What’s Expected of the Buyer
Homeowners Insurance
If you are borrowing money from a lender for a purchase or refinance, you will need to obtain and provide proof of your homeowner's insurance policy for the property you are purchasing or refinancing. If you are paying cash for your property, insurance is your choice, but common sense would be to get insurance to protect your investment. The agent of your choice needs to provide Lehman Title & Escrow, LLC with information regarding your new policy such as a declarations page and an invoice for any amounts due. This information is essential for the title company to prepare the final closing figures.
Cashier's Check
A cashier's check is required for any final closing cost amounts over $500.00 and should be payable to Lehman Title & Escrow, LLC.
Identification
At closing, you will be asked for a copy of your Driver's License, or other valid government issued photo ID to prove your identity.
Contractual Obligations
The sales contract should contain all agreements between the buyer and seller and must be signed and any changes initialed by both parties. Any addendums need to be provided to Lehman Title & Escrow, so that we have the most current and correct information to prepare the settlement statement. If you have any questions about any item in your contract, make sure you ask the any questions well in advance of the closing day, it is always best to get any issues resolved before getting to the closing table.
Miscellaneous
If you or anyone that is a part of your transaction will not be available to attend the closing, you must notify your lender and Lehman Title well in advance of the closing so we have time to prepare a Power of Attorney for the party that cannot attend closing, the original Power of Attorney will need to be signed, notarized and the original returned to our office by the closing date and time. Without the original we cannot proceed with the closing
What’s Expected of the Seller
Payoff Information
You will be required to payoff any and all existing liens on the subject property. You will need to notify Cumberland Title of the names and phone numbers of all current mortgage holders and the loan numbers. It is necessary to supply this information as soon as possible as it can take up to 5 - 7 working days to obtain the payoffs.
Cashier's Check
Occasionally, a seller may be required to bring funds to the closing table. In this case, a cashier's check will be required for the full amount of the final figure payable to Lehman Title & Escrow, LLC.
Identification
At closing, you will be asked for a copy of your Driver's License, or other valid government issued photo ID to prove your identity. |