Tips from GPSSF Section Publications

 

Here’s a valuable tip from a recently published book from the ABA GPSSF Section.

Postclosing Checklist for Real Estate Transactions
After the closing ceremony, the closing lawyer has a number of responsibilities. Use the following as a postclosing checklist:

  1. Mail, or send by overnight courier, the payoffs, requesting cancellation of the mortgage or deed of trust of record.
  2. Forward warranty deed and new mortgage or deed of trust to the property chancery clerk’s office, along with a check for recording.
  3. Mail or deliver closing package to the mortgage company immediatelyfollowing closing.
  4. Pay miscellaneous items on behalf of the borrower and seller (wood infestation report, survey, and so on).
  5. Mail referral “thank-you” letter.
  6. Update title search immediately after instruments have been recorded.
  7. Forward recorded warranty deed to new owner, advising owner that he or she will need it if he or she intends to file for homestead exemption benefits.In loan assumption transactions, mail a copy of the record assumption warranty deed to the mortgagee.
  8. Forward the recorded mortgage or deed of trust to the mortgage company, along with the title policy.
  9. When an authority to cancel, a release, or a cancellation on the loan you laid off is received, forward it to the recorder’s office after checking for proper acknowledgment. Forward any former loan papers to the seller or keep them in your file.

From Real Estate Closing Deskbook: A Lawyer’s Reference Guide & State-By-State Summary, Second Edition.

http://www.abanet.org/abapubs/books/5150289

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