Tips To Take The Sweat Out Of Settlement

____CONTRACT.
Take fully ratified contract to settlement attorney as soon as possible. Make sure all matters agreed to are stated in the contract. Do not rely on verbal agreements. Send any and all Addendums to the contract to the settlement attorney promptly.

____SETTLEMENT SERVICES REQUEST FORM.
To initiate a request for our services this form can be sent with a copy of the Contract. This will provide us with everything we need to begin our work in most cases.

____EXISTING LENDER.
Remind Seller to notify existing Lender immediately of intent to pay off loan. Some Lenders require 30 days advance notice of payoff prior to first day of following month.

____NEW LENDER.
Advise settlement attorney of name, telephone number and contact person at new mortgage company.

____LOAN APPROVAL.
Notify settlement attorney upon loan approval so that a settlement date can be set.

____AVOID SURPRISES.
Notify settlement attorney of any changes in the contract, loan amount or loan requirements, additional deposits, etc., well in advance of settlement.

Listing Agents are advised to get a copy of the Seller's Deed when a listing is taken. This will help you to make sure your contract is signed by all of the Sellers. This will also provide you with the proper legal description.

To help us in providing a smooth, efficient settlement, please tell us about the following prior to settlement:

• Bills- anything that will need to appear on the Settlement sheet (i.e.- termite)
• Any other potential adjustments that may need to be made at settlement.
• Commissions- how much, anything unusual needs to be spelled out.
• Open Mortgages- Listing agents should try to ascertain that the Seller has told them about any lines of credit, equity loans, etc. which will show up on the title report. If we have the information initially, we can speed up the process of obtaining payoff information.

____SPECIAL CIRCUMSTANCES.
Please discuss any special concerns and circumstances with your settlement attorney as soon as you become aware of them.

• Power of attorney- If it is anticipated that one of the parties will not attend settlement, let us know as soon as possible. We will need to coordinate with the Lender in many cases to prepare a Power of Attorney which is acceptable to them.
• Is one of the parties a Corporation? Going through a Divorce? A Minor? Please tell us.
• Clients with special needs or concerns. Let us know so that we can accommodate accordingly.
  • First time home buyers or clients who will wish to read and scrutinize everything.
  • Post Settlement Occupancy. If this is anticipated, we can assist. Let us know.

____DISPUTES AT THE SETTLEMENT TABLE.
Let us know if you anticipate that there will be a dispute between the parties. If the problem cannot be resolved prior to settlement, we can prepare an Escrow Agreement for settlement.

• Buyers and Sellers who hate each other. We can schedule the settlements separately, Buyer first.
• The Settlement Attorney's role- impartial fiduciary agent of all the parties.

____SCHEDULING.
At Lawyers Advantage, this should not be a difficulty. We will conduct settlements in our offices or yours, and can settle on the weekends, in the mornings, or in the evenings if that is what your clients want.