Resolution Escrow Services

 

Order Title Now
Order Title Now

Checklists

Consider the following:

  1. If you presently have a mortgage on your property we will obtain a written "payoff demand" letter from your lender. Please provide us with your social security number and the name, telephone number, and account number of your lender. If, in addition, we are to pay-off a home equity line or other loan, let us know this as well. Please do not "draw" on the line after today without letting us know. Payoffs often take your lender 5 business days to process.

  2. If you have a copy of the title insurance policy and survey you received when you purchased your property, please send us both by facsimile.

  3. If the property is a condominium, please supply us with the name and address of the management agent to whom you pay your condo fees, along with your account number.

  4. Please call us with the social security number of each seller (or the Tax ID number, if a seller is not an individual).

  5. We assume that each seller will attend settlement in person. Please let us know if any seller will not be attending settlement so a power of attorney can be drafted for your use.

  6. Please make sure the termite inspection report gets delivered to us, the buyer's agent and lender.

  7. We will order a title report on the property showing all recorded liens, defects, and other potential problems in the chain of title. We will contact you immediately if there are problems with your title. Make sure we know where to reach you if you are traveling.

  8. You should advise all appropriate utility companies of the sale, e.g. water, gas, electric, telephone, cable, and others.

  9. Advise your homeowner's insurance company of the closing date and request a pro-rata refund of your fire insurance premium. Keep the coverage in place for 48 hours past closing.

  10. When we pay off your mortgage, your mortgage company is required to refund you any escrow/reserves they may be holding. Note on your calendar a date three weeks after settlement to confirm you have received these funds.

  11. Please bring your house keys, garage door openers, warranties on new appliances or information on the alarm system, if applicable, to settlement.

  12. When will we actually close? Everyone will work towards settling on the target date selected by buyer and seller. But, settlement cannot legally take place until we have collected documents and information from many sources, such as the taxing authorities, surveyors, and buyer's lender. At times, sellers come into our offices early to sign the deed and other recording forms, avoiding any inconvenience. We are glad to assist if you wish to sign-off early on your documents.

  13. When will you get your sales proceeds? "Settlement" will occur only when we have all of the required documents and all required funds.

  14. How will you receive your money? We normally disburse the seller's proceeds at the table. If circumstances beyond our control dictate that this is not possible, we can courier you a check, or you may come by after settlement (next business day, normally) and pick up a Resolution Escrow Services escrow check. We can also wire funds directly to your bank account.

  15. Please bring a photo identification to settlement (this is required by our title insurance underwriter).

Consider the following:

  1. Check with your new lender about their requirements for proof of hazard insurance, including whether or not a master insurance certificate (if a condo) will be needed. In most cases, a termite inspection will also be needed. Your real estate agent will assist with the termite inspection (some condos also need termite inspections). In most contracts the seller has agreed to pay for the termite inspection as well as any damage repairs required prior to closing. Your agent should ask the seller’s agent to have the termite inspection arranged as soon as possible.

  2. If you are buying property with another person (married or otherwise) but only one of you is borrowing the funds (e.g. one person is on the Note), each person to be vested on the Deed must attend closing in order to sign the Deed of Trust encumbering the property for the lien to be perfected. Please let us know ASAP if title is to be vested in the names of persons other than the borrower.

  3. Make sure that you have provided both Resolution Escrow Services and your lender with your complete legal name for title purposes. For example, if you use your middle initial, as opposed to your middle name, make sure both your lender and our office know about it. We also need to know how the buyers will take title (Tenants in Common, Joint Tenants, or Tenants by the Entirety). We can explain the benefits of each method to you.

  4. If this is not a condominium, we will require a survey. Please note that there are many kinds of surveys. You can save money if the seller of your property can give us a recent copy of his/her old survey. Be aware that the survey we will otherwise order is cursory and will not verify boundary lines; your owner's title insurance policy will take exception to boundary disputes. If you want a more thorough "boundary" survey (the cost is higher and it takes several weeks) you must let us know in advance.

  5. If you are the subject of any tax liens, court judgments, bankruptcy proceedings, or mental competency proceedings, please let us know. We will find out anyway, and can help you explain these items to your lender in a better light.

  6. If you are over 65 years of age and want to apply for the D.C. Senior Citizen's property tax exemption, please advise us. Buyers in D.C. who intend to owner-occupy their property and pay D.C. income taxes are eligible for the $60,000 "Homestead Deduction" when calculating their real property tax assessment. See the form of application in "Forms". We will submit the application for you, and obtain a receipt for the filing.

  7. Certain "low income" purchasers in DC may be eligible for the "tax abatement" program, saving the transfer and recordation tax normally assessed, and exempting the property from the real property tax for five years. To qualify, a single person's gross income as shown on IRS Form 1040 must be below $50,400. Call us if you believe you might qualify.

  8. If the buyer is a corporation, a limited partnership, or a limited liability company please produce a Certificate of Good Standing prior to closing that is no more than thirty (30) days old. In the case of a corporation, we also need certified copies of corporate resolutions authorizing the purchase and encumbrance of the property. Call us and we will explain how to order the Certificate.

  9. How much do I bring to settlement? Sometimes we will not be able to give you an accurate answer until the day of settlement. You must bring a certified check to settlement. You should also bring a personal check for any additional payment due, which we will calculate at the table. We can also accept a wire transfer of your funds. If you must send us a wire, the wire must be received and acknowledged by our bank on the morning of the day of settlement. Please call us for wire instructions. All funds and checks should be made payable to "Resolution Escrow Services."

  10. There are two types of title insurance policies. Your lender will require a "Mortgagee's Policy" that does not afford you, the buyer, any coverage. You should also obtain an "Owner's Policy" of title insurance which provides title insurance coverage to you for a small additional cost. If you are uncertain as to whether you should obtain an Owner's Policy of title insurance, you are urged to seek independent advice.

  11. You should ask your lender to send you a copy of the appraisal for which you paid. You should tell them to include it with the loan documents. We in turn will include it with your settlement documents distributed at closing.

  12. A few days before settlement, a buyer should arrange for the utilities to be placed in the buyer's name.

Consider the following:

  1. Please keep an eye on the Buyer's and Seller's Checklists to make sure that all is accomplished in advance of settlement.

  2. Please arrange for your walk-through inspection.

  3. If there is a termite inspection required, please arrange to have a copy of the report faxed to us before closing and bring the original to settlement. Lenders usually require us to include the original termite report when returning their loan documents. Also, if we are to collect for this cost, please advise us, in advance.

  4. If this is a condo, please arrange for the necessary condo association documents to be delivered to Purchaser. If we are to collect for this, please advise us in advance.

  5. If your firm has an earnest money deposit in excess of commission, please bring a check for the excess to settlement made payable to "Resolution Escrow Services".

  6. Please arrange for the payment of interest on any earnest money deposit directly to Purchaser.

  7. If the date of closing changes, please keep in touch with us to make sure that the title report and survey are updated on time in order to meet the new settlement date.

  8. Obviously, please let us know immediately if there is any change in the settlement date or time.

  9. Selling agent: please check with the buyers' lender to make sure the hazard insurance policy (or master insurance certificate, if a condo) has been received.

  10. Please remember that we do not have the listing agreement. We will assume that it is a 3%-3% commission split unless you specifically alert us otherwise.
We look forward to working closely with you to provide a smooth settlement that will reflect your dedicated, professional standard.