Getting ready for settlement

Don't forget to start your new utilities. That sounds simple, but you'd be surprised how many people forget to apply for utility service at their new home. Call the utility companies as soon as you have a ratified contract of sale. Find out how many days lead time they need to switch the service, then get back with them when you have a firm closing date. Don't forget to discontinue services at your old home.

For settlement day you will need a cashiers check or certified check, payable to the title company. Make sure you allow enough time to get this in advance of closing. The title company acts as the central escrow agent and handles all funds, so the check is made payable to them. We will send you an email with a reminder on how the numbers will look at the settlement table.

If this loan is a cash out refinance, or an equity loan/line, you will not get your funds until 4 days after closing. There is a 3 day "rescission period" that is mandated by the Federal Government. This is a cooling off period, where they mandate you have 3 days, after singing the closing papers, to review the loan, and if for some reason you desire you can rescind and cancel the loan.

As far as how much the check should be made out for, what usually happens is that you take someone's estimate (whether it is ours, the Realtor's or the title company's does not matter) and get the certified check for that amount. If the certified check you bring to the table is too much, they'll cut you a check back for the overage. If the certified check you have brought is too small, then you will need to make up the difference with a personal check (so bring your personal checkbook as well).

Otherwise, you just bring yourself, a pen, a photo ID, the certified check, and your personal checkbook, and you will have all you need.