Lender Requirements
- If the buyer is obtaining a loan to purchase the property, a great lender should be selected early in the process. If you need a list of great lenders, please email your real estate agent or us at YesTeam@suntitle.com.
- Once a lender has been identified, the buyer will be requested to complete an application to start the mortgage process. The lender will also provide the buyer with a list of requirements needed to process and approve the loan. These requirements typically include: two months of bank statements, two most recent pay stubs, last two years of W-2’s, and last two years of signed federal tax returns. buyers should gather these documents and bring them to the first meeting with their lender. For self-employed buyers, additional information may be requested.
Safe and Secure Funds Transfers
- The buyer’s earnest money may be deposited via check or securely through one of Sun Title’s electronic payment transfer options. Contact your agent or Sun Title at 616.458.9100 for more details.
- When it comes to the closing, the buyer’s closing funds may be received by certified check (up to $300,000) or by wire transfer in any amount. Sun Title utilizes CertifID (www.certifid.com) to securely send the wiring instructions to the buyer so they are not tricked into sending funds to a fraudulent account. The buyer cannot trust any request to wire transfer funds that are not received through CertifID. If a request seems suspicious, the buyer should not send funds and must call us at 616.458.9100 immediately.
- The seller’s net closing proceeds may be sent via check or wire transfer after closing. Sun Title will utilize CertifID to verify the identity of the seller and confirm bank account details so that funds are transferred to the correct account.
Are You Ready to Close?
- The “closing” is the time where the property will transfer from the seller to the buyer and funds will transfer from the buyer to seller.
- The parties are typically ready to close once all the inspections have been completed, requested repairs have been made, and all other contingencies in the Purchase Agreement have been satisfied.
- If the parties are not ready to close on or before the closing date specified in the Purchase Agreement, the parties can sign an addendum extending the Purchase Agreement to allow for the additional time needed.
- If the buyer is obtaining a loan for the purchase of the property, the lender must approve the closing date.
- All title requirements must be cleared prior to closing and the real estate agents and Sun Title will assist in this process.
Ready to Feel More Confident About Closing?
Download the full Sun Title Homeownership Guide for even more expert tips, checklists, and peace-of-mind advice for buyers and sellers.
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