| I |
| Let us and your lender know if you receive correspondence reflecting incorrect name spellings, social security numbers,
or addresses. This information must be correct on the final closing documents. Waiting until closing to make corrections will only
cause unnecessary delay. |
| II |
If you are purchasing a one- to four-family dwelling, start making arrangements for your homeowners insurance well before closing.
This not only gives you an opportunity to get more than one estimate before making your final decision, but also insures that the exact amount
of your yearly premium will be available to your lender and title company in advance. This figure is crucial in calculating the initial deposit in your
escrow account (if applicable) as well as in calculating your closing costs and total monthly payment. You will be required to pay your first yearly
premium prior to closing, and we will require a paid receipt.
If you are purchasing a condominium or PUD, your Lender will require a Certificate of Insurance naming you as owner of the unit and naming the Lender as loss payee. We will not
need a paid receipt.
|
| III |
| Plan to pay your homeowners insurance premium in full for the first year (unless you are purchasing a condo or PUD and providing a Certificate of Insurance).
An insurance binder and paid receipt or Certificate of Insurance should be faxed to us in advance. You may bring the original binder and receipt to closing. |
| IV |
| Make sure the funds you need to close are readily accessible. The exact figure (or an estimate) for the amount of the check you will need for your closing costs should be
available 24 hours prior to closing. I fyou need funds from an out-of-state investment account, please realize that those funds sometimes take time to clear your local account.
If the funds have not cleared, you may be unable to get a certified check from your local bank. |
| V |
| All parties signing documents must bring a picture ID, such as a driver's license, to closing. We need to have a copy of these ID's on file. |
| VI |
| Do NOT decide at the last minute that you cannot attend closing. Most lenders require prior approval of the use and format of Powers of Attorney. General, broad powers of
attorney (such as the standard military POA) are not aceptable. A specific POA, citing specfic powers, property address, loan amount, etc., with all appropriate
language required by the State of Maine, must be used. |
| VII |
| Don't even THINK of bringing a personal check for your closing costs. The State of maine recently passed a statute requiring "good funds" at closing.
Title companies are restricted from accepting personal checks and are subject to audit by their underwriters. Most title companies will accept checks drawn on the accounts of other
local title companies. If you are selling a home and using those proceeds to purchase another property (through another title company), verify that your proceeds check will
be accepted at the second closing. In most instances it will, and you will not be asked to convert the proceeds into certified funds. |
| VIII |
| Discuss owners title insurance prior to closing with your realtor, loan officer, attorney or with us. It is common practice for the fee for an
owner's policy to be included with the other standard fees for your closing. At closing, you will be asked to sign a disclosure stating that you choose to either accept
or reject the coverage. |
| IX |
| Review the deed that is signed by the Seller at closing. This is the document which conveys title to you. Make sure that your names are spelled correctly, that the deed conveys
title to you in the correct manner (i.e., joint tenants or tenants in common), and review the legal description to make sure that it describes the property you are purchasing. |
| X |
| R-E-L-A-X!!! Bring your sense of humor and enjoy your closing!! It is very exciting to be purchasing a new home, andmany people have put forth their best effort to make sure
that your closing goes smoothly. Make it a special day and have fun! |
| © Bay Area Title Services, Inc. |
| 66 Pearl Street ~ Suite 200 |
| Portland, Maine 04101 |
| Tel. 207.775.5900 |
| Fax 207.775.5955 |
