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:
Some items (e.g. tax
receipts) can be ordered in advance by PLT as required.
Proof of identity (Photo I.D.) at the
time of settlement for each Borrower
Social Security Number for each Borrower
Tax receipts and/or certifications for
the years requested on the title report. (Canceled checks or
mortgage company escrow statements are not acceptable).
Sewer and Water receipts and/or certifications
if the service is provided by a municipal authority and is considered
a “lienable item”.
Termite, Mechanical (Heating, Electrical,
etc.) Septic, Well and Water Potability certifications as may
be required under the agreement of sale or by the Mortgage Lender.
Condominium (3407) or Homeowner Association
(5407) Certificate if applicable.
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
Mortgage, Judgment or other Lien Payoffs
must be in writing.
Verbal payoffs are not acceptable
Proceeds due you will be paid by check.
When using your proceeds to purchase another
property, our check is accepted by other title agents/companies
in the Philadelphia Metropolitan area.
If you are purchasing a property and closing
out of the Philadelphia Metropolitan area, please advise us prior
to settlement so we can arrange to have a “bank” check
or wire the proceeds. We will not accept verbal instructions
to wire funds, they must be in writing.
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.