Page 69 - New Agent Real Estate training book

Withholding Tax Affidavit, the IRS non-foreign affidavit, one or more title affidavits and an IRS 1099 form
or exemption from reporting on sale of primary residence form.

Earnest Money Transfer Prior to Closing

If not already being held by the buyer’s attorney, then the buyer’s agent must transfer the buyer’s
original earnest money from their brokerage ‘trust account’ over to the buyer attorney’s trust account.

Walkthrough prior to closing

You’ll be given the chance to look at the home to make sure it’s in the same condition as when you
signed the sale agreement.

Day of Closing

Buyer and seller will first be asked to provide a driver’s license or other government issued picture
identification card, in order to verify the identity of buyer and seller. The closing attorneys will then
typically review the closing figures and amounts set for the on the closing disclosure forms and closing
settlement statement. The buyer will then review and sign the loan documents and other buyer forms,
and the seller will then sign the seller closing documents. Lender may require that they review and
approve certain “funding documents” at closing prior to the attorneys recording deeds and disbursing
funds. If this is required then these documents will be scanned and e-mailed at closing, and the
attorneys will be required to wait until the lender gives “funding authorization”. The closing is then
concluded and the attorneys will then attend to the recording of the legal documents of public record,
the disbursement of loan payoff amounts and other funds from the closing, and the delivery of the loan
documents to the lender. The closing typically takes approximately one hour, depending on the
circumstances.

After recording documents at the County Court House, the attorney can disburse funds to their clients.
Sellers will typically receive their proceeds check at this time, unless they elected to have the proceeds
of sale wired to their bank account. Once recorded, keys and any other items can be exchanged
between buyer and seller.

After recording attorneys will prepare commission checks for the real estate agents to pick up, which are
to be turned into their brokers-in-charge along with a copy of the Settlement Statement from the
attorney.

After Closing

If you are the buyer, after closing the attorney will forward your recorded deed (Title to Real Estate)
together with your policy of title insurance. Upon receipt of these items or otherwise promptly after
closing, you will need to apply with the county of your residence for the special residential tax rate for
primary residences (unless the property is not your primary residence).