Real Estate Refinance Closing Information
At the time of closing, please bring with you a fire and extended coverage insurance policy or binder for such insurance in an amount at least equal to your new mortgage amount or 100% of the replacement cost of all insurable buildings and other improvements on the land, whichever is less. IF YOU ARE GOING TO RELY ON THE 100% REPLACEMENT COST AMOUNT AS SUFFICIENT INSURANCE, THEN THE POLICY OR BINDER MUST STATE THAT 100% REPLACEMENT COST IS IN EFFECT. The insurance policy or binder must name all of the persons who will hold title to the property. (c) Your letter of commitment may require a paid receipt for the next year’s premium. If this is the case please be sure to bring the receipt to the closing. Please ensure that your Insurance Agent includes on your binder your new lenders’ loss payable endorsement clause. If your Insurance Agent has any questions regarding this clause they may contact our office.
2. FLOOD INSURANCE
If the premises is located within a specially designated federal (HUD) flood hazard area (Zone A) then flood insurance is a mandatory requirement and you must provide a flood insurance policy application together with a paid receipt for the next year’s premium at or before the closing. Please note that if the premises is located within zone B, flood insurance is not required although it is highly recommended.
3. TITLE INSURANCE
A lender’s policy of title insurance is required for this transaction which we will obtain at your expense. If you do not already own title insurance, you may wish to purchase an owner’s policy of title insurance, which we can obtain on your behalf. If so, our office can certify the title to a title insurance company. The premium for an owner’s policy of title insurance can be quoted to you by calling the office.
Click here to learn more about title insurance.
4. OWNERS’ TITLE INSURANCE POLICY
If you do have an Owner’s Title Insurance Policy, kindly have the policy, or information regarding the policy, available in the event there is a title problem discovered during our title examination.
5. PLOT PLAN/SURVEY
If you have a copy of the most recent mortgage plot plan or mortgage survey of the property, kindly have it available. You may be required to sign documents, which relate to the plot plan/survey, at your closing.
6. CONDOMINIUM INSURANCE
If the mortgage involves a condominium unit, we will require a Certificate of Insurance from the insurance carrier for the condominium naming you and the Association. The language naming the Bank must be in the form set forth in Paragraph 1 above. Please note that you may be required to purchase additional insurance if the insurance company does not provide 100% replacement cost coverage.
7. OTHER CONDOMINIUM REQUIREMENTS
A “6 (d)” certificate stating that there are no unpaid common charges to the condominium association as of the date of closing must be produced at that time. This certificate is obtained from the trustees or managers of the condominium and must be in the form prescribed by law.
8. OUR CERTIFICATE OF TITLE
We are required to certify to you that the title to the premises meets the stated standard. Our certification to you should not be construed as establishing an attorney/client relationship between you and our office. The services we render are only on behalf of the mortgage lender, and we cannot advise or counsel you relative to the transaction. If you wish to obtain legal advice regarding the quality of the title or with regard to some other aspect of the transaction, you should retain independent counsel.
9. PHOTO IDENTIFICATION
Please have a photo copy of your driver’s license or state photo ID at closing.
10. CURRENT MORTGAGE PAYOFF
This office may be required to pay off the current mortgage or mortgages on the property. Kindly provide this office with the name of your current mortgage lender(s), account number(s) and telephone number(s). You can call this office with the information, or click here to provide the information electronically on line. You can complete a mortgage authorization form online here. This will allow our office to obtain payoff information on your current mortgage(s).