Your Comprehensive To-Do’s for Selling
- If you presently have a mortgage on your property we will obtain a written “payoff demand” letter from your lender. Please provide us with your social security number and your lender’s name, telephone number and account number. In addition, keep us informed if we are to pay off a home equity line or other loan. Please do not “draw” on the line after today without letting us know. Payoffs often take your lender 5 business days to process.
- If you have a copy of the title insurance policy and survey you received when you purchased your property, please send us both by facsimile to (202) 296-8146.
- If the property is a condominium, please supply us with the name and address of the management company/agent to whom you pay your condo fees, along with your account number.
- Please call us with the social security number of each seller (or the Tax ID number, if a seller is not an individual).
- We assume that each seller will attend settlement in person. Please let us know if any seller will not be attending settlement so a power of attorney can be drafted for your use or so we can arrange document signing in advance of closing.
- Please make sure the termite inspection report gets delivered to us, the buyer’s agent, and lender.
- We will order a title report on the property showing all recorded liens, defects and other potential problems in the chain of title. We will contact you immediately if there are problems with your title. Make sure we know where to reach you if you are traveling.
- You should advise all appropriate utility companies of the sale (e.g. gas, electric, telephone, cable). Check with us regarding water and sewer as they are handled differently than other utilities.
- Advise your homeowner’s insurance company of the closing date and request a pro rata refund of your hazard insurance premium. It is suggested that you keep the coverage in place for 48 hours past closing.
- When we pay off your mortgage, your mortgage company must, under law, refund to you any escrow/reserves they may be holding or overpayment they may receive. Note on your calendar a date three weeks after settlement to confirm you have received these funds.
- Please bring your house keys, garage door openers, warranties on new appliances or information on the alarm system, if applicable, to settlement. If you prefer, warranties and information may be left in the property, however, the location should be relayed to the buyers.
- When will we actually close? Everyone will work towards settling on the target date selected by buyer and seller. But, settlement cannot legally take place until we have collected documents from many sources, including the county recorders office, the taxing authorities, surveyors, and buyer’s lender. At times, sellers come into our offices early to sign the deed and other recording forms, avoiding any inconvenience. We are glad to assist if you wish to sign-off early on your documents which will be held in escrow until the buyer fully performs.
- When will you get your sales proceeds? “Settlement” will occur only when we have all of the required documents, all required funds, and have checked with the recorders office to make sure that nothing clouds title. In many occasions we are able to disburse the day of closing (all funds in our account, all documents signed, funding is authorized, we can meet the wire cutoff time). If the buyer brings certified funds to the table to clear our account over night or if there is a delay in recording, we will disburse the following day. In Virginia, it is required by law that the transfer is recorded prior to disbursing.
- How will you receive your money? We can courier you a check, or you may come by after settlement (next business day, normally) and pick up an Avenue Settlement Corporation escrow check. Wires can be arranged for an additional $35.00 fee.
- Please bring a photo identification to settlement (this is required by our title insurance underwriter).
- Street parking or garage parking is available near our offices. We do validate parking at our 2401 Pennsylvania Ave NW office if parking in the building (entrance is on L Street). Please call us for directions. Please drive carefully.