We will also need to know the following:
• Marital status of buyer and seller
. If the seller was single at the time he/she purchased the property, the spouse will be required to sign documents even though he/she is not in title due to martial interest. If the sellers are recently divorced or are in process of divorce it will be necessary for us to review the divorce documents. If the property is titled in a deceased person's name, we will need to know the heirs and their spouses. If the seller's property is in a trust, we will need copies of the trust.
• We need to know how the parties what to have the title vested
. This means not only as in joint tenants with rights of survivorship or tenants in common, etc., but also means the spelling of their name. Often times the contract will be one way (without middle initial, for example) and the loan documents will be another (i.e. with middle initial or whole middle name).
• Please note if a mobile home is located on the property
and whether or not there is a title to the home. If the seller cannot locate a title, please include the year, make/model, VIN of the home. (Whether or not there is a title affects our ability to insure the home as part of the title insurance and also affects the documentation required by the DMV for affixation of the mobile home under the new surrender law.)
• If new construction
please note date of beginning and completion of the home (new mechanic's lien laws may apply that could delay the sale of the property or our ability to insure).
• For efficiency, please have the sellers current mortgage company, loan number, socialsecurity number and mortgage company customer service number handy. We will send a payoff authorization form tobe signed and completed by the seller once the title commitment is complete.
• If there are any bills
for home inspections, termite inspections, repairs, etc. we will need copies of those bills as soon as they are received. Due to TRIO requirements, lenders require bills prior to the release of the final Closing Disclosurethree days prior to closing. Any bills the lender is not aware of could require redisclosure and a delay in closing.
• If the buyer and/or seller will not be attending closing
, we will need an email address or overnight address complete with phone number. We will need to be advised of this as quickly as possible prior to closing to arrange for the signing of documents.
• If the buyer or seller will be having someone sign for them using a power of attorney. We will need to review a copy of the power of attorney. If it is acceptable, the original power of attorney
will need to be recorded with the Laclede County Recorder's office.