CLOSING FUNDS: Funds collected at closing need to be in the form of a bank or certified check payable to Summit Title Services Corp. If you prefer, you may have the check made payable to yourself and sign it over at closing. HOMEOWNERS INSURANCE: You will need to arrange to have a hazard insurance policy in place at the time of closing. If you are financing your home, you will be asked to provide us with a binder and paid receipt for the first year’s premium at least one week prior to closing. Please refer to your lender’s loan commitment letter for the mortgagee clause that must be included on the binder. Homeowner’s insurance coverage needs to be in an amount at least equal to the total of the mortgage(s) on the property or it must contain provision for 100% of the replacement cost of all insurable buildings and other improvements. PROOF OF IDENTITY: Please remember that you must bring a valid drivers license or passport with you to the closing for proper identification. The closing cannot take place if you do not have this identification with you. TRANSFER TAXES. The State of New Hampshire's transfer tax (or tax stamps) on residential real estate transactions is $15.00 per thousand dollars of the selling price of the property. This fee is paid at closing and is customarily divided evenly between the buyer and seller. Summit Title does require the purchase of an Owner’s title insurance policy in connection with cash transactions. Summit Title Services Corp, 166 South River Road, Bedford, New Hampshire 03110
You have the right to choose your settlement service providers.
At Summit Title our service is top-notch.
As soon as we are selected as your settlement company, we immediately start the closing process by initiating the title search. We will also send letters to all parties involved in the transaction requesting certain information and documentation. It is important that the information requested be returned as soon as possible so we are ready to close on time.
What you should know before closing......
TITLE EXAMINATION: A thorough title examination is an essential part of the settlement process. Once our search is complete we will provide your lender with a commitment to issue a title insurance policy. However, should we uncover any title deficiencies or defects as the result of our title search, these will be listed as exceptions on the commitment. We then will work closely and diligently with the necessary parties to resolve the issue(s) in the most expeditious manner so as not to delay the closing.
TITLE INSURANCE: Lenders require a title insurance policy in the amount of the loan because they know that even the best title search and examination cannot protect them from matters not appearing in the public record. Although you are not required to*, we do recommend that you also purchase an Owner’s Title Insurance Policy to insure your own interests. Should you have questions about, or if you would like more information regarding, title insurance give us a call and we will be happy to help.
UTILITIES: Proration of fuel, water and sewer bills is the responsibility of the buyers and sellers. Arrangements should also be coordinated and arranged for the transfer of telephone, cable, and electricity services.
Phone: (603) 644-4747 Fax: (603) 644-4848
