Buyer FAQs

What should I bring with me to closing?

Buyers/Borrower’s Checklist

Identification – two forms of identification, one ID must be a State issued driver’s license or other government issued identification
Original Powers-of-Attorney to be used at closing*
Checkbook to pay for items not included in estimates given prior to closing
Collected funds for any monies due in the form of a bank check, cashiers check, certified check, money order or wire
Original homeowner’s insurance policy with paid receipt showing coverage fulfilling lender requirements (without a paid receipt the premium will be collected at closing)
Other original documents required by lender (e.g., proof of previous sale; pay stubs; gift letter)
Invoices to be paid at closing**

Seller’s Checklist

Identification – two forms of identification, one ID must be a State issued driver’s license or other government issued identification
Original Powers-of-Attorney to be used at closing*
Collected funds for any monies due in the form of a bank check, cashiers check, certified check, money order or wire
Original title insurance policy
Home Warranty, if applicable, with paid receipt (without a paid receipt, the fee will be collected at closing) and warranty provider contact information
Invoices to be paid at closing**
Original termite letter, if applicable, with paid receipt (without a paid receipt, the fee will be collected at closing)
Social security number
Forwarding address and new phone number
House keys, garage door openers, and owner’s manuals for appliances

* Please Note: Powers-of-Attorney must be pre-approved by title company, lender and attorney.
** Please Note: Invoices must be pre-approved by lender.

Please click here for Buyer and Seller Checklist

How will I know how much money to bring to closing?

At the time of your loan application, the loan officer will give you a Good Faith Estimate showing the amount of monies likely to be due at closing. Please bring certified funds in the amount showing due. Alternatively, your real estate agent or loan office may contact you with a HUD-1 Settlement Statement for your closing with a final figure. If so, please bring certified funds in the amount showing due on the HUD-1.

Who should I make the certified funds payable to?

You may either make the certified funds payable to yourself or payable to “William H. Attridge, Jr., LLC.”

What happens if I bring too much money or not enough money?

If you bring too much money (i) for a purchase, you will receive the difference at closing via an attorney’s IOLTA escrow check and (ii) for a refinance, you will receive the difference after the rescission via the U.S Postal service or other pre-arranged method (e.g., wire, pick-up check).

Can I write a personal check for the funds needed to close?

William H. Attridge, Jr., LLC, will accept a person check for closing settlement fees in an amount not to exceed one thousand dollars ($1000.00).

What documents will I have to sign at closing?

Buyers/Borrowers

HUD-1 Settlement Statement: sets out all the receipts and disbursements made by, on behalf of, or to the Buyer and Seller in the transaction

Promissory Note: provides the material terms of the loan, including interest rate, term, maturity date, principal, grace period, late penalty, and pre-payment penalty

Mortgage: will be in the form of a Security Deed or Deed to Secure Debt, securing the property as collateral for the loan

Affidavits: Buyer will execute sworn statements relating to:

current employment of income
name variations or “aliases”
occupancy of the property
existence or non-existence of secondary financing
truth and accuracy of all information supplied to lender
any other matters specific to this particular transaction

Acknowledgements: If applicable, Buyer will execute the following acknowledgements:

Acknowledgement that the Closing Attorney represents the lender
Acknowledgement that the property is or is not located within a flood zone
Acknowledgement of receipt and review of termite letter
Acknowledgement of survey or survey waiver
Acknowledgement that a default in payment of the loan could result in foreclosure

Disclosures: If applicable, Buyer will execute the following disclosures:

Disclosure of the annual percentage rate (APR) as reflected on the Truth-in-Lending Disclosure (TIL)
Disclosure regarding lender’s history of transferring and selling loans
Disclosure of projected escrow account activity for the forthcoming year

IRS Form W-9: verifies the borrower’s social security number for the reporting of payment of interest to the Internal Revenue Service

IRS Forms 4506 and/or 8821: authorizes the lender to obtain information from the Internal Revenue Service in order to verify information on the Loan Application

Loan Application: also known as Form 1003, it reflects assets, income, debts, and other pertinent information used by the lender to qualify the borrower for the loan

First Payment Letter: shows the total monthly payment amount, date of first payment, and information regarding where to remit payment

Sellers