As you know, our office represents your lender in the mortgage loan you have applied for to purchase your new home. We will, or have commenced an examination of the title, and ordered tax information from the Collector of Taxes. When these items are completed and reviewed by our staff, we will notify you to arrange a convenient time to close the loan. We will also advise you of any funds you may need to complete the transaction. You must bring CERTIFIED or BANK CASHIER'S CHECKS made payable to yourself for these funds.

Please review the Lender's commitment letter carefully. If special conditions are required, they must be met to the satisfaction of your lender Prior to closing.

Please review the following instructions with respect to additional requirements that must be met prior to closing. Respond to each item applicable to your situation either on this web site or in writing. If you have any questions or comments relative to the loan transaction, please do not hesitate to contact us by telephone or by e-mail.

1. INSURANCE. (a) At the time of closing, you will need a fire and extended coverage insurance policy or binder for such insurance in an amount at least equal to the total of all outstanding mortgages on the property or 100% of the replacement cost of all insurable buildings and other improvements on the land, whichever is less. IF YOU ARE GOING TO RELY ON THE 100% REPLACEMENT COST AMOUNT AS SUFFICIENT INSURANCE, THEN THE POLICY OR BINDER MUST STATE THAT 100% REPLACEMENT COST IS IN EFFECT. (b) The insurance policy or binder must name all of the persons who will hold title to the property. (c) The mortgage clause adding the mortgagee’s insurable interest to all policies MUST BE WORDED in accordance with the instructions listed in your commitment letter issued by your lender. IT IS IMPERATIVE THAT THE ABOVE LANGUAGE BE ON YOUR INSURANCE BINDER. Please let us know who your insurance agent is as soon as possible. We will contact them to get the appropriate documents.

2. FLOOD INSURANCE. If the premises is located within a specially designated federal (HUD) flood hazard area (Zone A) then flood insurance is a mandatory requirement and you must provide a flood insurance policy application together with a paid receipt for the full first year’s premium at or before the closing. Please note that if the premises is located within zone B, flood insurance is not required although it is highly recommended.

3. TITLE INSURANCE. Your lender will require that you pay at closing for a title insurance policy on its behalf for the amount of the mortgage. This will insure the bank's interest in the property. We will prepare the policy and provide it to your lender. You may wish to obtain an owner's policy, which we can also provide, if you choose to purchase one. The cost of the title insurance for the lender and for you will be in a letter mailed to you after Attorney Keily has spoken with you about your closing.

4. MANNER IN WHICH TITLE WILL BE HELD. For an explanation of some options for how to hold title to real estate please telephone our office or fill out and return the enclosed form indicating how you would like to take title to the property. This information should be provided to us as quickly as possible since many documents which we prepare require this knowledge.

5. WATER, SEWER, GAS, ELECTRICITY, CABLE & PHONE. About 5 to 7 business days prior to the closing, you should contact, as applicable, the utility companies, other than your water company, to notify them that you will be closing on the purchase of your new property and that you wish to have the utilities put into your name(s). The sellers will do the same to remove their names from the accounts. A final bill will then be sent to the sellers at their new address. We will contact the water company, if applicable. If you are buying a condominium, often, but not always, water and sewer is included in the condominium monthly fee. A few smaller condominiums also include heat in the condominium fee.