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BUYER’S CHECKLIST FOR
RESIDENTIAL REAL ESTATE CLOSING
After signing the Agreement of Sale:
- The Lender will need:
- The Agreement of Sale, signed by all parties.
- The name and phone number of the
Settlement Company you wish to use.
- Most recent two pay stubs
- W-2's for the last two years
- Last two months' bank statements
- Long-term debt information (credit cards, child support, auto loans,
installment debt, etc.)
- The Settlement Company
will need:
- BEFORE THE
CLOSING:
-
The Agreement of Sale, signed by all parties.
-
The name and phone number for the person at the
Lender who is handling the transaction.
-
If a Real Estate Agent is involved in the
transaction, the agent's name and phone number. This information can be
found in the Agreement of Sale.
-
A Survey of the property. The seller may be
able to provide you with a survey that is acceptable for title insurance
purposes. If the seller does not have an acceptable survey, the settlement
company can order one for you.
-
A copy of the Seller's existing Title Insurance
Policy for the home being purchased (this is not required but may help
to reduce the costs when the Buyer obtains a new title insurance policy).
-
Evidence of Homeowner’s Insurance
should be provided at least 5 days before closing. The Lender's requirements
for the insurance policy will need to be followed carefully .
-
The original Power of Attorney, if one will
be used at the closing.
-
The original Settlement Authorization, if
any.
-
The closing date will not be scheduled until your
lender approves your loan and all closing conditions have been met.
-
Your lender will need approximately 2 to 5 days
notice before the closing to prepare and ship your closing documents.
- AT THE CLOSING:
- The original Pest Inspection.
- Certified Funds for payment of
Closing Costs.
- Photo Identification for all persons signing the documents.
- The Power of Attorney, if any.
- Settlement Authorization, if any.
-
WHAT THE BUYER WILL BE ASKED TO SIGN AT THE CLOSING:
- The original Deed.
- A Correction of Errors Statement.
- Buyer's Affidavit
- Loan Documents
Disclaimer
Every effort has been made to provide accurate and complete information.
However, with the varied requirements of title insurers and lenders, we cannot
make any assurances that this information will be applicable for all real estate
transactions. The information provided is applicable to Southwestern
Pennsylvania closings only. The information contained herein is for reference
only and should not be construed as providing any legal advise. If you need
legal counsel please feel free to contact us at 412-566-1212.
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