Realtors & Loan Officers FAQs

Your Buyer may write a personal check for his or her closing costs as long as the costs do not exceed $10,000.00. If you client has not received a final settlement cost number from our office, he or she should be prepared to pay the amount of closing costs in the Good Faith Estimate received from the mortgage lender. If this number is close to, or exceeds $10,000.00, the buyer should bring a certified or cashier’s check for that amount along with his or her personal check book. In the event that the certified check is too high, the Buyer will receive a refund from our office at closing.

If your Buyer will need less than $10,000.00 to come to settlement, he or she should simply bring their personal check book. If your Buyer will need $10,000.00 or more of those proceeds to come to settlement, we would recommend having the funds wired into our escrow account. Your paralegal can provide written wire transfer instructions to you, or directly to the person performing your Buyer’s settlement, in advance. Of course, funds that are wired to our account and are not needed for your Buyer’s settlement will be refunded from our office at closing.

We feel that attendance at settlement is an important opportunity for both Buyers and Sellers to exchange valuable information regarding what is likely to be the largest investment either of them has ever made. However, we recognize that personal circumstances often make it impossible for all parties to attend settlement. If your client is unable to attend settlement in person, you should notify us as soon as possible, so that we can make arrangements to have all documents properly executed. Acceptable arrangements include delivering documents to the parties prior to settlement for signing or preparing a power of attorney that will permit another person to attend settlement and sign all necessary documents for your client. You should remember that many mortgage lenders will require a power of attorney to be approved by them before it can be used by a Buyer and that this can take time and can delay settlement if it is not handled in advance. We will be pleased to work with your client to ensure that all necessary arrangements are in place so that settlement can occur on schedule.

Please contact your paralegal as soon as possible and inform them of this requirement. We will work to ensure that all needs are met, as well as the needs of our client, the Buyer.