What do I need to bring to closing?
Well, it depends but generally just 2 things. See what will apply in your situation and call us if you still have any question.
- FUNDS: Prior to settlement you should arrange to have funds wired into escrow. This may be based on an estimate of funds prepared for you by your lender called a “Good Faith Estimate.” Use our wire instructions for the jurisdiction in which you are settling provided in your welcome letter or email us. It is highly recommended and encouraged to send the wire several days in advance of closing for a slightly higher amount than you think will be needed. Any overage will be issued back to you at settlement.
NOTE: If you are unable to wire we may accept a “Cashiers Check” made payable to Settlement Ink. It may be necessary for you to deliver this check to our office so that it may clear our account prior to closing. We strictly comply with all laws and “best practices” regarding the disbursement of funds.
- PERSONAL CHECK: just in case there is an unexpected amount to cover we will allow you to use a personal check for amounts under $500.
- PHOTO IDENTIFICATION: must be valid, government issued.
Suitable documents: Drivers or Non-Drivers License, a passport, a military ID or government employment ID.
- Lender Conditions: in rare cases your lender may require you to bring critical documents to closing that your loan is “conditioned” upon to close. If you have been directed by your loan officer or loan processor to bring certain “lender condition” documents please tender those to your settlement officer at the start of closing.
May I bring a check from my brokerage account?
No. While this is a reliable source of funds it is not a “cashiers check” and is subject to long holds prior to clearing which make them not suitable for closing. If you have received a brokerage check you may need to allow enough time for this check to clear your personal account or return this check to the brokerage and request a wire into escrow.
May I bring a check from another Title Company?
No. Please make arrangements for the title company handling your sale to wire us a close estimate of the amount of funds you will need for closing.
How much money do I need for closing?
Your lender will provide to you a document called the “Good Faith Estimate.” It is confusing, no doubt, please review the actual bottom line with your loan officer or with us so we can get the amount of funds needed at closing to be as accurate as possible. Unless you share with us the “Good Faith Estimate” we have no details on your loan terms or the amount of your lender fees. Prior to receipt of your loan package Settlement Ink will not know how much money you need to bring. Our role is limited to legal details until the very end of the process. We are researching and clearing the title, issuing the title insurance binder and providing the survey to the lender.
How long should I allow for closing?
If your papers arrive at our office 24 hours prior to your closing we will be ready to begin your closing on the appointed hour. We schedule 1 hour for your closing from start to finish and we move through the papers at a thorough but brisk pace as much of the documentation is repetitive and boilerplate. If you would like to see a sample of typical loan documentation to preview in advance, please click here. If you would like to see a sample of title insurance policy to preview in advance, please click here.
Note: please arrive a few minutes prior to your scheduled settlement time as we book on the hour.
I am unable to attend at the appointed time?
We will need a full copy of your trust document so we have review for various legal compliance details. In particular we are looking to confirm: 1) name of trust matches the land record 2) who the trustees are and if there are successor trustees 3) that the trustees have the power to sell real property and 4) that the trust is properly signed.
May I use a “power of attorney” I already have?
We will have to review any power of attorney in advance of closing to confirm it is legally compliant. At a minimum the power of attorney will need to be:
1) state specific
2) executed properly in front of a US Notary or the US Consulates office
3) approved by your lender, if applicable and
4) the original must be tendered at closing for recording in the land records.