Settlement Checklists

• Before Signing the Contract

  • PURCHASER CHECKLIST:

    	Carefully inspect the property. Remember caveat emptor is the rule that applies in most jurisdictions.
    	Neighborhood, playgrounds, layout, density.
    	Schools.
    	Accessibility of shopping and other services.
    	Traffic - - both local and commuter.
    	Taxes.
    	Homeowners’ association dues.
    	Surrounding Zoning.
    	Comparable prices.
    	Your own "wish list" for features in the house.
    	Required down payment and closing cost estimate are within targeted range.
    	Amount of the monthly payments are within targeted range.

  • SELLER CHECKLIST:

    	The property shows well.
    	Answer all purchasers' questions truthfully; remember that you cannot actively conceal any defect in the property.
    	Disclose information regarding the homeowners' association, if any.
    	Clearly mark all items that will not convey.
    	Check the utility systems and appliances to see that they are in working condition.
    	Prepare and review a "net sheet" showing your estimated net sales proceeds.

• When You Sign the Contract

  • PURCHASER CHECKLIST:

    	Your name is written the way you want it to appear on the title to the property.
    	The property is described by its address as well as its legal description.
    	The down payment plus loan amount(s) equal the sales price.
    	Utility systems and appliances are guaranteed to be in working condition at the time of settlement.
    	List all personal property included in the purchase price.
    	Select a settlement agent who will provide quality services, on –time settlement, clear communications and competitive prices – "Universal Title."
    	Choose a realistic settlement date.
    	Read and understand all terms in the Contract.

  • SELLER CHECKLIST:

    	All persons with an interest in the property are listed as sellers.
    	The property is described by its address as well as its legal description.
    	The down payment plus loan amount(s) equal the sales price.
    	List all personal property included in the purchase price.
    	Select a settlement agent who will provide quality services, on-time settlement, clear communications and competitive prices – "Universal Title."
    	Choose a realistic settlement date.
    	Read and understand all terms in the Contract.
    	Satisfactory evidence of purchaser’s ability to perform –produce down payment and obtain loan – has been presented.

• Between Contract and Settlement

  • PURCHASER CHECKLIST:

    	Remove contingencies other than financing.
    	Apply for loan within time specified in contract.
    	Send copy of Contract to Universal Title.
    	Check each week on the status of the application.
    	Assist lender in gathering information and meeting requirements of underwriters.
    	Check each week on the status of the settlement office processing.
    	Notify the lender and Universal Title if any purchaser will not be able to attend settlement and make arrangements for the use of a power of attorney.
    	Notify Universal Title if funds from the sale of your present home will not be available in a cashier's check at the time of settlement, eg., assignment of funds.
    	Through your agent, notify Universal Title of loan approval and schedule an exact date and time for settlement.
    	Make arrangements to move money so that a cashier’s check will be available at closing.
    	Obtain a hazard insurance policy and deliver it to the lender. If you are assuming a loan bring it to settlement.
    	Arrange for the transfer of utilities.
    	Conduct final walk-through inspection.
    	Obtain cashier’s check for balance of down payment and estimate of closing costs.

  • SELLER CHECKLIST:

    	Keep the property in the same condition it was in when the contract was signed.
    	Notify existing lender of approaching payoff.
    	Notify Universal Title of the name, address and phone number of the treasurer of the homeowners/ condominium association, if any.
    	Notify Universal Title of the name, address and loan number of each lender for each mortgage loan you have on the property. Don't forget home equity loans.
    	Check each week on the status of the loan application.
    	Check each week on the status of the settlement processing
    	Assist Universal Title in resolving any unusual matters shown on the title report.
    	Notify Universal Title if any owner will not be able to attend settlement and make arrangements for use of a power of attorney.
    	Notify Universal Title if any owner has been divorced, married or has died since taking title to the property.
    	Arrange for the termite inspection. Check with your real estate agent before ordering to avoid duplicate inspection costs.
    	Arrange for the transfer of utilities.
    	Collect all keys form family, friends and neighbors.

• Bring to Settlement

  • PURCHASER CHECKLIST:

    	Cashier’s check for balance of down payment and closing costs.
    	Walk-through inspection report.
    	All documents requested by lender.
    	All documents requested by Universal Title.
    	Identification showing your Social Security Number.
    	Original of any power of attorney document to be used.

  • SELLER CHECKLIST:

    	All keys; Leave garage door openers and appliance manuals on the kitchen counter prior to the purchaser's walk-through inspection.
    	Instructions for disbursement of the proceeds.
    	Identification showing your Social Security Number.
    	All documents requested by Universal Title.
    	Original of any power of attorney document to be used.
    	Forwarding address and telephone number.

  • NOTE: Your full attention will be required to review and sign the documents at settlement. You should make arrangements for your children so that you will not have to bring them with you.

• Settlement

  • PURCHASER CHECKLIST:

    	Allow about an hour for settlement—not including your travel time.
    	Resolve any questions resulting from the walk –through inspection.
    	Review and sign all documents.
    	Ask all questions not previously answered to your satisfaction.
    	Give check and other required documents to Universal Title's settlement agent.
    	Obtain keys.
    	Obtain a copy of all the documents you signed.

  • SELLER CHECKLIST:

    	Allow about an hour for settlement -- not including your travel time.
    	Resolve any questions resulting from the walk-through inspection.
    	Review and sign all documents.
    	Ask all questions not previously answered to your satisfaction.
    	Give keys to purchaser.
    	Obtain a copy of all the documents you signed.

• After Settlement

  • PURCHASER CHECKLIST:

    	After four to six weeks receive in the mail the original deed to the property and your owner's title insurance policy. Keep these documents in a safe place.
    	Notify homeowners/condominium association of your ownership.
    	Receive payment coupons form the lender.

  • SELLER CHECKLIST:

    	On the second business day after settlement receive the net sales proceeds.
    	Upon receipt of the net sales proceeds, cancel your hazard insurance policy.
    	About 4 to 6 weeks after settlement, receive a refund from old lender for overage in payoff amount, if any, and/or refund of insurance and tax escrow.