Buyer/Seller Tools
What you will need at closing
The settlement is the culmination of buyers, sellers, agents, lenders and the title company working together. Below you may download checklists to help you arrive prepared.
Home Buyer's Checklist
We would like to congratulate you on the purchase of your home. This checklist serves as a guide to explain and assist you through the settlement process. Please, feel free to contact us if you have any questions or concerns.
You have found the perfect house and now it is about to become yours! Let’s prepare for the purchase:
- Utilities – Contact your present provider and notify them of your move date. Determine who will be your new provider, enabling you to contact them before your move in date.
- The Funds – Will you have a lender? Will you be sending proceeds from a sale? Please let us know.
- The Forms – Please complete them and return them to us, to ensure correct information.
Time for settlement- It is time to sign.
- Valid identification – At settlement we will need to see valid identification for all parties signing. Passports, driver’s license or state issued Ids are acceptable forms.
- Settlement Funds – We accept cashier’s checks, wire and personal checks (not to exceed $2000.00) made payable to FGTE. Contact us for wiring instructions.
Call – If you have further questions – we can be reached at 703-494-4000.
Home Buyer Guidebook
Home Buyer Checklist
Forms for Buyers
Owner’s Title Insurance
Policy Comparisons
Wire Fraud Warning
Home Seller's Checklist
You love your home, and now it is time for someone else to do so! There is a process for selling and forms that are required to do so. This checklist is provided as a guide for you to use:
- Please complete the forms that are sent to you from FGTE. It is very important that the identification that you are providing, matches the names on the paperwork.
- If FGTE is obtaining payoff on your behalf, please sign the authorization that will be required for us to do so.
- Provide a list of all liens to be satisfied. Include account numbers, lien holders’ names and correct mailing addresses.
- Coordinate with your realtor, the final walk-thru time. (This is important, utilities should be on to facilitate this walk-thru.)
- When arriving at settlement be prepared to present a current valid picture ID.
- Should you wish to have proceeds wired to your account, present a check or deposit slip that shows all account holders names and valid account numbers.
Home Seller Checklist
Forms for Sellers
What to expect during closing
After all of the documents have been signed, the deed and the deed of trust will be recorded in the county or city land records. The signed loan documents will be sent to the lender. Funds will be distributed to all entitled parties. Upon the title company’s receipt of the deed and deed of trust, the title policies will be issued. The purchaser will receive the deed and, if purchased, the owner’s policy. The lender will be sent the deed of trust and the lenders’ policy.
What are some of the documents that you will see at the settlement?
NOTE
The note is the document that stipulates the terms of the loan. The fixed rate note contains the loan amount, interest rate, length of loan, first and last payment dates, and late payment penalty. If the loan has an adjustable rate, the note will show the adjustment dates and calculations, to include the minimum and maximum rates during the life of the loan.
Deed of Trust
A deed of trust is an agreement between the home buyer and the lender and is signed at the closing date for the property. It stipulates that the lender will hold legal title to the property until the buyer has paid the debt in full. Three parties are involved in the Deed of Trust – The Truster (the borrower) the Trustee (a third party who will act on behalf of the lender to collect the debt and reclaim the property, should the loan default) and the Beneficiary (the lender). To qualify as a legally binding document, the deed of trust needs to include the original loan amount, legal description of the property, names of all parties involved, the date of the loan and its maturity date, fees, riders, and the terms of default.
Deed
The signing of the deed will transfer the property from the sellers to the purchasers and will be recorded in the county or city land where the property is located. The deed will show the new owner of the property.