Pre-Closing Checklist for Realtors – Settlements, Ltd.


Prior to your scheduled closing, Settlements, Ltd. will need some basic information from you so we can obtain the necessary legal forms to expedite your closing. To minimize delays, it’s best that we get some of this information from you well in advance of your closing date. Below is a summary of what we typically need from Realtors.

Settlements, Ltd. needs the most up-to-date version of the sales contract with the inclusion of any amendments affecting the sales price, paid earnest money deposit, closing costs allocation, etc. This information is key to our closing agent’s preparation for the closing.

Settlements, Ltd. needs the full legal names of any party involved with the transaction. This includes his or her marital status and the name of the spouse. Even if the purchase will only be in one individual’s name, the spouse’s presence may be required at the closing to sign documents relinquishing the interest in the property. If any party is unable to attend the closing, documents must either be signed in advance or they must be represented by an agent at the closing if Power-of-Attorney has been approved.

If a condominium or townhome is being purchased, Settlements, Ltd. needs the Homeowners Association’s contact information. Copies of any Condominium Association documents should also be obtained prior to the closing date for the Purchaser’s review.

Prior to closing, Settlements, Ltd. will need copies of any Articles of Organization, Operating and Partnership Agreements, Trust Documents, and Estate Documents if either the Buyer or seller is a Limited Liability Company, Corporation, Partnership, Limited Partnership, Trust, or Estate.

Please fax a copy of the Homeowners Insurance policy’s declaration page, along with a paid-in-full receipt, to Settlements, Ltd. for proof of insurance at the closing. If payment is being remitted as part of the closing, we’ll need an invoice with the insurance agent’s name and mailing address.

If an employer is contributing towards a relocating employee’s closing costs, please provide Settlements, Ltd. with the name, number, or email address of the company representative handling relocation details. We must contact this person to accurately estimate the amount needed for closing.

Please provide Settlements, Ltd. with a written payoff authorization for the mortgage company or Lender if we’re to disburse payoffs for a first mortgage, second mortgage, or an equity line of credit directly to the loan holder at closing. To avoid delays, we’ll need the name, loan number, and phone number of any Lender or loan holder as well as the property owner’s social security number.

Before closing, we ask that the buyer confirm with the Lender that there are no unsatisfied miscellaneous Lender requirements. Sometimes a Buyer may be required by their Lender to pay off certain debts, provide income tax verification, or provide a written explanation of their credit history. It’s good to confirm nothing additional is needed prior to closing.

In handling payoffs, Settlements, Ltd. must provide the mortgage Lender with the seller’s forwarding address in case they’re entitled to any refund or if follow-up documentation is needed.

Settlements, Ltd. will need the social security numbers or EINs of any party conveying title since closing agents are required by the IRS to account or report transfers through a 1099 or Certification for 1099 Exemption. Please advise us in advance if any selling party is a foreign national so we can ensure Foreign Investment in Real Property Tax Act (FIRPTA) requirements are fulfilled by closing.

Please be sure closing funds are fully available by wire or a cashier’s check since Settlements, Ltd. cannot accept personal or money market fund checks at closing.

Please note that most Lenders do not permit miscellaneous credits on the closing statement from Seller to Buyer for repairs, renovations, etc. Such matters should be settled before the closing date. Often times, the Seller and Buyer will negotiate closing cost concessions in exchange for waiving minor repairs.

If a survey is required as a condition of the sales contract, or by the Lender as a condition of the purchaser’s loan, please help the Buyer obtain one from a registered land surveyor well in advance to the closing date. You may wish to advise the Buyer to obtain a survey as an optional service for their protection, even if one isn’t required.

Please provide Settlements, Ltd. with a complete schedule of your fees and commissions so these items can be verified on the preliminary closing statement.

Please schedule the best closing date and time for the Buyer, Seller, and Lender and confirm it with Jamie Gaffney at 412 922 6095 x 220 well in advance of the expected closing date. It’s a good idea to confirm the closing location’s address and use Google Maps, Mapquest, or GPS Navigation apps for driving directions.