Stanley & Rainey, P.C.

Common Issues

Who will need to be present at my closing?

The simple answer is that anyone who has an interest in the property will need to be present at the closing. This includes anyone who in on the title to the property. We are often asked if a non-owning spouse must attend the closing. The answer to this question is typically "yes". There are some situations where a non-owning spouse does not need to attend the closing but it is the better course to assume your spouse will need to be present.

When will I know how much money will be needed for my closing?

Our office works diligently to give our clients the amount of funds needed for a closing at the earliest possible time. Oftentimes, due to the many variables involved with any particular closing, we are not able to provide exact figures as early as we would like. Do not hesitate to contact our office to request an estimate of funds that will be needed for your closing and we will do our best to provide you with an estimate based on the information we have. In the event that we are unable to provide you with the exact amount you need to bring, we recommend that you bring the amount shown on your good faith estimate provided to you by your lender.

What type of funds will I be required to present at my closing?

Be prepared to bring "Good Funds." Good funds are most commonly provided by a cashier's check or wire transfer. While a cashier's check was the most common way of providing good funds in the past, it is becoming more and more common to provide good funds by way of a wire transfer.

Should I get a Survey?

If you are purchasing a property, we always recommend you procure a survey. A survey will show you exactly where the improvements are situated on the property you are purchasing . A survey will help you to determine whether there are any setback or property line encroachments as well as show you the location of recorded easements. While the majority of surveys we review do not reveal any significant issues, once you purchase the property, you have also purchased the problems that may have been discovered had a survey been ordered.

What is title insurance?

The purpose of title insurance is to insure that you and/or your lender have superior rights to the property that is being purchased and/or used as collateral for your loan. Although there is a thorough check conducted of the public records in order to determine the status of title to the property, there are some issues that may not be discovered or that may not be discoverable by looking only in the public record. Title insurance protects your and/or your lender's investment in the property.