Home > Resources > A Broker's Checklist

A Broker's Checklist

Welcome to Amerititle! We are pleased to have been selected to conduct the above referenced real estate settlement. Our goal is to provide the best possible service we can, and to ensure that the closing process is as smooth as possible.

We have an experienced staff of attorneys and legal assistants who are available to help you and answer your questions. Please do not hesitate to contact us for assistance. We have enclosed a summary of the process to answer the most commonly asked questions.

Once you or your client has faxed us the ratified contract, you will receive a telephone call from one of our Settlement Processors about the following:

• Scheduling the Settlement Date and Time: the contract probably specifies a date by which you should close; after consulting with the buyer, seller, the other agent, and lender, please schedule a Settlement Date with us (the end of the month is especially popular - so schedule early);

• Listing Agreement: remember, we do not have a copy of your listing or broker agreement unless you send it to us; we will assume it is a 3%/3% commission split unless you tell us otherwise; if your firm charges any special fees which you need us to collect at closing, please let us know;

• Contract Terms: if there are any special conditions in the contract, or amendments to the contract, please let us know (i.e. special closing cost contributions or credits, tax abatement provisions, etc.);

• Earnest Money Deposit: if your firm has an earnest money deposit in excess of your commission, please bring a check to settlement made payable to "Amerititle, Inc." (interest should be made payable directly to the Purchaser);

• Termite Report: most DC contracts require the Seller to provide this; please provide us with a copy as soon as it is received and bring the original to closing;

• Condominium Documents: under DC Code Section 45-1871, a Seller must provide certain condominium association documents (at their expense) to the Purchaser; please ensure your Seller has done so (the law requires the Condominium Association to provide those within ten days of a request from the Seller); if we need to pay your or the Association on the Settlement Sheet, please let us know;

• Tenants' Rights: please ensure that the Seller has complied with all of the DC Code tenants' rights provisions;

• Homeowner's/Condominium Insurance Policy: please ensure that your client has provided the policy and paid receipt to the lender;

• Water bill: we will order a final water bill reading for the day of settlement; we normally hold a $300 water escrow from the Seller's proceeds (unless you advise us otherwise); when the final water bill comes in, it should be sent to Amerititle so we may pay it and refund any balance to the Seller;

• Utilities: please advise your clients to notify their utility companies of the date of their move;

• Powers of Attorney: if your client cannot be present for the settlement, please advise them they will have to sign a Power of Attorney prior to closing to allow someone to sign for them. If you do not want to be designated, please advise your client to choose an appropriate party. This document has to be specially prepared (we can do it for them), signed by a Notary and the original presented at settlement for recording;

• Survey: most lenders require a survey for a house purchase (not a condominium); if your contract requires one, let us know - we will order it for you;

• Title Search/Title Insurance: we will order a "title search" of the property, check the property taxes and ensure that the Sellers have a clear and insurable title so that we can issue the Purchaser and the lender a title insurance policy; title problems are surprisingly common in the District of Columbia; listing agents should advise the Sellers to provide us with a copy of their owners' title insurance policy to help us solve any title problems quickly;

• Property Taxes/Condominium dues: listing agents should ask the Sellers to provide proof that they have paid their property taxes and/or condominium dues;

• Good Faith Estimates: if you or the Purchaser faxes us the good faith estimate of closing costs, we will plug those figures into a draft HUD-1 "Settlement Statement". We will then give you the estimated amounts of money each side shall bring or receive;

• Closing: prior to closing, please check with us and the lender to make sure your clients have provided us with the following:

• Purchasers need a Cashier's Check (for their final settlement figure); we often don't get final figures from the lender until the day before or even the day of closing; we require a Cashier's Check made payable to "Amerititle, Inc."; if a Purchaser needs to get a cashier's check or wire money in advance of the closing, we advise them to rely on their "good faith estimate". Please advise Purchasers to bring a personal check to closing; if their final costs are higher than expected, we will accept a check for the difference (up to$1,000); if their costs are lower than expected, we will cut them a check for the difference at the closing;

• Seller's voided check/Wiring instructions: if Sellers wish their proceeds to be wired, please advise them to bring a voided check or wiring instructions;

• Driver's license or picture ID: our notary requires these for all signatories;

• Special Documents: please check to see if we or the lender need any special documents at closing (tax receipts, tax returns, pay-stubs, bills, etc.)

• Parking/Metro: there is ample parking behind our building (enter from Garrison Street), and we validate parking; if you take the metro, we are one and a half blocks south of the Jennifer Street exit of the Friendship Heights metro station;

• Commission Checks: we will cut your check at the table.

• Special considerations: just let us know!

We will try to make this process as pleasant for you as possible. We look forward to working with you and, if you need any assistance, please just let us know.