How much time should I allow for the closing? Most closings typically last 1 to 1.5 hours but it’s wise to allow 3 hours in your schedule. With that extra time, you won’t feel rushed if a delay should occur.

In what form can I bring my closing funds? Buyers usually need to bring money to the closing table in order to complete the property purchase. This money cannot be in the form a personal check. Here is a list of acceptable forms:
- Cashier’s Check
- Money Order
- Bank Check
- Wire:
Please notify us ahead of time if you plan to wire funds into our escrow account, and we will provide you with wiring instructions. Wire transfer should be initiated the day before the scheduled closing so that the funds will be available at the closing.
                                                 

As the seller, what forms will I need to sign at the closing? Here is a list of the typical documents that are signed at closing:

- The Settlement Statement (also called "HUD - 1"): Itemizes the fees paid by both the Buyer and the Seller and gives the bottom line figure due to/from each party.

- Tax Proration Agreement: An acknowledgment by both the Buyer and the Seller that taxes have been prorated between them using the best available information, and contains an agreement to recalculate the tax proration when the actual tax bill is available.

- Affidavit of No Lien: A statement certifying that the Seller is the true and lawful owner of the property, that there are no liens against the property other than those disclosed, and that there are no other matters which would adversely affect title to the property.

- Mortgage Payoff Statement: This statement indicates which mortgage is being paid-off and also acknowledges that the borrower listed on the mortgage is ultimately responsible for the payoff.

- Correction Agreement: This document allows us to fix minor mistakes that are made during the execution of the closing package. This agreement avoids the hassle of having to meet again to fix small mistakes, such as adding a date next to a signature.

- Warranty Deed: The document which is recorded in the Public Records and transfers legal ownership of the property.

- 1099-S Exemption Form: States that the criteria exempting the requirement for reporting to the IRS have been met; if this is not the case, a 1099-S form will be issued. Please note: each transaction is different, and as such, additional documentation may be required.

As the buyer, what forms will I need to sign at the closing? Here is a list of the typical documents that are signed at closing by the buyer:

- The Settlement Statement (also called "HUD - 1"): Itemizes the fees paid by both the Buyer and the Seller and gives the bottom line figure due to/from each party.

- Tax Proration Agreement: An acknowledgment by both the Buyer and the Seller that taxes have been prorated between them using the best available information, and contains an agreement to recalculate the tax proration when the actual tax bill is available.

- Notice to Buyer: General information concerning the survey and termite inspection, and clerical errors.

- Purchaser’s Affidavit: A statement that the Buyer has no knowledge of any matters that would adversely affect title.         
                                                 

For financed purchases, each Lender will have different documents for the Buyer to sign; however, almost all residential loan packages will contain the following:

- Note: The promise of the Borrower to repay the loan, and the basic terms of the repayment.

- Mortgage: The document which is recorded in the Public Records granting the lender a lien on the property to secure the loan. This document gives the lender the right to foreclose if the Borrower defaults on the Note.

- Truth-In-Lending Statement: A required disclosure to the Borrower stating the annual percentage rate (this rate contains the fees charged by the lender and adds them to the note rate) and the total cost of the loan over its life.

- Anti-Coercion Statement: An acknowledgment from the Borrower that the lender did not require the homeowner's insurance to be purchased from a particular company.

- IRS Forms W-9 and 4506: The W-9 enables the lender to report the interest paid annually to the IRS; the 4506 is used in the event of an audit by HUD and allows the lender to obtain copies of tax returns directly from the IRS.

- Payment Letter: Gives the amount and due date of the first payment.

- RESPA Servicing Disclosure: Discloses to the Borrower that the lender has the right to transfer the loan on the secondary market.

- Compliance Agreement: An agreement by the Borrower to correct clerical or typographical errors.

- HUD - 1 Addendum: A statement that the HUD - 1 Settlement Statement is a true, accurate, and complete statement of the transaction.

- Loan Application: A typed copy of the Borrower's Loan Application.