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1. What do I need to bring to closing?
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You will need to bring the following items with you when attending your closing:
Identification
Settlement funds (if applicable)
Proof of payment of property tax
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.
Settlement funds
In some instances, the seller is required to bring funds to closing, in order to complete the transaction. (This can happen when the fees associated with the transaction exceed the proceeds of the sale.) In these instances, we require a certified check, cashier’s check, money order, bank check, or teller's check. The settlement agent will provide you with 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 faxed 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.
Proof of payment of property tax
You will need to provide proof of payment of the current and preceding year’s property taxes. This proof can be in the form of a receipt or tax certification from the tax collector, or it can be a cancelled check showing proof of payment.
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2. Does my husband or wife need to attend?
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All parties who are on the current deed to the property should plan to attend settlement, if at all possible. Even if your spouse is not on the current deed, they will need to sign the new deed transferring the property to the buyer(s), in order to sign off on their spousal interest in the property.
If you are unable to attend closing, due to unavoidable circumstances, please let us know in advance so the appropriate settlement documents can be prepared and sent to you by mail. These documents would need to be executed in the presence of a notary public and returned to our office prior to the scheduled date of closing.
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3. When should I expect my final closing figures?
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You will have online access to a preliminary settlement statement 6-8 days after title insurance has been ordered. Final closing figures will be available approximately 5 business days prior to the date of settlement.
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4. Can I review documents before closing?
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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.
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5. Should I pay my current real estate tax bill prior to closing?
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Yes, you should pay the current tax bill. The taxes will be pro-rated at the closing, and you will be reimbursed by the buyers for their share of the tax based upon the closing date. If something happens that prevents you from closing on the anticipated closing date, your taxes could go into the penalty period if they have not been paid.
Any real property tax bill that you have received from your taxing jurisdiction, which is either not yet due or has not yet been paid, should be given to the settlement agent prior to or at the time of closing. These taxes will be charged on the settlement statement and paid at closing.
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6. What should I do with my utility bills?
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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.
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7. Should I pay my last mortgage payment?
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Yes, continue to make all of your mortgage payments. If something happens that prevents you from closing on the anticipated closing date, you could be late on a payment and thus incur penalties with your lender.
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8. Do I need an attorney?
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The Commonwealth of Pennsylvania does not require parties to have legal representation in order to sell or 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 contact HomeLink to assist you in your selection.
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9. Do I need to bring my deed to closing?
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No, you do not need to bring your Deed to closing as a new Deed will have to be prepared for execution at closing to convey ownership of the property to the buyer(s). You may, however, provide a copy of your Deed prior to settlement to whomever you choose to handle Deed preparation. HomeLink is happy to provide Deed preparation services or you may use a document preparer of your choosing.
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10. How long will my closing take?
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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 that it will take to get from title order to settlement, the average transaction can be expected to be ready to close within 2 – 3 weeks.
Day of closing
Under normal circumstances, you should allow 45 minutes to 1 hour to close the transaction.
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