Power(s) of Attorney (if any) must be
reviewed and approved by the mortgage and the title company prior
to settlement. The Original must be presented at settlement to
be recorded with the mortgage
You should review the title report. Pay
particular attention to the mortgage(s), judgment(s), and tax
liens listed on the report against you. If there is an mortgage,
judgment or other lien shown on the report which you have paid
or you were not aware of, contact us prior to settlement directly
or through your agent or attorney.
You will need to
provide at settlement:
Proof of identity (Photo I.D.) must be
presented at the time of settlement for each principal in the
transaction.
Social Security Number for each Buyer.
Appropriate payment funds (see below).
Insurance coverage (see below).
Insurance
Proof of Insurance, usually the original
“Declaration Page” of your homeowner’s/fire insurance
policy, together with a receipt for the premium (if not paid
prior to settlement the insurance premium must be paid on the
HUD-1 settlement sheet), is required when creating a mortgage.
The declaration page(s) must contain the following:
- Name of Insured (name of each owner
listed on the deed).
- Address of the property insured.
- Inception date of the policy (not later
than the date of settlement).
- Expiration date of policy (must be a
policy for at least 1 year).
- The name and address of the mortgage
company (loss payee clause).
- Coverage must be in an amount at least
equal to the mortgage amount.
Funds
Generally, personal checks are not acceptable
form of payment of the balance you may owe at the time of settlement.
Your funds should be in the form of a “bank check”
(cashier, treasurer, certified).
When using your proceeds from a prior
sale to purchase we will accept checks issued by other title
agents/companies in the Philadelphia Metropolitan area.
When using your proceeds from a settlement
out of the Philadelphia Metropolitan area, we require a “bank”
check or wire funds. Please advise us prior to settlement when
this is the case.
This is a basic check-list
other requirements may be set forth in the Title Report.
As always, if you have
a question or concern please call us prior to settlement.