We have a saying in our office: “early deed packets means smooth closings!” But why would a few signed documents mean closing would run smoother? The more information we receive ahead of closing allows our closing team to gather any additional information we may need well in advance. An early and complete deed packet allows us to balance with your client’s lender and get final numbers out for buyers in cash transactions. That way, when the day of closing comes around finalizing the transaction is a smooth process, leaving more time for celebration and little to no concern about whether things will fall into place.
Deed Packets contain several documents that consolidate much of the information we will need prior to closing. This includes a form that allows us to contact the Seller’s current mortgage holder to obtain a payoff. This is especially important right now with many mortgage companies experiencing staffing shortages with extended processing times. Oftentimes, it can take up to 20 days to get payoffs returned to us.
Early deed packets also allow us to deliver early settlement statements to you and your clients. This gives plenty time for review and provides a clear picture of what the closing day will look like on the financial end of the transaction.
Additionally, some expenses will not be clear to us until we have the deed packet returned, including information about Homeowners Associations. Having information about a property’s HOA membership in advance allows us to ensure that prorations are applied appropriately at closing.
This early document package also contains important information about email fraud and wire fraud. We want to help protect your client’s money just as much as you do. This information is available to all of our clients in order to inform them of the dangers of spam emails and the possibility of fraudsters intercepting wires. Likewise, we include information about how we protect our clients from theft with CertifID. We use CertifID to send or verify wiring instructions prior to the day of closing.
We understand sometimes coordinating a deed packet signing can be an issue as schedules vary. Your clients are more than welcome to come to either of our offices Monday through Friday during business hours and we would be happy to walk through the deed packet with them. Alternatively, we offer free courier service and would be happy to meet your clients at a convenient location in Manhattan, Wamego, Alma, and Westmoreland.
Should you have any questions about the contents of a deed packet, feel free to contact one of our real estate professionals to assist you through the process. It’s our pleasure to assist you!