To ensure a smooth completion of your purchase, a few crucial items must be provided prior to your closing date or during your appointment to sign the final escrow papers.
Pay your home insurance premium into escrow
Your lender will require that the first year of homeowner’s insurance premiums be paid into escrow. Prior to closing, you will need to provide your Escrow Officer the insurance agent’s name and phone number so a copy of the policy can be forwarded to the lender. If you are purchasing a condominium, verify with your real estate professional whether your insurance is paid via your homeowners’ dues.
Determine how you want to hold title
- Read Common Forms of Vesting Titles and decide how you wish to hold title to your new home. Consult an attorney, a tax consultant, or other qualified professional if you have any questions.
Select form of escrow and closing payments
- In order to close, you will be required to transfer funds to your escrow account in the form of a cashier’s or certified check or wire transfer. Please make your payment payable to Doma in the amount indicated by your Escrow Officer to cover the necessary funds to close escrow. A personal check is not acceptable to close escrow, as it is required by law to verify “good funds” before disbursing payments from escrow. To satisfy this legal stipulation, you will be asked to provide a cashier’s check or wire.
Show up with current government issued photo ID
- We cannot stress enough; you must have a current government issued photo ID in order to close. One (or two depending on where you live) of these forms of ID must be presented at the escrow signing for the signature to be notarized:
- Department of Motor Vehicles driver license
- Department of Motor Vehicles identification card
- Any other state-approved identification with a photograph, description of the person, an identifying number and a signature of the person
You must have 1-2 current government issued photo ID’s in order to close. Confirm with your title company how many you need for your state.
FRAUD WARNING: Doma will require independent confirmation for any written instructions, amendments, or revisions thereto, from buyer or seller relating to wires. If you receive wire instructions from Doma that deviate from wire information you have previously received or been given by Doma, please contact your Doma settlement officer immediately.
This article is part of the Home Buyer Guide.