Residential Closing Information

What Happens at the Closing:

After the title work is completed, your file will be assigned to one of our closing paralegals. Your closing attorney will act on behalf of your mortgage lender and will orchestrate the signing of numerous documents. Usually, the purchaser(s) or borrower(s) will sign a:

Promissory Note – The “IOU” which specifies the borrowed amount, interest rate, and the time in which the debt will be repaid.
Security Deed – The deed that allows the lender to foreclose on the property if the borrower fails to repay the debt. The Security Deed is recorded with the County.
Closing Disclosure and other lender documents.

The seller will sign a deed transferring title to the property to the purchaser. The Settlement Statement, also known as a closing statement, will provide all details of the transaction, including the amount that the purchaser/borrower needs to bring to the closing and the amount of the seller’s sale proceeds.

Read below for important information regarding your closing. Please note that all signing parties must bring a form of photo identification (preferably a driver’s license) to the closing.

Funds: We accept personal checks from borrowers for amounts up to $5,000. PLEASE NOTE: We require all cash to close to be in the form of a wire transfer or a cashier’s check made payable to Newton Law Firm of Clemson, LLC. Our wire instructions are available upon request.
Powers of Attorney (POA): We will happily prepare a Power of Attorney for any party that is unable to attend the closing. All POAs must be signed in the presence of a witness and a notary public who will affix a notary seal. We require that the document is sent to us upon completion along with a copy of the party’s driver’s license. The original POA is required at closing. Many lenders require the POA in advance for approval, so please let us know as soon as possible if a POA might be required. Our fee for preparing a POA is $50.
Mail-Outs: We can mail out or email out closing papers to buyers and/or sellers who are unable to attend the closing for an additional fee. Sufficient notice is imperative in order to prepare the documents and have them returned to our office by the closing time. We also require that you send a copy of your driver’s license. Please contact our office as soon as possible if your closing will be a mail-out.
Corporations/Companies/Trusts: If the title to the property is vested in the name of a corporation, company, or trust, we require a copy of all pertinent documents, including the Operating Agreement, Articles of Incorporation, Trust Agreement, etc., as well as tax identification numbers. These items are required in advance or we will be unable to close.
Agents: Please be sure to provide us with all contract agreements and the commission agreement well in advance of the closing date. If there is a Homeowner’s Association involved, please provide us with the best contact information for the HOA.
Other Special Circumstances: If your closing will involve a 1031 Tax-Free Exchange or any other special circumstances, please let us know as soon as possible. If you are an out-of-state investor or a foreign seller, please also alert us as we will need to make sure we address any tax implications before the closing.

If you are buying a home:

Congratulations on buying your new home! Newton Law Firm is thrilled to help guide you through the closing process and celebrate this milestone with you. Below are the steps you need to take to prepare for your closing.

Obtain your lender and fulfill their requirements for your loan. Remain in contact with your lender and your realtor as you go through the mortgage process. If there are changes to the sales contract, be sure to provide them to the lender and to our office as soon as possible.
Select a hazard/homeowner’s insurance company. Decide if you will pay the first year’s premium before closing, or if you prefer for it to be collected at the closing. Be sure to provide proof of coverage to the closing attorney’s office before the closing date. You will need to bring your driver’s license to the closing.
Make the arrangements to transfer your required funds for closing. Your Closing Disclosure will help you determine the amount you will need to bring to closing. We will provide you with a more accurate amount near your closing date.
If your cash to close will be more than $5,000, please wire your funds to our account. Our wire instructions are available upon request. Check with your banking institution well ahead of your closing date as some banks take up to one week to complete a wire transfer. You will need to initiate your wire transfer in plenty of time to have your funds reach our account before your closing date.
If your cash to close is less than $5,000, you may bring a personal or cashier’s check made payable to Newton Law Firm of Clemson, LLC. Please note that we cannot accept checks made payable to the buyer.
Lender’s Title Insurance is required by all mortgage lenders. However, Owner’s Title Insurance is a small, one-time charge for the protection of one of your largest investments, as well as peace of mind. The insurance will protect the owner against any defects in title which may not have been detected by the title exam.
While many mortgage lenders no longer require surveys for real property purchases, we strongly recommend that all home buyers purchase a survey for their new home if one is not obtained during the title search.
If you are unable to attend your closing, please let us know if you want to set up a mail-away closing or if you would like to sign a Power of Attorney and have someone come to the closing to sign as your designated Attorney-in-Fact. Also, if only one spouse will be on the loan and you want to add your spouse to the title, please let us know so we can prepare a deed for you to sign at the closing.

Buyers Checklist

Obtain a lender & fulfill loan requirements.
Select a hazard/homeowner’s insurance company.
Provide proof of coverage to closing attorney’s office prior to closing date.
Make arrangements for transfer of funds for closing.
If cash to close amount is greater than $5,000, funds may be wired to our account. Our wire instructions are available upon request.
If cash to close amount is less than $5,000, you may bring a personal or cashier’s check made payable to Newton Law Firm of Clemson, LLC.
Obtain Lender’s Title Insurance.
Decide if you want to purchase Owner’s Title Insurance (Note: we highly recommend purchasing an Owner’s Title Insurance Policy).
Notify us if you are ordering a new survey.
Sign a Power of Attorney or mail-away closing if you are unable to attend your closing.
Notify us if your spouse is not on the loan but needs to be added to the title.
Be prepared to bring photo identification to closing.

If you are selling a home:

Whether you are an empty nester that is downsizing or you are selling your home due to relocation, we are here to help you navigate the closing process so you can focus on the next chapter of your life. Below are the steps to follow to prepare for your closing date.

Keep in contact with your realtor and us while you are waiting to close. Provide copies of any changes to the sales contract to our office as soon as possible. If your contract requires you to pay for repairs to the home, be sure to keep copies of all receipts and provide them to us as well.
We may email you forms which will need to be completed as soon as possible. A delay in providing needed information could result in additional fees from your lenders and/or homeowners associations for rush requests. Please provide us with the names, telephone numbers, and account numbers of any and all lenders that hold mortgages, loans, or equity lines on the property being sold. You will also need to provide social security numbers for all persons on the title to the property and those who are on the loans being paid off, as well as forwarding address information and telephone numbers for all sellers to our office.
If you are selling property located in a subdivision with a homeowner’s association, the name and contact information for the association will be needed. The amount of yearly dues and the status of the dues will be confirmed with the association, and in some cases, the homeowner’s association will require that you pay for that statement of account up front.
A driver’s license or another form of government-issued photo identification is required of all sellers. If you are bringing funds to the closing, funds may be wired to our account. Our wire instructions are available upon request
If you will be receiving proceeds from the sale of your property, please let us know if you would prefer a check at closing, or if you would prefer that the proceeds be directly wired into your account. If you prefer a wire, please use the form that we will provide.
If the property you are selling is vested in a company or trust, there is additional information we will need to collect. Please have your trust agreement, operational agreement, and/or articles of incorporation available to provide to our closing attorney for review. If you are unable to attend your closing in person, please let us know whether you want to set up a mail away closing or if you want to sign a Power of Attorney designating an Attorney-in-Fact to come to the closing and sign on your behalf.
If you are receiving proceeds from the sale of an investment property and are not a resident of South Carolina, please let our closing attorney know so that we may discuss potential tax implications with you.

Seller’s Checklist

Maintain copies of any changes to the sales contract and provide to our office as soon as possible.
If your contract requires you to pay for repairs to the home, keep copies of all receipts and provide them to our office as well.
Complete any and all documents we need as soon as possible.
Provide us with the names, telephone numbers, and account numbers of any and all lenders that hold mortgages, loans, or equity lines on the property being sold.
Provide us with social security numbers for all persons on the title to the property and those who are on the loans being paid off, as well as forwarding address information and telephone numbers for all sellers to our office.
Provide the name and contact information for the homeowner’s association to our office, if applicable.
Bring a driver’s license or another form of government-issued photo ID for the closing.
Wire funds for the closing to us, if applicable.
Notify our office if you prefer a wire or check if you are receiving funds from the sale at closing.
If you prefer a wire, please use the form provided by Newton Law Firm of Clemson, LLC.

If you are refinancing:

Refinancing offers a number of benefits to homeowners, and when you’re ready to take advantage of better interest rates, Newton Law Firm of Clemson, LLC, is here to help. Our attorneys will guide you through the process to ensure your closing is an efficient, professional, and personalized experience. Use our guide below to prepare for a refinancing closing.

Obtain a lender and fulfill the requirements for the loan. Contact your closing attorney to provide payoff lender information including account numbers, telephone numbers, and social security numbers for all borrowers on any loans being paid off.
Bring a driver’s license or another form of government-issued photo identification to your closing.
Make the arrangements to transfer your required funds for closing. Your Closing Disclosure will help you determine the amount you will need to bring to closing. We will provide you with a more accurate amount near your closing date.
- If your cash to close will be more than $5,000, please wire your funds to our account. Our wire instructions are available upon request. Check with your banking institution well ahead of your closing date as some banks take up to one week to complete a wire transfer. You will need to initiate your wire transfer in plenty of time to have your funds reach our account before your closing date.
- If your cash to close is less than $5,000, you may bring a personal or cashier’s check made payable to Newton Law Firm of Clemson, LLC. Please note that we cannot accept checks made payable to the borrower.

Refinancing Checklist

Obtain a lender and fulfill loan requirements.
Provide the closing attorney with payoff lender information for all borrowers on any loans being paid off. This should include:
- Account numbers
- Telephone numbers
- Social security numbers
Make arrangements for transfer of funds for closing.
If cash to close amount is greater than $5,000, funds may be wired to our account. Our wire instructions are available upon request.
If cash to close amount is less than $5,000, you may bring a personal or cashier’s check made payable to Newton Law Firm of Clemson, LLC.
Bring your driver’s license or another form of photo ID to the closing.

Please do not hesitate to call or email us if you have any questions about your closing.