FAQs

Buyer Information

LOAN INFORMATION FOR EXISTING MORTGAGES OR LIENS

Your new mortgage lender must receive a first mortgage on your property. Consequently, at closing, all other mortgages or liens, including home equity lines, must be paid off or subordinated. To help ensure your closing is not delayed unnecessarily, provide our office with your lender's name, address, telephone number and loan number as soon as possible.

TERMITE LETTER

At the closing, your lender may require a current (within 30 - 90 days, depending on the form), letter from a licensed pest exterminating company stating that there is no active infestation of termites and that there is no damage from prior infestation (or in the case of damage, that such damage has been corrected). Typically, the buyer (in the case of a purchase) or the borrower (in the case of a refinance) will obtain this letter; however, the contract for sale may provide otherwise.

HAZARD/HOMEOWNER’S INSURANCE

Your mortgage lender will require that you have a hazard insurance policy insuring the house against fire and other casualties in an amount not less than guaranteed replacement value. Binders or commitments to insure are not acceptable. Some lending programs require new policies on refinances; others require only a certified copy of the existing policy and an endorsement changing the loss payee of the policy to show the name and address of the new lender. The first year's premium will be paid in advance, either at the closing or outside the closing (then a paid receipt must be provided) and monthly escrow payments will be included in your payment to the lender. In order to make sure all your new lender's requirements are met (proper premium and coverage amount, correct loss payee name and address, etc.), you should advise your closing agent before the closing of the name and telephone number of your insurance agent. Condominiums are generally insured through the Condominium owners' association, but you will still want insurance for your ‘contents’ of your condo residence.

HOME BUYER’S WARRANTY

Many contracts provide that a one-year warranty be furnished to the purchaser at closing. The warranty, which is most often paid for by the seller, covers systems and appliances in the house for a period of one year, subject to the terms of the agreement. Your agent will be able to answer any questions which you may have about the warranty.

POWER OF ATTORNEY

If a party to the transaction is unable to be present at the closing, a power of attorney may be used, subject to lender and title underwriter approval. Please contact the title company as soon as you know that a power of attorney may be necessary.

CASHIER’S CHECK / WIRE TRANSFER

If a party (buyer or seller) is required to bring funds to the closing table, these funds must be in the form of a cashier's check made payable to "DELTA TITLE", not a personal check. Funds over $10,000 must generally take the form of a wire transfer into the title company's escrow account. Please call your closing agent for wiring instructions to proceed with this form of funds. Funds that are not "good funds" (cash equivalent or immediately recognized as "collected" funds) may cause a delay in disbursement at closing.

Seller Information

MORTGAGE AND LIEN INFORMATION TO ORDER PAYOFFS

If there is a mortgage on your home (including any Home Equity Lines of Credit) or other liens, we will need the name and contact information for your lender(s) or lien holders along with the corresponding loan or other identifying number(s) so that we may order payoff information as soon as possible. We will also need the last 4 digits of your social security number. You can call our office with this information if you prefer not to send it by email.

HOMEOWNER’S ASSOCIATION CONTACT INFORMATION

If your neighborhood has a Homeowner's Association, we'll need the name and contact information for the company or individual that manages the association.

HELP IN IDENTIFYING POTENTIAL TITLE PROBLEMS TO AVOID DELAYS

If this sale involves an estate, bankruptcy, foreclosure, short sale, or a mobile home, please notify our office as soon as possible.

REMEMBER TO BRING YOUR PHOTO ID TO CLOSING

For the protection of all parties in this transaction, our underwriters require a current driver's license or other government-issued identification at closing.

IF YOU WANT YOUR SELLER’S PROCEEDS WIRED

Your seller's proceeds may be wired to your bank account after closing. To do so, our office will need your written wiring instructions with your name, address as it reads on your account, your bank name and address, your account number and the bank's routing number. A void check provided at closing typically contains all of the necessary information. Note: Your bank may assess a fee for receiving a wire transfer.

BE AWARE OF ANY SPECIAL REQUIREMENT YOU MAY HAVE AS A SELLER

If the contract of sale specifies that you are to provide certain items to your buyer, we suggest you make arrangements as soon as you can. If a realtor represents you, he or she will help guide you through the process. We also suggest that you ask your realtor about any other seller requirements you may have for closing.