What do I need to bring to the closing?
A Buyer should bring an official photo identification such as a driver’s license or passport, the binder and a paid receipt for their homeowner’s insurance if not previously provided to their lender, and a cashier’s check made payable to John Bethell Title Company, Inc. to cover their closing costs and down payment.
A Seller should also bring a driver’s license, passport or other official photo I.D. to the closing. Also, at certain times of the year, the County Treasurer can be up to 3 weeks behind in posting real estate tax payments. If you recently paid your real estate taxes, let us know that ahead of the closing and bring your paid receipt with you to the closing. Otherwise, we will withhold the amount of the payment from the Seller’s proceeds until we are able to verify that the payment has been made.
How will I know how much money to bring to closing?
Providing that your lender furnishes us their instructions in time, we will call you or your Realtor® the day before the closing with the amount of money you will need for closing. If the amount necessary is $10,000 or more, you will need to arrange for your bank to wire transfer the money to us. We will provide you with instructions that you can give to your bank. Wires do not happen instantaneously. Check with your bank well ahead of time to determine their requirements and time-frames.
If the amount necessary is less that $10,000 we can accept a cashiers or certified check. We are prohibited by Indiana law from accepting personal checks.
Do I have to be at the closing? Can I use a Power of Attorney?
No, you may give another person your “Power of Attorney” and they can sign documents for you. The logistics of getting a power of attorney (POA) prepared, delivered, executed, and returned prior of closing can be difficult. You will need to let us know well in advance of your closing that you intend to use a POA. We must either prepare the POA for you to sign or review your POA at least a week before the closing. Not all POA’s are acceptable for use in real estate transactions. As a Buyer, your lender must also approve the use and form of a POA. We must have an original POA at the closing. The Recorder of Deeds does not accept faxed copies, even with original signatures.
What is an Insured Closing?
An Insured Closing is one in which the title insurance underwriter, in our case First American Title Insurance Company, agrees to insure the lender and the buyer for any loss that they may sustain by reason of our failure to follow your written instructions. These written instructions come from the Lender and from the Buyer and Seller; Lenders provide us with written instructions, and Buyers and Sellers provide a signed offer to purchase for use as their instructions. This is a transfer of risk that allows the parties to look to the resources of a large national title insurance underwriter to solve any post closing problems. In order for a closing to be an insured closing, the closing agent must also be issuing the title policy. John Bethell Title Company, Inc. carries Errors and Omissions Insurance as well.
I’m selling my property. Should I make my last mortgage payment?
You should always make your mortgage payment before you will incur a late fee. However, if you make a payment less than 14 days before closing, your lender may not consider it when furnishing us a payoff statement. In that case we will have to collect and pay the amount the lender requires. The lender will then issue you a refund after the closing.
What is title insurance?
Title Insurance is a contract between you and the title insurance company wherein the title insurance company agrees to indemnify you for any covered loss that you incur by reason of your title being defective.