1) What do I need to bring to settlement?
The Patriot Act requires that we collect a photocopy of your valid government issued picture I.D. such as a Driver’s License, Passport, or Military I.D. Additionally, if you are bringing money to the settlement these funds will need to be “certified funds.” Certified funds can come in the form of a cashier’s check, teller’s check, money order, or certified personal check. Cash is only acceptable in small amounts. Please call our office in advance if you intend to bring cash to the settlement. Your lender will require that the purchaser bring proof of homeowner’s insurance. Your lender may also require a current Wood Destroying Insect or Termite Report. You may also be required to bring additional documents which our office will inform you of in advance.
2) How long can I expect my closing will take?
While the time of a settlement can vary greatly, typically a refinance will take about 30 minutes and a purchase will take about 45 minutes.
3) At what point should I contact Crescent Title to handle my closing?
If purchasing, you should contact Crescent Title as soon as you have a signed contract. By contacting us as early as possible, you allow us adequate time to obtain a title abstract on the property being purchased and clear any outstanding “clouds” on title prior to your contracted settlement date. Additionally, we can better coordinate the settlement with all parties involved including the sellers, purchasers, real estate professionals, and lenders. If refinancing, you should contact us after you submit your loan application. Do not wait for final loan approval, as the time between your loan approval and settlement is often only a few days. By scheduling with us early, you allow us time to obtain the title abstract and clear any issues with your title, obtain payoffs from your current lender, and coordinate closing with your new lender.
4) What should I do if I can not attend the closing?
In certain circumstances, a “power-of-attorney” can be prepared for you. A “power-of-attorney” is a legal instrument which allows another to sign legal documents on your behalf. Please give us a call to discuss this if you will not be able to attend.
5) Who attends the closing?
At a “purchase settlement,” typically the sellers, purchasers, and their real estate professionals will attend the closing, which will be conducted by one of our competent and experienced attorneys or settlement officers. At a refinance settlement usually only the borrowers and our attorney or settlement officer are present.
6) When can I find out how much money I need to bring?
Because we rely on third parties such as lenders to provide us with instructions, information, and figures for your settlement, we often cannot furnish to you the exact amount you need to bring to closing until the day before, or, sometimes, even the day of settlement. However, you should be able to rely on your lender’s or your realtor’s good faith estimate for the approximate amount of money you need to bring with you. If you happen to bring too much money to settlement, we refund back to you any excess amount upon completion of the closing. Obtaining your insurance early will assist the lender in determining escrows which can speed up the ability to provide an accurate settlement figure.