We strongly believe in the importance of having a real estate professional involved at every stage of the transaction, and we feel lucky to work with the best agents in the state. We are grateful for your business and your confidence in us, and we truly enjoy the opportunity to work with you. We hope these suggestions and requests will be taken in the spirit in which they are offered – as one more way of making sure that we are providing the best possible service to you and your clients and ensuring that they enjoy a smooth, pleasant, professional closing.
LENDERS AND TIMING:
If your deal involves a conventional lender, whether you are representing the Seller or the Buyer, the three day minimum TRID requirements could impact you and your client. If there are invoices or other items to be paid from closing, those need to be delivered at least 5 business days in advance of closing to ensure that they will show on the Lender’s approved CD (which covers items paid by sellers as well as those paid by buyers). If you are representing a buyer and receive a proposed CD, please forward it to us so that we can flag the additions/corrections the lender needs to make before that three day period begins to run. If the buyer will be a mailout, please coordinate closely with the lender to ensure that the final CD is sent early enough that the buyer can sign at least one day in advance of the seller’s expected funding date, since we are not permitted to fund until we actually have the original documents back and meet all of the lender’s funding requirements. We try very hard to be proactive and to seek documentation and figures from the Lender as soon as we can get them, but title companies generally work for lenders, not the other way around, so they are often more likely to respond to requests from buyers and from agents, who are in turn their clients and referral sources…
If you represent the Seller and there will be a Seller mailout, note that we are required to provide a Seller CD that matches to the lender’s final CD and that many lenders have other documents on which they require a Seller signature, so we often are not able send out the Seller mailout package until we have the buyer’s Lender’s package. Most lenders also now have funding conditions, meaning that we have to scan executed documents to them after the buyer and seller have both signed, and then await the lender’s approval before we are given authorization to fund. If your Seller has requested a wire for their proceeds, this could mean that the Seller may not actually receive their funds until the next business day following the closing. If the time of possession will be tied to the time the seller receives their funds rather than the time the funds are disbursed (which occurs at funding authorization), it should be contractually specified and should drive discussions with the buyer’s lender and the scheduling of the parties’ signing and delivery.
While we believe we provide resources that are helpful to you and to your clients, we also rely heavily on the real estate agents to provide us with information about the property and the parties. You know the property and the parties – we don’t even have access to MLS! All we know is what is in the contract/order (and what is recorded with the county clerk and recorder), and often times those mysterious CTMe buttons don’t get triggered to share even all of that information with us… We try to ask the right questions, but the more information you can give us about the property (MFH, well, UAWCD, propane, HOA, etc.) and the parties (divorce, death, name change, etc.), the better we can serve you and your clients. Please expect to see some more detailed requests for information from us when we open your orders, and if it’s at all possible we are asking that you complete the order form to which your office is accustomed (or the CTME order sheet) and send that with your order. Please also be sure to send us any counters, amend/extends and any resolution documents that may impact the closing documentation or timing.
If you’d like more information about what we need to know for closing, and why we need to know it, an annotated form is attached here for your reference:
FUNDING AND FRAUD:
We all need to protect our customers’ private information and help them to protect themselves. All parties should be aware that they should be sure that sensitive personal information is sent only by secure email, hand delivered or faxed (eg, social security numbers, loan numbers, wire instructions).
Parties sending wires should be warned in advance of cyberfraud/wire fraud risks, and buyers should know to only use the wiring instructions that we will send to them upon their affirmative request (or, if they are signing remotely, with their closing package). Anyone sending funds should always call a known number to verify instructions before releasing their funds. Please note that we need a reference (party name, address, or file number) for any wires we receive so that we can allocate them to the correct file (right now we get a lot of wires on behalf of kids, siblings, etc. without any matching info…).
If your buyer wants to bring cash for closing, please contact us in advance as our bank will require some information and there may also be timing requirements.