Entity sales for non-individual sellers

By January 23, 2013 Sell

Must-know info for home sellers

To prepare for settlement, we will need several pieces of information well in advance of closing. To ensure a smooth settlement, please take a moment to review this page.

Under contract?

We encourage you to use our Sellers Calculator tool to better prepare for your upcoming closing. This tool offers a comprehensive breakdown of all closing costs including agent commissions, transfer/recordation taxes, payoffs, etc.

Individuals using Power of Attorney

Note Fannie Mae recently issued new restrictions on use of Power of Attorney. Please read this article and contact our office with any questions.

If you must use Power of Attorney, please contact us.

READ MORE: Power of Attorney Pitfalls

Other required documentation

If the property is owned under one of the following types of ownership, our office will require the following documents at least 5 business days prior to closing.

  • Copy of Last Will & Testament of decedent (if any)
  • Copy of Letters of Administration and Death Certificate
  • Name, address and phone number of Attorney for Estate (if any)
  • Proof of Death in the form of a death certificate of any co-owner whose interest is transferred immediately to you upon his/her death

Power of Attorney CANNOT be used when title is held in the name of an Estate.

  • Copy of Articles of Incorporation
  • Copy of Corporate Resolution (authorizing signatory)
  • Copy of Certificate of Good Standing (current within 6 months)
Limited Liability Companies
  • Copy of Articles of Organization
  • Copy of Operating Agreement
  • Copy of Certificate of Good Standing (DC / MD) or Certificate of Fact (VA)
  • Copy of Company Resolution (authorizing signatory)
Revocable/Irrevocable Trusts
  • Copy of Trust Agreement and all addenda
    (Please contact us if you’re unable to fax all pages.)

Power of Attorney CANNOT be used when title is held in the name of a Trust.

If participating in a 1031 (Reverse or Starker) Exchange
  • Provide the name and contact information of your Exchange Agent/Qualified Intermediary so we can coordinate 1031 Exchange documents and proceeds transfer.
READ MORE: Reverse or Starker (1031) Exchange

Reminders for settlement

  • Call your various utility companies and let them know the date of settlement.
  • Each person named on the title must attend closing and bring photo identification.

    NOTE If a scheduling conflict arises, contact us to make arrangements to sign the settlement documents in advance.

  • Be sure to bring all keys to the property to your closing appointment.
  • If you are able to locate your owner’s title insurance policy and/or location survey, please fax (202-362-5901) a copy to our office.

If you have any questions regarding any of these services, please contact us by email, or call us at 202-362-1500.

Updated 11-19-2014 | Information is reliable but not guaranteed.

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