FREQUENTLY ASKED QUESTIONS:
Question: Do I Have To Use The Lender, Buyer, or Seller’s Title Company?
Answer: No. You as the borrower (refinance), purchaser, or seller, have the right to choose the title company or attorney you would like to use for closing. The title company chosen by the purchaser will be the designated Settlement Agent on the HUD-1 Settlement Statement.
Question: When Should My Settlement Date And Time Be Scheduled?
Answer: If you are buying or selling a property, your closing date should be outlined in your sales contract. Any deviation from the date outlined in your contract should be approved by both buyer and seller in conjunction with your lender, settlement agent, and real estate agents. Please let us know as soon as possible if you would like to close on a day other than the date outlined in the sales contract. Beecher Stowe normally schedules closings between the hours of 9 a.m. and 5:00 p.m.. We do accommodate special requests, but keep in mind, if your closing is scheduled after 5:00 p.m., it may not be possible to get answers to lender specific questions, or changes to any documents.
Question: When Will I Get The Final Dollar Amount Needed For Closing And From Whom?
Answer: If you are buying or refinancing, the final dollar figure needed for closing is often not available until the day before closing and sometimes, not until the day of closing. We will do our best to give you a figure as soon as possible, but your final figure is dependent upon multiple parties such as your lender, insurance provider, HOA, well, septic, and other inspectors, etc. We will not be able to provide you with an exact figure until they are provided to us. If you obtain your final amount needed to close from anyone other than your processor at Beecher Stowe, PLEASE confirm that figure with our office before initiating your wire.
Question: Do I Have To Show Up For Settlement In Person?
Answer: Although it is highly recommended that you attend settlement in person, in certain circumstances, it is possible to have documents delivered to you to be signed in front of a notary. Other options include appointing a Power of Attorney to sign documents on your behalf. Please note that your lender will most likely require underwriter approval prior to closing to use of a Power of Attorney. The use of a Power of Attorney does carry additional costs. Please call your file processor to inquire.
Question: What Kind Of Funds Are Required For Closing?
Answer: Before any recordation and disbursement of funds can occur, we must be in receipt of “good” funds. This means that the money required to complete the purchase transaction must be in our account at the time of closing. Waiting for cashier’s checks and certified funds to be deposited and clear our account delays recording and disbursement. For this reason, we require funds to be wired to our bank account prior to closing. Wiring instructions are sent with our welcome letter and provided at the time final figures are provided. In the event of minor adjustments at closing, we will accept a personal check of $500 or less.