WIDEIKIS, BENEDICT & BERNTSSON, LLC
THE BIG W LAW FIRM
ATTORNEYS AT LAW
Selling a home can be a rewarding experience, but there may be delays in the closing due to situations that could have been avoided. We understand that by keeping you informed and helping you prepare for the closing day, the more likely you will have a stress-free closing experience. Our courteous and professional staff is proactive in their communication and works diligently to ensure the orderly and efficient transfer of real estate…and we do it with a level of service and friendliness that is hard to beat in this industry.
Although closing procedures vary from state to state, having an understanding of what may be required at closing and preparing accordingly will help your settlement process go as smoothly as possible.
TITLE INSURANCE COST:
Providing a copy of your owner’s title insurance policy to the closing agent may reduce the premium fee for the title policy provided to the purchaser.
MORTGAGES ON THE PROPERTY:
Please provide detailed information, including loan number and payment address, on all mortgages on the property. Home Equity lines, even if they have a zero balance, will also require detailed mortgage information in order to satisfy the original loan requirements.
BUYER PROTECTION PLAN:
If a home warranty product is being provided and shown on contract, please advise the closing agent of the purchase amount to be collected.
If there are service contracts on equipment or appliances that the purchasers want to assume, please provide the closing agent with a copy of the service contract. They may be easily transferred and the unused portion can be credited to you on the settlement statement at closing.
Any judgments, tax liens, etc., filed against you which attach to the property, must be paid from your seller proceeds at closing.
INTERNAL REVENUE SERVICE (IRS):
The closing agent is required to report the sale of the property to the IRS. Please provide your social security number(s) and forwarding address at closing.
FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT OF 1980 (FIRPTA):
If you are not a United States citizen, the closing agent may be required to deduct and withhold a tax equal to 10% of amount realized (generally the amount paid for the property). Please review the FIRPTA requirements prior to closing.
POWER OF ATTORNEY:
The use of a power of attorney must be approved in advance of settlement by the closing agent. If you are planning to use a power of attorney, please inform the closing agent as soon as possible to allow time to properly review the document.
Spouses may be required to sign closing documents even though they do not appear to hold title and their name does not appear on the deed. Spouses must always sign the deed when homestead property is being conveyed, even if they are not in title.
If you are unable to attend the closing, please provide the address where the closing documents should be mailed and a contact phone number. Your signature on certain affidavits, real estate deeds and other documents may require the services of a notary.