Closing Your Home
Preparation for Close of Escrow
There are many important details to manage in order to prepare for an orderly closing. Many of these details will be handled by Westcott Homes and many others and will require your involvement. To assist you in preparing for close of escrow, we have assembled names and phone numbers for utilities and services you will need to contact to ensure a smooth transition upon closing.
Additionally, there are a number of other matters that will require your attention, as follows:
- You will be required either personally or through your lender at close of escrow to produce an ORIGINAL COPY of your new Homeowner's Insurance Policy, effective as of the date of close of escrow, in an amount at least equal to the amount of the mortgage.
- You will be required to make final payment of all closing costs or any additional down payment monies at close of escrow. Escrow will notify you of the amount of money you will need to bring to the close of escrow. A CERTIFIED CHECK will be required to make payment.
- All borrowers must be present at close of escrow unless power of attorney has been arranged for any absent party.
- If you are closing on a previous home (the proceeds of which are needed for our closing or in which proof of pay-off is required), you need to bring your executed copy of the HUD-1 form (close of escrow sheet) from that close of escrow.
- It is recommended that you bring a blank personal check to the close of escrow to be used in the event that the closing costs as estimated do not precisely match the final amount on the close of escrow sheet.
At the Close of Escrow
Westcott Homes will provide the following to the escrow officer:
- The executed, unrecorded Deed to the property
- An itemized list of charges and/or credits pertinent to the transaction, or inclusion on the close of escrow sheet
- The close of escrow H.U.D. form is prepared, itemizing the following:
- Property tax adjustments, payments
- Loan charges from the lender as instructed by the lender
- Sales price terms as provided by Westcott Homes
- Escrow fee, hazard insurance, taxes, private mortgage insurance
- Prepaid Association fees
- Prepaid interest charges (if applicable)
- Title insurance costs
- The amount of the mortgage (if applicable)
- You or your lender will deliver to the escrow officer an original copy of a hazard insurance policy covering the property you are purchasing along with evidence of payment for the first year's coverage.
- You will make payment for any additional deposit monies required and for close of escrow expenses as itemized on the close of escrow sheet.
- You will receive copies of all documents pertinent to the transaction, including:
- A preliminary title report evidencing absence of liens on the property and a legal description
- All mortgage documents
- The close of escrow sheet (H.U.D. 1 - Form)
NOTE: Escrow does not actually close until 1-3 days (depending on the lender) after you sign all the required documents. Your escrow agent will advise you with respect to the actual date.