Errors can also occur if information on the contract does not match information on the loan application, particularly the Purchaser's name and the property address. The Purchaser's name needs to match exactly the name on the loan application, including the spelling, middle initials, suffix, etc. Lenders and their underwriters are reviewing items carefully. Accordingly, everyone in the signing process (the realtor, lender, and settlement attorneys) should verify that the correct name and address is on all documents. Distributing copies of the contract and all addendums to everyone in the signing process will allow all the parties to look out for any items that may delay closing.
P.S. Also be sure to send a Real Estate Commission Distribution Statement to the Settlement Attorneys.
William D. Tucker, III
Tucker Griffin Barnes