· PHOTO ID'S
All parties to the transaction must have an acceptable form of photo identification at closing.
You may also be required to provide evidence of your social security
number. If your social security number is not on your photo idea it
is recommended that you bring your Social Security card with you to
closing. Commonly, this is a drivers' license or military ID. A passport is also acceptable. If you do not have a satisfactory form of ID, please contact our office to discuss acceptable alternatives.
· INSURANCE POLICY
At closing, you will need to provide a homeowners insurance policy. If you are obtaining financing to buy your home, your lender will require their name to appear on the policy as the 'loss payee'. Please contact your loan officer as to the exact verbage for their loss payee clause. Your insurance agent or lender may require that you pay the yearly premium prior to closing. If not, we can collect the first year's premium at closing. Please let us know your preference so we can accurately reflect it on the settlement statement.
· TERMITE INSPECTION
FHA and VA loans require an original termite inspection report be provided
· FUNDS TO CLOSE
State of Ohio legislation effective 1/1/96 requires all funds for closing in excess of $1000 must be 'good funds'. We are restricted from disbursing funds at closing unless funds received meet one or more of the following descriptions: (1) certified, cashiers or official checks drawn on a federally insured bank, S&L or Credit Union; (2) Cash not exceeding $10,000.00; (3) Money
Order(s); (4) checks issued by the United States, State of Ohio, or a subdivision thereof; (5) checks drawn on the escrow account of another title agency or real estate firm. A personal check written for $1000 or less is also acceptable.
· CLOSING CONDITIONS
Your lender should notify you of any 'closing conditions' you may need to bring to closing. An example of this would be 'acceptable evidence of receipt of gift funds', an original termite inspection (for FHA and VA loans only) or 'proof of the sale of your current residence showing net proceeds and payoff of your current mortgage'.
Our philosophy is "MORE IS ALWAYS BETTER", so if you are in any doubt as to what you need to bring to closing….bring your entire folder, briefcase or envelope that you have been using to keep all of your paperwork.
If you have any specific questions, please call us at 937-435-2580. We'll see you at the closing table!!