|
1. What do I need to bring to closing?
|
|
You will need to bring the following items with you when attending your closing:
Settlement Funds
Identification
Proof of Homeowner’s insurance
Settlement Funds
We require a certified check, cashier’s check, money order, bank check, or teller's check. The settlement agent, your escrow officer, will provide you with the payment details prior to settlement. Only one check will be required for closing. This check will cover the total amount of your transaction and the settlement agent will disburse the funds to the required parties accordingly. Funds may also be wired into our account. Wiring instructions can be sent to you upon request. If you are bringing cash to your closing, we will accept cash in any amount, up to $10,000.00. Please limit personal checks to no more than $500.00.
With the HomeLink Advantage, you will have online access to a preliminary HUD-1 settlement statement 6-8 days after ordering your title insurance policy. Final closing costs will be available upon receipt of closing instructions and fees from your lender.
Identification
Photo identification is required at closing in the form of a driver’s license or passport. Lack of proper identification may delay or even postpone your closing.
Proof of Homeowner’s insurance
You will need to provide proof of homeowner’s insurance for the premises you are purchasing, effective the date of closing. If there is a lender providing purchase monies, the loss payee clause of the insurance policy must list your lender. Proof of insurance can be in the form of an insurance binder or insurance policy declarations’ page, and may be brought to closing or faxed prior to closing by your insurance agent.
|
|
Return to Top
|
| |
|
2. Does my husband or wife need to attend?
|
|
|
If both you and your spouse will hold title to the property, you should both plan to attend closing. Additionally, even if you will hold title to the property individually (without your spouse's name appearing on the deed of conveyance), you may be required by your lender to include your spouse's signature on the mortgage or the note, in order to show spousal obligation. In this case, your spouse would still be required to attend closing, in order to execute the necessary documents.
|
|
Return to Top
|
| |
|
3. How do I pay for closing costs?
|
|
|
We require a certified check, cashier’s check, money order, bank check, or teller's check. The settlement agent, your escrow officer, will provide you with the payment details prior to settlement. Only one check will be required for closing. This check will cover the total amount of your transaction and the settlement agent will disburse the funds to the required parties accordingly. Funds may also be wired into our account. Wiring instructions can be sent to you upon request. . If you are bringing cash to your closing, we will accept cash in any amount, up to $10,000.00. Please limit personal checks to no more than $500.00.
|
|
Return to Top
|
| |
|
4. When should I expect my final closing figure?
|
|
|
With the HomeLink Advantage, you will have online access to a preliminary HUD-1 settlement statement 6-8 days after ordering your title insurance policy. Final closing costs will be available upon receipt of closing instructions and fees from your lender.
|
|
Return to Top
|
| |
|
5. Can I review documents before closing?
|
|
|
With the HomeLink Advantage, you will have online access to documents related to your closing, including a preliminary HUD-1 settlement statement, 6-8 days after ordering your title insurance policy. Documents can be viewed online 24 hours per day, 7 days per week. Upon completion of your HUD-1 settlement statement, we will be happy to go over this document with you and answer any questions you may have.
|
|
Return to Top
|
| |
|
6. Do I need an attorney?
|
|
|
The Commonwealth of Pennsylvania does not require parties to have legal representation in order to purchase real estate; however, many people feel more comfortable knowing an attorney will represent their interests before and at closing. Whether or not you choose to use an attorney, you can count on HomeLink to settle your real estate transaction quickly and efficiently. If you decide to use an attorney for your transaction, but have not yet chosen one, please allow HomeLink to assist you in your selection.
|
|
Return to Top
|
| |
|
7. When should I pay my utility bills?
|
|
|
Water and sewer bills must be paid and/or pro-rated at closing. Telephone, electric, cable, gas, garbage & oil are the responsibility of the Buyer/Seller outside of the closing.
|
|
Return to Top
|
| |
|
8. What about real estate taxes and property owners’ association dues?
|
|
You can expect to pay a full year of real property taxes at closing, if obtaining a mortgage from a lender that requires real estate tax escrows. Real property taxes for the current period will be pro-rated between the buyer and the seller, and will be affected by the time of year that you close.
If the property is located within a community that is governed by a Property Owners’ Association, Property Owners’ Association dues must be paid at or prior to closing. The amount due will depend upon the time of year you close and whether dues are based on a calendar or a fiscal year. Dues for the current period will be prorated between buyer and seller.
|
|
Return to Top
|
| |
|
9. What about homeowner’s insurance?
|
|
|
If you are using a mortgage lender, you must have a homeowner’s insurance policy in place, effective as of the date of closing. Your settlement agent must receive proof of insurance prior to closing. If you have not yet chosen a homeowner’s insurance agent, please contact HomeLink to assist you in your selection.
|
|
Return to Top
|
| |
|
10. How long will my closing take?
|
|
From order to settlement
Though a variety of factors, such as title issues, problems brought to light by home inspections, lender requirements, etc., determine the exact amount of time it will take to get from title order to settlement, the average transaction can be expected to close within 2 – 3 weeks.
Day of closing
Under normal circumstances, you should allow 45 minutes to 1 hour to close the transaction.
|
|
Return to Top
|
| |
