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FREQUENTLY ASKED QUESTIONS


What will I need the day of settlement?

  • Two (2) form of identification- at least one (1) must be valid government issued photo identification
  • If applicable, Original Power of Attorney (if not recorded in county of property)
  •  Any conditions your lender requires

what if i don't have a final figure and I need to travel to settlement?

We suggest discussing this matter with your bank.  You may be able to establish a procedure to wire funds remotely.

when will i know the exact amount of money needed for settlement?

If you are borrower money to help with the purchase this will usually depend on your lender.  The final figure needed for settlement can't be determined until the lender provides all the closing figures and conditions to us to prepare the settlement statement.  We also need to know of any items that will be paid from settlement such as repairs, homeowner's insurance or if there is going to be any funds held for future payment.

why do you want me to wire funds for settlement?

Wired funds are available immediately.  Bank checks and certified checks often are not available until the next business day after deposit.

What are good funds?

Good funds are funds that have been collected and cleared.  Personal checks, money orders and other forms of payment may take several days to be available ("cleared").

why do you want the original power of attorney?

If your power of attorney is not of record in the county of the real estate we may need to record it.  

i just received my tax bill, should i pay it?

If we are close to the day of settlement we might not be able to get proof from the tax collector that the tax is paid.  We require a signed tax certification from the taxing authority or some other signed written proof from  the taxing authority.  If you payment has not been fully processed we will have to hold money until the proof can be received.

Do i have to attend settlement?

Sometimes arrangements can be made for parties that are not able to attend settlement.  Often the buyer's lender will have to approve of this.  Sometimes a power of attorney may be used.  In some transactions the seller has to sign documents for the buyer's lender (FHA and VA loans for example).

I am representing an estate, is there anything i need to do?

Yes, as the executor or executrix you will need to make sure the proper paperwork is complete and correctly filed in the county of the property.  In addition, proof PA and federal inheritance is paid is required.  You may want to consult with an attorney for further instruction.