You Need The Right Information When You Close On A Property

Since we won't have the mortgage in our name, we need release forms that allow us to interact with other agencies

. Someone else is on the mortgage, but they need to let us do the talking with these other agencies.

Those agencies are the bank, the lending institution and the insurance company.

We close with attorneys these days. I don't just do this to make myself feel better. I want to make sure the seller understands the property closing process. It probably helps them to have a sharp attorney leading them through the complicated paperwork and information.

My attorney makes sure that the client understands that the mortgage will stay in their name and that if he does not pay, it will be trouble, bank repo homes trouble. They understand and it feels good to have an attorney saying it. You just feel a little safer.

I used to use tabletops in kitchens without any attorney. I feel a lot better now with one.

The mortgage remains in their name until paid off. I get a release form with their social security number on it so we have access to the mortgage company. We need to immediately verify that the mortgage booklet will be sent to us and not end up going to the house. In case you forgot, I am not living in the house.

I need that mortgage sent to me and to let them know that Im making the future payments.

The seller signs off a power of attorney that lets us work with the insurance company and the bank. This is an important document here, because it gives us the latitude to go do what we have to do. If you don't have the power of attorney, you will call up and the bank will say, Whats your social security number? You're stuck without it.

You have to have their social security number. If they're uncomfortable with this, or you're uncomfortable with this, just remember it's so you can do the work that needs to be done.

by: Alan Cowgill

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