Pre-Settlement Checklist

• Provide Title Company with legible sales contract and addenda. You can fax or email the contract, or simply call us and we will pick the contract up at your office.
• Notify the title company if the buyer(s) are 1st time homebuyer(s) in Maryland .
• Advise the title company if seller(s) are out of the area and will require documents to be sent via overnight or e-mailed prior to closing.
• Advise the title company if seller(s) is out of state. If so, seller may be subject to a 6% Maryland withholding tax.
• If either buyer(s) or seller(s) will be using power of attorney, advise both lender and the title company prior to closing. Send copy to the title company for approval prior to settlement. Remember to bring original to settlement. Buyer or Seller must realize the original power of attorney will be sent to recording and not returned for several months.
• Advise the title company if there will be a pre or post settlement occupancy and the amount of the security deposit to be held.
• If applicable, fax clear Termite Inspection Report with invoice to lender and the title company. Bring original to closing.
• Remember: If the report reveals infestation, lender will require proof of satisfactory treatment. If the report reveals damage, lender will require repairs by a licensed contractor and letter from licensed contractor that necessary repairs have been made and the property is "structurally sound".
• Advise the title company of the commission split, buyer deposit and broker administrative fees to be collected.
• Fax any unpaid invoices (e.g., plumbing repair, window repair, etc.) and payoff information to the title company for inclusion on HUD-I and subsequent remittance to contractors.
• If applicable, provide Homeowner's Warranty application to title company for inclusion on HUD-I.
• Remind buyer(s) to bring certified/cashiers check, as well as homeowners insurance binder and paid receipt.
• In the event your company is holding the buyer's earnest money deposit which exceeds the commission due, please bring the overage check to closing, payable to the title company.