Tips to Ensure an Efficient Closing
- Proper disclosure of all fees is vital because RESPA regulations leave little room for error. Clear, early, and continuous communication with us is instrumental to accuracy and compliance. Sending your Good Faith Estimate with your order will give us the tools to provide proper disclosure well before the loan goes to the closing table. Our title agency can send you a preliminary HUD-1 Settlement Statement that will be very close to the final version. If anything changes, inform us immediately to work on fee adjustments.
- If a Power of Attorney is to be used at closing, let us know as soon as possible. We will need to review it prior to closing as we work with the borrower, buyer, and seller. In addition, the Escrow Agent may need to speak with the parties listed on the Power of Attorney prior to and on the day of closing.
- The signatures of all parties are necessary at the closing. Inform us early on of any special arrangements that may be required. If someone is unable to attend, we will need to make appropriate accommodations in order to close.
- For bills to be paid out of closing, please provide at scheduling all invoices related to fees such as appraisal, hazard insurance, termite letter, or others that we are to pay.
- Buyer must have “good funds” for the closing which must be in the form of a Cashier’s Check, made payable to “Aspen Title and Escrow, LLC”. Personal checks of any kind will not be accepted at the closing table, except for the purchase of Owner’s Title Insurance.
Things not To Do During The Closing Process
- Change marital status: Since this affects your title holding, marital status should remain consistently disclosed for proper documentation.
- Change jobs: This can result in loan approval delays or even denial.
- Switch banks or move verified funds: This can cause delays.
- Pay off existing loans: Leave them as they are and in good standing unless your loan officer advises you otherwise.
- Make large purchases: Changes in your verified funds and debt can result in loan qualification issues before closing with your lender.