There are many different people involved in a real estate transaction. There’s buyers, seller, realtors, mortgage companies, appraisers, and title companies. Each of these parties plays an integral role in getting to the closing day.
When you sell a home, a Knoxville title company is the neutral third party that takes care of handling closing. A title company will work to coordinate with all parties involved in a transaction to collect the information necessary for closing.
When you sell a home, there is some information that your Knoxville title company will need from you. In this post, we’ll cover what information they’ll need and what you can expect throughout the process.
Information For Closing
First, your Knoxville title company will contact you for some basic information for closing.
One of the most important things they will ask is whether or not you’ll be attending closing. There are many times where sellers are out of town for closing, so other arrangements will need to be made for closing. Your Knoxville title company can work with you to make arrangements for closing documents. It’s just important that they know in advance so they can make the proper arrangements prior to closing.
They will probably go ahead and ask you some basic information as well, like what your forwarding address will be and if the home was your primary residence.
Payoff Information
Another bit of information your Knoxville title company will need to confirm with you is whether or not you have any mortgages on the property. If you do have a mortgage on your home, you’ll need to provide some of the information so that the title company is able to order a payoff.
Many mortgage companies will require that you sign an authorization letter in order to release the payoff to a third party (the title company). Most of the time, the title company will email you a blank authorization letter where you will fill in your loan number, property address, last four of your social, and mortgage company. In addition, there are some mortgage companies that will require your full social security company.
Your title company will also need a customer service number for your mortgage company.
Homeowner’s Association Dues
Homeowner’s association dues will be another thing that your Knoxville title company will need to know about. If you pay any homeowner’s association dues, a title company will need to verify whether or not they have been paid.
Your title company will need to know how much you pay and how frequently you pay them, as well as contact information to confirm payment with the homeowner’s association.
Closing Proceeds
Finally, a Knoxville title will confirm how you want to receive your closing proceeds. You will have the option of getting a check or having your funds wired. Should you like your funds wired, be sure that your title company knows so that they can make those arrangements in advance.
When that is the case, we do our very best to ensure that wherever you may be on the day of closing, the experience is as stress-free and smooth as possible. Give us a call today to discuss your options if you’re unable to attend closing. You can give us a call at 865-392-5801 or via email at Orders@TitleGroupofTN.Com.