There are various documents that the Seller should have which will be helpful in ensuring a smooth closing. Most of these documents can easily be obtained from the Seller beginning with the signing of the listing agreement. The information which the Seller can provide to assist in the closing is as follows:
1. Copy of prior title insurance binder (owner’s policy would be preferable, but any title binder will help).
2. Copy of a physical survey (shows all improvements) of the property to be sold. If not available, any boundary plat would be helpful.
3. Current copy of payoff statements of all outstanding deeds of trust. (Remember that home equity loans and lines of credit need payoff statements.) The payoff statements provide loan information which is helpful in obtaining subsequent payoffs (correct loan number and lender contact information.) Also, these statements will help determine if the proposed listing price will result in a short sale.
If any of the above information is not available at the listing, continue to ask the Seller to search their records for copies of the above documents. Many subsequent problems with the title and/or survey can be avoided if the prior title binder and survey are provided to the Purchaser.
Please call me (Charlottesville Attorney) at 434-951-0858 if you have questions or need legal advice.
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, VA
Firm Video (3 min): http://www.youtube.com/watch?v=RgrYjyhCwyo
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