Check with your lender about their requirements for proof of hazard insurance, including whether or not a master insurance certificate (if a condo) will be needed. In most cases, a termite inspection is no longer required, however, we recommend consulting with your real estate agent to determine whether or not you should have a termite inspection.
If you are buying property with another person (married or otherwise) but only one of you is borrowing the funds (only one person is on the Note), each person to be vested on the Deed must attend closing in order to sign the Deed of Trust. If title is to be vested in the names of persons other than just the borrower, you should inform your attorney at Hutton Patt as soon as possible.
Make sure that you have provided both Hutton Patt and your lender with your complete legal name for title purposes. For example, if you use your middle initial, as opposed to your middle name, make sure both your lender and our office know about it. We also need to know how the buyers will take title (Tenants in Common, Joint Tenants, or Tenants by the Entirety). We can explain the benefits of each method to you.
If the property is a single family home or townhouse, a property location drawing will be required by your lender. Please note, there are many kinds of surveys and the property location drawing is a cursory review of your new property. If you prefer a more thorough "boundary" survey (the cost can be as high as $2,500.00 and can take weeks to prepare) please let us know and we can provide an estimate if you would like.
If the buyer is a corporation, a limited partnership, or a limited liability company please produce the articles of incorporation or articles of organization along with a Certificate of Good Standing at settlement that is no more than one hundred and twenty (120) days old. In the case of a corporation, we also need certified copies of corporate resolutions authorizing the purchase and encumbrance of the property. Call us and we will explain how to order the Certificate.
Sometimes we will not be able to give you an accurate final amount of funds due until the day of settlement. You can use the Good Faith Estimate provided to you by your lender as a starting point for your certified check, but you should also bring a personal check for any additional payment due. If you prefer to wire the funds, the wire must be received and acknowledged by our bank prior to settlement. Please call us for wire instructions. Checks should be made payable to Hutton Patt Title & Escrow.
A few days before settlement, you should arrange for the utilities to be placed in the buyer’s name. For utility contact information, please see our links page for each jurisdiction.