Buyer Resources
Preparing for Closing with your Attorney and Title Company
Before closing on a property it is crucial to speak with your attorney about the intended use of the property. This way, your attorney can request the necessary orders from the title company to ensure that you, as the buyer, know exactly what you are getting. Specific searches can reveal any restrictions on how the land may (or may not) be used.
Therefore:
- If you plan to make any alterations to the property, tell your attorney so they can order a survey to show you where everything on the property is and so you can use the survey for any municipal applications that might be required.
- If your intention is to rent out the property, tell your attorney so they can find out if renting is permitted.
Your attorney can also use a title company to find out what potential fees will need to be paid once you assume ownership (i.e. HOA or Condo Fee).
Preparing for Closing with your Attorney and Title Company
Before closing on a property it is crucial to speak with your attorney about the intended use of the property. This way, your attorney can request the necessary orders from the title company to ensure that you, as the buyer, know exactly what you are getting. Specific searches can reveal any restrictions on how the land may be used. Therefore:
- If you plan to make any alterations to the property, tell your attorney so they can order a survey to show you where everything on the property is and so you can use the survey for any municipal applications that might be required.
- If your intention is to rent the property, tell your attorney so they can find out if renting is permitted.
Your attorney can also use a title company to find out what potential fees will need to be paid once you assume ownership (i.e. HOA or Condo Fee).
Standard Owner's Policy vs. Enhanced Owner's Policy
When it comes to an Owner's Title Insurance Policy, there are two different types of policies that offer different coverage, the Standard Policy and the Enhanced Policy. While the Enhanced Policy premium is 10% higher than the Standard Policy, the coverage included reduces the owner's risk and exposure on one of the largest investments they'll make in their lifetime.
To help assist in deciding which policy is best for you, we've broken down the coverage comparison below.
Both Policies Include:
Enhanced Policy Additional Coverages:
A Buyer Closing Checklist
We believe it is important that all parties know what to expect at the closing table.
- Advise the office if you intend to use a Power of Attorney. If so, it must be reviewed and approved by a title officer and the lender.
- Provide ZTA with Buyer's Questionnaire if one was not already provided to the attorney.
- Notify all utilities of the date services are to be placed in your names.
- Obtain Homeowner's insurance. Provide a copy of the declaration page and paid receipt to our office and lender's office. This may be completed earlier if requested by lender or suggested by attorney.
- Advise ZTA of any negotiated seller's credits and ensure the lender reviewed and approved them. Make sure seller credits are reflected on an Amendment of Contract, reviewed and approved by the lender.
- If obtaining a residential loan, make sure the lender has officially disclosed the CD in a format acceptable to them to clear TRID requirements.
- Approve the closing statement. Please be sure the statement reflects all invoices for work done, credits and commissions. If not, please provide the remaining information.
- Bring Certified check to the closing or wire the funds directly to ZTA. The check should be made out to Zwiren Title Agency, Inc. Please make sure with ZTA a check is acceptable, as the seller may need a wire.
- Bring two forms of identification and copies to the settlement. One must be government issued and contain a photograph.
Days until Closing: 7
- Advise the office if you intend to use a Power of Attorney. If so, it must be reviewed and approved by a title officer and the lender.
- Provide ZTA with Buyer's Questionnaire if one was not already provided to the attorney.
Days until Closing: 4
- Notify all utilities of the date services are to be placed in your names.
- Obtain Homeowner's insurance. Provide a copy of the declaration page and paid receipt to our office and lender's office. This may be completed earlier if requested by lender or suggested by attorney.
- Advise ZTA of any negotiated seller's credits and ensure the lender reviewed and approved them. Make sure seller credits are reflected on an Amendment of Contract, reviewed and approved by the lender.
- If obtaining a residential loan, make sure the lender has officially disclosed the CD in a format acceptable to them to clear TRID requirements.
Days until Closing: 1
- Approve the closing statement. Please be sure the statement reflects all invoices for work done, credits and commissions. If not, please provide the remaining information.
Days until Closing: 0!
- Bring Certified check to the closing or wire the funds directly to ZTA. The check should be made out to Zwiren Title Agency, Inc. Please make sure with ZTA a check is acceptable, as the seller may need a wire.
- Bring two forms of identification and copies to the settlement. One must be government issued and contain a photograph.
- Get ready to sign some documents!