Closing Process

Resources

What's Expected of the Buyer and Seller:

Contractual Obligations

The sales contract should contain all agreements between the buyer and seller and must be signed and any changes initialed by both parties. Collier Title will prepare and conduct your closing according to the terms agreed upon in your contract. If you have any questions about any item in your contract, please discuss this with your real estate agent. It is always best to get any issues resolved before getting to the closing table.


Identification

At closing you will be asked for a copy of your driver's license or some other form of identification that discloses your picture and signature. Any spouse or power of attorney will be required to provide the same.


Cashier's Check

A cashier's check is required for the full amount due from either the buyer or the seller made payable to Collier Title Services, Inc.


Attendance

If you or anyone that is part of your transaction will not be available to attend the closing, you must notify your lender and Collier Title at least 3 business days prior to closing. The absent person will be required to execute a Specific Power of Attorney to appoint someone to sign on his/her behalf in order to allow the closing to continue without that person being present. This procedure will require the approval of your lender. If this closing is a mailaway closing to either the buyer or seller please notify us immediately.


Marital Interest

If you are the sole owner of the property and are married, your spouse will be required to sign any Deed or Mortgage to convey any rights he/she may have in the property. That spouse will also need to provide a copy of his/her Drivers' License or some other form of identification that discloses their picture and signature.


Court Proceedings

If you or anyone that is part of your transaction is in the process of bankruptcy, divorce, or any other court proceedings, including probating an estate or a guardianship, please notify Collier Title immediately. If any of the property owners are deceased, a Will and a Death Certificate will be required. If there is not a Will, an Affidavit of Descent will be required to prove that the named sellers are the only heirs of the deceased. If any of the property owners are minors or have been declared incompetent, court approval will need to be obtained. These issues could take time to resolve and need to be handled prior to closing.


Homeowners Insurance

You will need to obtain a homeowners insurance policy for the property you are purchasing. This is required by your lender and protects both you and your lender. Please have your agent contact your lender with the information regarding your new policy as quickly as possible. This information is essential for Collier Title to prepare the final closing figures.


Mortgage Payoff Information

As the seller, you will be required to payoff any and all existing liens that affect the subject property. If a refinance, you will be required to payoff existing mortgages and possibly other credit accounts to refinance. You will need to notify Collier Title of the names, phone numbers, and account numbers of all applicable creditors. It is necessary to supply this information as soon as possible as it can take at least 5-7 working days to obtain some payoffs.

Resources

Courthouse KY

Hardin County Justice Center