At Peak Title Professionals, every transaction begins with information sheets. The information contained in these sheets helps determine the kinds of actions the processing team needs to take, as well as the timelines. It is important that you fill out your information sheet quickly and accurately so that we can get started.
In this article, we’re going to go through the Borrower Closing Information Sheet (“borrower’s info sheet”), why the data you provide is important, and when we typically use this information.
The first section of the buyer’s info sheet is the buyer’s information. This section asks for typical personal information, such as name, phone number, and email address. If the buyer is an entity, it will ask for the name of the entity, the authorized signatory, or signatories, for the entity, and the entity’s address.
This section also contains a few more pieces of more sensitive, but very important to the process, information. These include social security numbers (SSNs). In the case of entities, you will be asked for the employer identification numbers (EINs). We use these numbers to correctly identify you during the process.
This helps to ensure we’re looking at the right records and pulling the right financial information. We store this information in a secure, encrypted database to ensure that your privacy is always protected. For more details, check out our privacy policy.
Second, for individuals, we ask about your marital status. This information is very important to determine whether the transaction will affect the title interests of multiple people. In certain states, if the borrower is married, title is required to vest in the names of both spouses. If the property is located in one of these states, any financing may burden the spouse’s interest as well as the borrower’s interest.
We also need to know whether the marital status of the borrower has changed since the original purchase of the property. If the property was purchased prior to the marriage, it could impact whether the spouse has an interest in the property and/or will be burdened by any new financing.
The next section asks about the property being purchased, including the address of the property. There are two important questions here.
The first question is whether the property will be used as a primary residence. How the property will be used affects certain requirements, including financial requirements, of closing. Knowing this information up front will help make settlement and closing more straightforward. If the property is not used as a primary residence, you will need to provide the address of your primary residence.
Certain states and lenders may require a survey to be completed before closing. In these cases, an existing survey may satisfy these requirements if it was completed within a particular time period. Assuming you have not changed anything about the exterior of your home or the property, that existing survey may be enough, which would remove one step from the closing process.
Where allowed, Peak Title Professionals, uses approved mobile notary services to allow you to close. If this is available for your transaction, you will simply need to provide a convenient address. We will then send a mobile notary to you on the closing day.
If you will not personally attend closing, we may need a power of attorney so that someone has the authority to sign on your behalf. Powers of attorney must be reviewed and verified prior to closing so it is important you alert us at the beginning of the transaction if a power of attorney will be used, otherwise your closing could be delayed.
In this section, you are agreeing that all the information you have provided is true and correct. This is important because we are going to use the information you provide to conduct closing. If the information is not accurate, we could run into problems closing your transaction.
Before you sign this section, please carefully review your answers. Make sure everything is spelled correctly and you have not omitted any important information.
To close your refinance, we will need to interact with, obtain information from, and share information with your lender. This document authorizes us to communicate and pass data back and forth to your lender in order to close your transaction. Without this authorization, we will not be able to accomplish all the tasks necessary to close your transaction.
If you are paying off certain liens or mortgages as part of the closing settlement, it is important that we are able to communicate with and disburse funds to those lenders/lien holders. This section allows us to communicate with them, obtain any necessary information, and disburse funds to them.
This section authorizes us to send refinance proceeds to you by your preferred method. We are able to wire the money directly to your account if you fill out this form, which will make it much easier for us to ensure that you receive your funds. An attorney will handle your disbursement where required by law.
We will need this information prior to closing. While it is not required to provide this information at the beginning of the process, it is highly recommended. Additionally, if the proceeds are under $500, and you do not choose wire transfer, the check will be mailed using the United States Postal Service, rather than Fedex.
The information in this info sheet will set the tone for how your closing will progress. If you provide us with accurate, complete information, we will have a much easier time processing your transaction and closing your purchase. If we have incomplete information, certain tasks may take longer or require your engagement to accomplish.
If you have any questions about the information we are asking for, please feel free to reach out to us here.
The information provided in Peak Title Professionals, does not, and is not intended to, constitute legal advice. All content is for general informational purposes only and is not intended to provide a complete description of the subject matter. Specific processes will vary based on applicable law. The title and closing process will be handled by a third-party attorney to the extent required by law. Product offerings vary by jurisdiction and are not available or solicited in any state where we are not licensed.
