, please note the following basic information which is provided in order to facilitate a smooth closing:
Payoff of Current Loans and Mortgages: We need to obtain from you the name and contact information of any lenders or mortgage holders in order to receive written payoff information directly from them. Lenders usually require your written authorization and your SSN's in order to release this information to us. Please complete the Authorization Form in your introductory documents and return to our office.
Survey and Elevation Certificate: If you are in possession of a current boundary survey and/or elevation certificate, please provide copies to our office as soon as possible. If provided, this may save the Buyer hundreds of dollars.
Homeowners and Condominium Associations. If the property is governed by any of these associations, make sure to provide us with their contact information. We will be obtaining approval of the purchase and sale, as well as financial information from the association.
Reporting of Sale to the IRS (Form 1099) and Foreign Sellers. We are required by law to furnish a 1099-S notifying the IRS of the sale, unless an exception applies. We will need your SSN's or TIN's in order to properly report the sale. If the individual or entity that is selling is NOT a United States person or entity, advise our office immediately so that we can examine the proper withholding required by the IRS.
Closing Procedures: If you will not be available to attend closing, arrangements can be made to close by mail or overnight delivery. Please advise the closing attorney well in advance of closing how you wish to close and the best contact information for you. Be prepared to bring two (2) unexpired forms of identification to closing, one having a photograph. Under RESPA, you are entitled to inspect the settlement statement in our office one business day prior to closing. We are required to give you the information that is available at that time. We certainly will make every effort to let you know your closing costs as far in advance as possible, and our office should be in a position to give you guidance over the phone if you call a day or two prior to closing. If any amount is due from you at closing, you will need to wire transfer that amount to our trust account. WE ARE NOT PERMITTED TO ACCEPT PERSONAL OR CASHIER'S CHECKS FOR CLOSING.
After closing, make sure to cancel any auto-pay transactions that you may have for your mortgage, association dues, taxes, utilities, or insurance. You should cancel your insurance policies and utilities on the property shortly after closing.
We look forward to working with you and we value the opportunity to provide you with the best settlement service possible.