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Tips For Avoiding Problems at Closing
1. Carefully review the Closing Disclosure or HUD-1 Settlement Statement, as applicable, prior to your scheduled closing.
2. Be sure to effectuate your cash-to-close wire transfer to Princeton Title & Escrow, LLC, prior to your scheduled closing.
3. Ask your lender if a Seller may pay “prepaid items” for the Buyer.
4. Ask your lender if they allow any credits to appear on the closing statement (i.e., closing cost credits, repair credits, real estate commission credits).
5. Be sure your lender has approved any special contract terms (i.e., Seller leaseback, Seller financing, purchase price allocation, the purchase of personal property, executing loan documents with a Power of Attorney).
6. If the property is owned by a Trust (revocable or irrevocable), be prepared to furnish Princeton Title & Escrow, LLC, with a copy of the trust documentation and all amendments thereof as the title underwriter will require us to review this material.
7. If the Seller is a non-U.S. citizen (individual or entity), there may be a FIRPTA withholding requirement as it relates to the Internal Revenue Service. Be prepared to discuss this matter with the attorneys and staff at Princeton Title & Escrow, LLC, and to engage an accountant to assist with this process.
8. If an Estate sale, make sure to discuss any potential probate issues with the attorneys and staff at Princeton Title & Escrow, LLC.
9. If using a Power of Attorney to execute documents it must be approved by our office and perhaps the lender, if applicable, and the original may need to be recorded in the Public Records.