1. Try to get the contract to the settlement company as soon as possible to allow for time to resolve any title issues that might arise.

2. Make sure the buyer knows that he/she must bring certified funds for any amount over $1,000.00. This is not only a legal requirement that the settlement company must comply with, but the Northern Virginia Regional Sales Contract also makes it a requirement. Funds can be wired in, but should be set up 2 days prior to the closing date in order to insure that funds are in the settlement company’s account by closing.

3. Make sure that all buyers, sellers, and anybody acting as power of attorney for your buyers and seller bring valid (not expired!) government issued identification. This is a lender, notary, and Patriot Act requirement.

4. Confirm that your seller has set up any 1031 Exchange with the Qualified Intermediary PRIOR TO closing and that the settlement company has the Qualified Intermediaries contact information. We at Lighthouse Title can assist your seller with this by referral to Independent Trustees, Inc. a Subsidiary of Lighthouse Title.

5. Carefully review the preliminary HUD1 for errors and omissions. Confirm that your commission is correct and that all reimbursements to you, administrative fees to you and/or your broker, and credits to your client are included and correct.

*** At Lighthouse Title we actively work with your lender to get the good faith estimate of closing costs in order to provide you and your clients with a preliminary HUD1, that is as accurate as possible, 1 week prior to closing.***

6. If your seller is a “foreign person” under the Internal Revenue Service’s guidelines, he or she may be subject to IRS withholding under the Federal Investment in Real Property Tax Act (FIRPTA). Contact your settlement company immediately for guidance and/or a referral to a tax specialist. Remember: the withholding could be as much as 10% of the sales price!

7. If your client is using a power of attorney, let your settlement company know as soon as possible. Remember to get a copy of the power of attorney to the settlement company, and lender if applicable, for review. Remember that the power of attorney should be specific to the transaction and that the title company will need to keep and record the original.

8. Try to avoid closing on the last day of the month, a day on which settlement companies and lenders are all busy and when delays are expected. This is especially important during the Spring and Summer months, which are the title company’s busiest times. Please note that it may be advantageous to close early in the next month. Talk with your lender about giving your buyer an interest credit if they close on the first days of the month.

9. Remind your seller that their proceeds will not be available until the deed and deed of trust are on record. This will generally be the next business day, but unforeseen delays occasionally happen. If your seller is purchasing a new house with the proceeds from their sale, make sure they allow for sufficient time between closings to ensure availability of their funds and/or that the settlement company and seller for their purchase will accept an assignment of funds.

10. To assist you and your clients, we've included helpful forms and checklists which you can access by clicking here: HANDY FORMS & CHECKLISTS