Page 21 - FNTA Buyers Guide_2020

CLOSING YOUR ESCROW
WHAT TO DO BEFORE THE
CLOSING APPOINTMENT
Your escrow officer will contact you to schedule your closing appointment and inform you of the funds required for closing. The preferred method is a wire transfer, which you will need to arrange with your escrow officer.
Good Funds Law
Fidelity National Title is required by law to have funds deposited and available before escrow funds can be dispersed.
DON’T FORGET YOUR
IDENTIFICATION
You will need valid identification with your photo; a driver’s license is preferred. This is necessary so that your identity can be sworn to by a notary public. It’s a routine step, but it’s important for your protection.
WHAT HAPPENS NEXT?
During your closing appointment at Fidelity National Title, you will sign loan documents and instructions to transfer the title of the home you are purchasing and you will present your identification so the documents can be notarized. You will review the settlement statement.
The signed loan documents will be returned to the lender for review. Fidelity National Title will confirm that all contract conditions have been met and ask the lender to “fund the loan.” If the loan documents are satisfactory, the lender will send the wire directly to Fidelity National Title. When the loan funds are received, Fidelity National Title will verify that all necessary funds have been received. We will then record the deed at the County Recorder’s Office and disburse escrow funds. At this time, your escrow is closed!
YOU GET THE KEYS
After the escrow is closed, we will notify your Builder and/or REALTOR® who will give you the good news and arrange for you to receive the keys to your new home.
AFTER THE CLOSING
We recommend you keep all records pertaining to your home together in a safe place, including all purchase documents, insurance, maintenance and improvement records.
LOAN PAYMENTS AND IMPOUNDS. You should receive your loan coupon book or statement before your first payment is due. If you have not been notified or if you have questions about your tax and insurance impounds, contact your lender.
HOME WARRANTY/REPAIRS. If you have a builder home warranty call your builder customer care department directly for repairs.
RECORDED DEED. The original deed to your home will be mailed directly to you by the County Recorder.
TITLE INSURANCE POLICY. Fidelity National Title will mail your policy to you.
PROPERTY TAXES. You may not receive a tax statement for the current year on the home you buy; however, it is your obligation to make sure the taxes are paid when due. Check with your lender to find out if taxes are included with your payment.
IMPORTANT PROPERTY TAX DATES
Taxes for the first half of current year, January 1 through June 30:
Due on: October 1 of current year Delinquent on: November 1 current year
Taxes for the second half of current year, July 1 through December 31:
Due on: March 1 of following year Delinquent on: May 1 of following year
NOTE: YOU ARE RESPONSIBLE FOR PAYING THE PROPERTY TAXES ON YOUR HOME EVEN IF YOU DON’T RECEIVE A TAX BILL!
Copyright 2018 Fidelity National Title: Content cannot be edited or reproduced without written permission from Fidelity National Title. All content he re in is informational only and not intended to offer legal or financial advice.
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