whats expected of the buyer
Homeowners Insurance
You will need to obtain a homeowner's insurance policy for the property you
are purchasing. This is required by your lender. The agent of your choice
needs to call Stewart Title of Memphis, Inc. and Title with information regarding your new policy
as quickly as possible. This information is essential for the title company
to prepare the final closing figures.
Cashier's Check
A cashier's check is required for any final closing cost amounts over $100.00
and should be payable to Stewart Title of Memphis, Inc..
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.
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. Stewart Title of Memphis, Inc. and Title will prepare and conduct your closing only 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. If possible, it is always
best to get any issues resolved before getting to the closing table.
Miscellaneous
If you or anyone that is a part of your transaction will not be available to
attend the closing, you must notify your lender and Stewart Title of Memphis, Inc. and Title at least
3 business day prior to closing. The absent person will be required to execute
a "Specific Power of Attorney" to appoint someone to sign on their
behalf in order to allow the closing to continue without that person being
present. This procedure will also require the approval of your lender.
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