WHAT YOUR BUYER WILL NEED ON OR BEFORE CLOSING
Homeowners Insurance: The buyer will need to obtain a Homeowner’s Insurance Policy for the property they are purchasing. This is required by the lender. The Insurance Agent of their choice should contact The Oklahoma City Abstract & Title Company with the information regarding their new policy as quickly as possible. This information is essential for the title company to complete the final closing figures.
Cashiers Check: Cashiers check is required for any final closing costs amounts over $500.00 and should be payable to The Oklahoma City Abstract & Title Co.
Identification: At closing your buyer will be asked for a copy of their Drivers License, or some form of identification that displays their picture and signature.
Contractual Obligations: The sales contract executed between the buyer and seller should contain all agreements between said parties as to any items to be repaired on the purchased property, or costs to be split or paid by either party. Please assure that you have discussed this contract in full with your buyer and any issues are resolved prior to coming to the closing table.
Miscellaneous: If anyone that is a part of your transaction will not be available to attend the closing, your MUST notify the lender and the title company at least 3 business days prior to closing. It may be possible for the absent person to execute papers prior to the scheduled closing date, or for a Durable Power of Attorney to appoint someone to sign on their behalf in order for the closing to continue. This procedure will always require approval of the buyer’s lender.
If anyone that is a part of your transaction is in the process of bankruptcy, divorce or any other court proceedings, you must notify the lender and title company as soon as possible. These issues could take time to be resolved and need to be handled prior to the closing table.
WHAT YOUR SELLER WILL NEED PRIOR TO CLOSING
Mortgage Payoff Information:
The seller will need to provide any mortgage
lien information for current mortgage
holders on the property being sold, such as
loan numbers, name and phone number of the
lender if at all possible. You should assure
that you obtain this information from the
seller as quickly as possible after the
completed contract is executed.
Termite Inspection Report: It
is the responsibility of the Seller to have
a termite company of their choice inspect
the subject property for termites and
provide a clear Termite Inspection Letter.
If Termites are detected and/or any damage
due to termites is found, the seller will be
responsible to have the property treated and
any damage repaired prior to closing and a
clear letter of termite inspection issued.
The title company will need a copy of that
report and a copy of the invoice for that
report at least 3 working days prior to
closing.
Cashiers Check: Occasionally a
seller may need to bring funds to the
closing bale. In this case, a cashier’s
check will be required for the full amount
of the final figure payable to Oklahoma City
Abstract.
Identification: At closing
your seller will be asked for a copy of
their Drivers License, or some form of
identification that displays their picture
and signature.
Contractual Obligations: The
Sales Contract between Buyer and Seller
should contain all agreements between said
parties as to any items to be repaired on
the subject property, or costs to be split
or paid by either party. Please assure that
you have discussed this contract in full
with your seller and any issues have been
resolved prior to coming to the closing
table.
Miscellaneous: If anyone that
is a part of this transaction will not be
available to attend the closing, you MUST
notify the lender and the title company at
least 3 business days prior to closing. It
may be possible for the absent party to
execute papers prior to the scheduled
closing date, or for a Durable Power of
Attorney to appoint someone on their behalf
in order for the closing to continue.
If anyone that is a part of this transaction
is in the process of bankruptcy, divorce, or
any other court proceedings, you MUST notify
the title company as soon as possible. If
any of the property owners are deceased, a
probate and or a death certificate and
affidavit of termination of Joint Tenancy
may be required. If any of the property
owners are minors court approval would need
to be obtained prior to the closing date.
These types of issues can take time to
resolve and must be handled prior to coming
to the closing table.
If you have a seller who is the sole owner
of the subject property, but is married,
their spouse will also be required to come
to the closing table to execute the Warranty
Deed to convey title and any marital rights
they may hold to the subject property. That
spouse would also need photo Identification.
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