How to Achieve a Successful Closing:
By Patti Nelsen at Empire West Title Agency
1). Contract deposited into Escrow: We need all contact information for both buyers and sellers as there are FDI regulations that do stipulate that Title companies must send out opening documents within 3 days of opening of escrow. All contact information can be filled in on the signature page and add anything missing such as email addresses and phone numbers. Then we won’t have to bother the agents whom are already very busy people.
2). Open Documents: We email and cc all agents on the open documents so that you know that is a completed task. It is important to urge your clients to return those open documents to us right away. All the information we need to process our escrow and order payoffs and HOA’s come from those Opening documents. Also, the buyer’s information is pertinent as well because that tells us how they will use the property and how they want to take title. All the information in the open docs is vital and time sensitive.
3). Close date: The COE is crucial, as that is how we organize deadlines. We use a “closing calendar” that tells us everything about the closing and if buyers and sellers are in or out of town for closing. Often, we are not notified of buyers or sellers being out of town for the closing. If we are well informed, your closing will go much smoother. THE WORST THING TO DO in an escrow is set a close date for the end of the month. Every title company and every lender are overwhelmed to meet close date deadlines on a national level in the last week of any month.
4). Contract specific addendums: These need to be attached to the purchase contract if they apply, i.e.: HOA, Septic, Well, etc. If those addendums are not attached, we don’t know who is paying what. If the addendums are forgotten at the time the contract is signed, in most cases, the seller then becomes responsible for paying various fees if the pertinent addendums are not completed and signed at contract signing outlining which party is paying which fees.
5).Communication: This is most important for a successful close. If we know ahead of time all the details, and during the transaction, what comes up, I can suggest solutions, as I feel a big part of my job is troubleshooting and being proactive when issues arise. I can honestly say there is a solution to anything.
6). Education: I stay on top of the upcoming and never ending changes and I do get out and teach classes to agents so that they too can stay on top of the changes that could affect a closing.
7). Traveling signings: Our office caters to the entire Verde Valley and we also will travel to other locations for signings especially if there are elderly buyers or sellers or people that might have special needs.
8). BINSR: It is very important that we have the entire copy of the BINSR on all transactions. I find most often I have to request this document on many files. The BINSR is the key to repairs, agreements and often, there are credits given to the buyer in lieu of repairs. I need that document to make sure I include any agreements or monetary amounts on the HUD. In the event of cancellation, I need the entire BINSR, as well, so that I can count the inspection days and determine who gets the Earnest Money.
My cell phone is available and can be found on my emails and business cards. I personally feel if agents are working 24/7, then so am I. I also get up at 4 am to get on my work emails and I’m in my work emails during the weekend in case someone needs my expertise during non-business hours. The favorite part of my job is troubleshooting and problem solving. In 37 years of service in the Title industry, I have seen it all. Nothing comes to me as a surprise anymore so we are here to assist in any way we can with a team of experts that have devoted their careers to the Real Estate Industry. We would be honored to work with you.