Realtors Keys to Guaranteeing a Smooth Settlement for Your Pennsylvania Real Estate Transaction:
With so much emotion riding on a closing, not only for your clients but their families the sellers and obviously with all the hard work you have put into the transaction; you want it to go well – not only in order to secure your commission; but also to provide excellent service to your customer. Here are five tips to ensure a smooth closing.
- Before you submit your order to the PA Title Company, ask your customer if there has been a recent divorce, death, or other situation that would affect title to property. If so, inform your title agent immediately and ask client for a copy of the death certificate or divorce decree. Quick turnaround time from your start to closing depends on accurate information. It is imperative to get this information to the title insurance company as speedy as possible.
- When working with your borrower, if a power attorney is to be used at closing; the Pennsylvania title company will need to review it as soon as possible. In addition; the title escrow officer may need to speak with the principals listed on the power of attorney on the day of closing. Inform the title closer of any special arrangements that may be required for closing. The signatures of all parties are necessary in order to close. Therefore; if someone is unable to attend, we will need to make appropriate accommodations. Most PA Title companies can make alternative arrangements for signing, however with out proper planning closing can be a nightmare.
- If an appraisal fee or hazard insurance is required on the closing instructions, please provide all invoices at scheduling that the title company has to pay. Furthermore, mortgage brokers, you should be clear with your Lenders to whom a fee is to be paid. For instance, if Line – Appraisal Fee is to be paid to XYZ Appraisal, Corp., then be sure to have your lender identify such instead of your company as the payee.
- Finally, be sure your customer has “bank funds” for the closing. “Bank funds” meaning, a cashier‘s check or money order for buyers/borrowers funds owed at closing made payable directly to the title insurance company.