Closing Date and Purchase Agreements

Melissa Hermanby Melissa Herman-Michigan Branch Manager

Some concerns have been growing regarding Mailout closings and pre-signing with Buyers. As we all know, there have been many changes taking place in the financing world. One area we have seen change is in the lender’s ability to allow for pre-signing. Though it is not all lenders, many have changed their policy and do not allow for their Borrower’s to pre-sign closing documents. This requires them to sign all documents the day of “closing”.  This results in the Buyer not being able to return the loan package back to us until the following business day at the earliest.  This change affects all parties involved as the actual disbursement will not happen on the closing date.  Impacts range from Seller’s not receiving their sale proceeds timely, Seller’s mortgage payoffs requiring additional days of interest beyond closing, possession questions, and check disbursements delayed to all involved. If this issue comes up at the last moment, all parties are caught off guard and not happy.

Access Title Agency has pledged to communicate proactively with the Buyer’s lender once we find out that we have a mailout closing.  We will inquire as to their procedure to assess the timing and disbursement of your file and then notify all parties to the transaction.

Keeping you in the loop and informed!

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