Helpful Hints for Smoother Settlements
- Provide Settlement Agent with complete, legible copy of the Contract with any and all addendums and disclosures.
- Provide a Case Processing Sheet to Settlement Agent. Be sure it includes all of the following:
- Your fees due at settlement
- Your office mailing address, phone number(s), and email address
- Lender's name, Loan Officer's Name and Phone Number
- Seller/Purchaser's name, mailing address, phone number(s), and email address
- Details on any special credits such as closing cost credits, rentbacks and security deposits, or reimbursements to agents or vendors
- Name of company doing termite and phone number
- Provide the HOA/Condo Associations' contact number. This will make it easier for us get the HOA/Condo assessments. This is a problem area and usually holds up the prelim HUD-1.
- Email a scanned copy or fax the contract to Settlement Agent as soon as it is ratified to give us as much time as possible to order title work, survey, and coordinate closing with lender. If the ratified contract is no longer legible, email or fax both a ratified and unratified copy.
- Provide Hazard Insurance to Settlement Agent and the Lender as soon as possible.
- If there are any changes made to the contract, for example to the Sales Price, make the Settlement Agent and Lender aware of the change(s) as soon as possible by sending the Contract Addendum.
- Order the Termite early as Lender needs it in many cases to approve loan. Provide Settlement Agents phone and fax number to Termite Company so they send a copy an invoice for closing.
- The Lender’s Pre-Approval letter is helpful.
- If the case has special needs, such as the Seller/Purchaser is an Estate, Trust, Corporation/Partnership, FHA Payoff, Foreclosure, or if a Power of Attorney is needed, please make the Settlement Agent aware of this in the beginning, as these cases can require special requirements to close and may take extra time.
- As a Selling Agent, please remind your clients that they will need to obtain a Cashier's Check or wire for any monies they are required to bring to settlement. As the Listing Agent, remind your Sellers to bring a voided check or complete wiring information so that they can receive their proceeds as quickly as possible.
- If there are walk-through issues, please contact the Listing Agent prior to coming to settlement and discuss proposed solutions to the resolve the issue(s). This will help to insure a smoother settlement.
Virginia Land Title Association extends a tremendous amount of appreciation to VLTA Member, Myrna Keplinger, Principal of the The Settlement Group for sharing all of the materials found under the Consumer section of this website. All materials are copyrighted under The Settlement Group and VLTA has received "reprint" permission for its use.