With Broker’s Title enlisted as the settlement services provider for your real estate transaction, there are some matters that we will ask your assistance with in order to expedite the closing process First, please remember that you must bring a valid drivers license or passport with you to the closing for proper identification. The closing cannot take place if you do not have this identification with you. Second, in order to insure a smooth closing, we would like to make you aware of certain information and requirements highlighted below.
1. SELLER QUESTIONNAIRE. When notified that Broker’s Title & Closing, LLC has been chosen as your settlement services provider, please print and complete the attached Seller Questionnaire and return it to us as quickly as possible. This form includes a request for information enabling us to more readily address important issues which will allow your closing to occur as scheduled.
2. MORTGAGES. If your property is presently mortgaged, the mortgage(s) will be paid off at the time of closing using proceeds from your sale, as shown on the HUD-1 Settlement Statement. Please complete and sign the attached Seller Questionnaire form and return it to us right away in order that we may contact the mortgagee(s) and obtain your final payoff amount(s). This is very important and requires your immediate attention. After your mortgage has been paid in full, the lender will send us a discharge which we will record at the Registry of Deeds. In the event there is a non-institutional mortgage (i.e. one given to a private individual, trust or corporation as opposed to a bank or mortgage company), we will require that the payoff amount be furnished to us before the closing and a discharge be delivered at or before the closing. UNFORTUNATELY, THERE CAN BE NO EXCEPTION IN THIS REGARD. If you are uncertain about whether an outstanding loan is held by a private lender, please contact our office or have your attorney do so. The obligation to furnish a discharge at closing also applies to any outstanding attachments or other liens against your property.
3. TITLE EXAMINATION. Conducting a thorough title examination is an integral part of the settlement services Broker's Title & Closing, LLC provides to its customers. Please note that if, as the result of our title search, we uncover any title deficiencies or defects, such issues must be resolved prior to your closing date. Broker’s Title & Closing will make every possible effort to help you clear all known matters in a comprehensive and expedient manner, keeping you updated during the process.
4. CONVEYING TITLE. In most transactions, the seller(s) will choose to have Broker’s Title and Closing prepare the deed to convey the property to the new owner. If you opt to have your attorney prepare the new deed instead, please provide us with the attorney’s contact information on the Seller Questionnaire form. This will enable us to coordinate the finalization and receipt of the deed and apply the proper attorney fees to your HUD-1 Settlement Statement prior to the closing date.
Power of Attorney. If you are not going to attend the closing and plan to utilize a Power of Attorney, please forward to our office a proposed Power of Attorney form for our review. Broker’s Title & Closing is also well prepared to provide an appropriate Power of Attorney document for execution. In either case, the original deed transferring title from you to the buyer must be signed by you and notarized.
Trust or Business Ownership. If this property is owned by a trust or a business, our office will require a fully executed Trustee Certificate to establish the authority of the trustee to convey title.
Condominium Unit. If the transaction involves a condominium unit, we are required to obtain a 6-D Certificate from the condominium association pursuant to Title 33 New Hampshire Revised Statutes Annotated, Section 1604-108. The 6-D Certificate is a statement issued by the condominium association stating that there are no unpaid common expenses or special assessments against the condominium unit, disclosing the effect of any right of first refusal or other restraint on the ability to sell the unit, and providing other basic information about the condominium unit and the management of the condominium.
5. FEDERAL TAX LAWS. Since January 1, 1986 Federal Law requires the closing attorney to report the proceeds of the transaction to the Internal Revenue Service. Therefore, we ask you to complete the attached Seller Questionnaire form that includes your Social Security or Federal Identification Number.
6. WATER AND SEWER. As part of our settlement services, Broker’s Title needs to ensure that, if applicable to your property, all outstanding water and sewer bills are paid in full through the closing date. If necessary, we will secure a final water and/or sewer bill on your behalf to include on your HUD-1 Settlement Statement at closing. Please be sure to complete the relevant information contained on the attached Seller Questionnaire.
7. TRANSFER TAXES. The State of New Hampshire imposes a transfer tax or tax stamps on all residential real estate transactions. This tax rate is currently equal to $15 per thousand of the selling price of the property which is then divided evenly between the buyer(s) and seller(s). Therefore, the amount that will appear on your HUD-1 Settlement Statement as part of your closing costs will be $7.50 per one thousand dollars of your purchase price, unless otherwise agreed upon in accordance with your signed Purchase and Sales Agreement.