Buyer Closing Order (Unrepresented)

  • Buyer Closing Order (Unrepresented)

  • Are you a Broker acting on behalf of the Buyer, or are you the Buyer? NOTE: Even if you are the Agent filling out the form for the Buyer, Buyer must be selected for the proper fields to populate.*

  • BUYER INSTRUCTIONS

     

    The Buyer Closing Information Sheet is used to provide our office with enough information to begin the transaction.  It also helps faciliate the transfer of information to us in an orderly manner, in order to limit the amount of times we must request details about certain aspect of the transaction from you. 

    It also serves as a check against any information provided to us in the Purchase Contract, and to ensure that there is a common understanding of all of the terms and conditions of the Purchase Contract between the parties. 

    While we ask for certain documents to help us complete the transaction, if you do not have the information readily available, you can provide us with the requested documents at a later time. 

    Here are some further details:

     

    1.  FILLING OUT THE FORM:  Please ensure that when you are entering information into the fields, that you do not put information in all CAPS, or lowercase.  Please enter the information correctly.

    For example, do not put an name as "john smith," it should be typed in as John Smith.  Simiarly, the property address should not be written as "1234 main street," if should be written as 1234 Main Street. 

     

    2.  BUYER'S INFORMATION:  As stated above, the Buyer's Information is the most Important for you.  It is important that you ensure:

    A. All names are spellled correctly; 

    B.  If there is a middle name for any of the parties, that a middle name is spelled out in full.  The same is true for suffixes such as, Jr. Sr., III, etc.; 

    C.  That you upload any of the required documents if you have the documents readily available.  In the event you do not have the documents readily available, you can provide them to us later;

    D.  Each Buyer must have their own separate email and telephone number; and

    E.  Complete all the information contained in the form.

     

    3. DOCUMENTS/INFORMATION TO GATHER: You should have received an email from us with some additional documents you should have prior to filling out the Closing Information Sheet.  As a refresher, please ensure you have the following readly available:

    A.  Lender Information:  Contact information for your lender and a copy of your preapproval letter.  The contact information for your lender should be a direct email address and telephone number of your lender, not a general email address;

    B.  Cash Purchase Information:  Please have a copy of proof of funds, which should set forth that you in fact have the funds available.  Additionally, the proof of funds should also have contact information for the relevant financial instiution that is certifying the funds are available; 

    C.  Appraisals and Inspections:  In the event any appraisals and inspections have already been completed, please have the date of completion, and as well as any reports that were generated available; and

    D.  Property Occupancy:  In the event the property is occupied, please have copies of any leases, or other documents, provided to you by the current owner.

    Please Note: We will request other information from you, and also provide you with additional documents for your signature. This will be provided in a secure link.

    Again, in the event you do not have any of the information readily available, you can provide it to us at at later time. 

  • PROPERTY FOR SALE ADDRESS

  • What is the closing/settlement date (Buyer)*
     - -
  • Is there an HOA*

  • BUYER INFORMATION

  • Is the buyer an individual(s) or a corporate entity? (BE)*

  • ENTITY BUYER INFORMATION

  • What type of entity is this? (BE)*
  • Does the entity use a name such as a tradename or DBA when doing business, that is different than the registered name? (BE)*
  • Is the entity a foreign entity? In other words, is the entity registered in another state, or COUNTRY (COUNTRY not county), other than North Carolina or the United States? (BE)*
  • Is the foreign registration in another COUNTRY outside of the United States? (BE)*

  • BUYER ENTITY CONTACT INFORMATION

    Please provide the contact information for the officer/representative of the entity who will serve as the point of contact for questions concerning this transaction. NOTE: This individual should also have authority granted under the corporate resolution, amendments, or other agreements, as applicable, to enter into the transaction.
  • Format: (000) 000-0000.
  • Is the contact address the same as the address of the property being sold? (BEC)*

  • BUYER ENTITY MAILING ADDRESS

  • Is the mailing address for the entity the same as the point of contact address? (BECM)*

  • BUYER ENTITY ORGANIZATIONAL STRUCTURE AND DOCUMENTS

  • Is the entity a single member LLC? (BE)*
  • Is the entity contact a member or shareholder of the LLC? (BE)*
  • How many members does the LLC have, including the entity contact? (BE)*
  • How many members does the LLC have? (BE)*

  • Buyer Member 1

  • Format: (000) 000-0000.

  • Buyer Member 2

  • Format: (000) 000-0000.

  • Buyer Member 3

  • Format: (000) 000-0000.

  • Buyer Member 4

  • Format: (000) 000-0000.

  • BUYER AUTHORITY TO ENTER INTO TRANSACTION

  • Does the entity contact person have authority to enter into the transaction to buy the property? (BE)*

  • BUYER ENTITY NON-FOREIGN STATUS

  • Are any members of the entity, board members, or shareholders, or other form of ownership, non-US Nationals or lawful permanent residents? (BE)*

  • BUYER ENTITY DOCUMENTS

    In this section you will provide copies of any documents you have available which we will need related to the entity. In the event you do not have these documents readily available, don't worry, you will be able to provide them to us later. Just get to gathering them together.
  • Do you have a copy of the Articles of Organization and any amendments currently readily available? (BE)*
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  • Do you have a copy of your Certificate of Good Standing within the last 30 days currently readily available? (BE)*
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  • Do you have a copy of your Operating Agreement and all Amendments currently readily available. (BE)*
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  • Do you have a copy of your Roster of Members with certification that it is complete and currently readily available. (BE)*
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  • Do you have a copy of all resolutions, amendments, or agreements, granted the Entity point of contact with the authority to enter into the transaction, currently readily available. (BE)*
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  • INDIVIDUAL BUYER INFORMATION

    Note: Please include the full legal name for each party. For example, if your name is Elizabeth, don't use "Beth" as your first name. Also include the FULL MIDDLE NAME. Additionally, if there is more than one Buyer, please provide the contact information for the Buyer who will be the primary point of contact first.
  • How many individuals are purchasing the property? NOTE: If Buyers are married, even though only one spouse may be purchasing the Property, please select 2. (B)*

  • ****Each Buyer must have their own separate email address as well as telephone number.  We cannot use one email or telephone number for both****

  • BUYER 1 INFORMATION

  • Format: (000) 000-0000.
  • Date of Birth (B1)*
     - -
  • Buyer's Marital Status (B1)*
  • Is Buyer 1's Mailing Address the same as the property being sold? (B1)*

  • BUYER 2 INFORMATION

  • Format: (000) 000-0000.
  • Date of Birth (B2)*
     - -
  • Buyer 2's Marital Status (B2)*
  • Is Buyer 2's Mailing Address the same as Buyer 1? (B2)*

  • BUYER 3 INFORMATION

  • Format: (000) 000-0000.
  • Date of Birth (B3)*
     - -
  • Buyer 3's Marital Status (B3)*
  • Is Buyer 3's Mailing Address the same as Buyer 1? (B3)*

  • BUYER 4 INFORMATION

  • Format: (000) 000-0000.
  • Date of Birth (B4)*
     - -
  • Buyer 4's Marital Status (B4)*
  • Is Buyer 4's Mailing Address the same as Buyer 1? (B4)*
  • Which Buyer will serve as the Primary Point of Contact for the transaction. Don't worry, you don't have to scroll back through to identity the Buyer by number. The point of contact will populate with the name of the POC when you check a box. (B)

  • THE FOLLOWING BUYER WILL SERVE AS THE POINT OF CONTACT FOR THIS TRANSACTION:

  • MARRIED COUPLES AND BUYER CLOSINGS

    If married, both husband and wife must attend the closing, or in the case of a mail away packet, but parties must sign. If this is not possible, please let us know ASAP, so that we can prepare a Power of Attorney, or any other documents, and have it approved by your lender if lender approval is required.
  • Will both spouses attend the closing? (B)*
  • Will both spouses be located at the same location at the time of signing of the mail away lender packet? (B)*

  • SEPARATED COUPLES AND PURCHASING PROPERTY 

     

    Separation in North Carolina does not mean that you are able to freely purchase property without your spouse having an interest in the property.  As long as you are legally married, even if you are separated, your spouse has marital rights to your real property unless you both have signed an agreement to release your marital rights. 

    The agreement which needs to be drafted is known as a Freetrader Agreement.  A Freetrader Agreement is a legal document that allows a spouse to “freely trade” which includes purchasing real property after separation without needing to place the soon to be ex-spouse on the deed. Legally speaking, these Agreements allow a spouse to purchase real property in their own name, without creating a marital interest in the property or giving the other spouse rights to the property.

    There is no way around purchasing the property without your spouse having an interest in it.  Even if, you went to another closing attorney's office, and didn't disclose your marital status, or indicated that you were single, and were able to place the deed in your name only, your spouse would still have an interest in the property. (B)

  • Do you currently have a Freetrader Agreement in place? (B)*
  • Do you have a copy of your Freetrader Agreement readily available for upload? If not, don't worry, we an get a copy from you later. (B)*
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  • Would you like for our office to prepare a Freetrader Agreement for you? HIGHLY RECOMMENDED! (B)*

  • BUYING PROPERTY WHEN DIVORCED 

     

    One of the possible pitfalls you could face if you are divorced and purchasing property is that your divorce may not actually be finaized.  I know it sounds strange, but it happens.

    To be properly divorced under the law, you should have a final divorce decree.  This will ensure that you have protections in place when purchasing your property, and don't have to be involved in litigation where your former spouse attempts to exert some ownership rights.  

    While this may seem a little overboard, we just want to make sure you don't run into something down the road. (B)

  • Do you have a readily available copy of the divorce decree, separation agreement, other court order, or other instrument which gives full possession of the property to you, with full equitable interest in the property? If not, don't worry, we will get it from you later. (B)*
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  • BUYER FORWARDING ADDRESS AFTER CLOSING

  • Do you have a forwarding address after closing? (B)*

  • FORWARDING ADDRESS REQUIRED

     

    NOTE:  You must provide our firm with a forwarding address prior to closing.  As soon as you have a forwarding address, please provide the information to us so we can update our records. 

  • BUYER CITIZENSHIP STATUS

  • Are all Buyers US citizens or lawful permanent residents of the United States? (B)*

  • INFORMATION ABOUT THE TRANSACTION

  • OFFER TO PURCHASE AND ADDENDA

  • Please upload a copy of the Offer to Purchase Agreement, as well as any addenda relevant to the transaction. You must upload even if you have sent us a copy via email.

    When uploading the documents, each document should be their own separate attachement.  In the event you have combined the Offer to Purchase Agreement and Addenda into one document, don't worry, you don't have to go back and separate the Agreement into individual files, you can just upload it as one file. 

    NOTE: Please label the file in the following format: [Document Name] Buyer [Street Address] [City]

    For example:  Offer to Purchase Seller 1234 Main Street Fayetteville; FHA/VA Addendum Seller 1234 Main Street Fayetteville, etc. 

    Each place you are to upload documents throughout the closing process provides details on how to label them, you can cut and paste the template for each document to make it easier. 

  • Do you have a copy of the Offer to Purchase SIGNED by all parties*
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  • How many Addenda to the Agreement are there?*
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  • DUE DILIGENCE PERIOD

  • Is there a Due Diligence Period (B)*
  • Due Diligence Period End Date (B)*
     - -
  • Is Due Diligence Money Required (B)*
  • What is the date the Due Diligence Money is due? (B)*
     - -
  • Has the Due Diligence Money been provided to the Seller? (B)*
  • Has the Seller provided a receipt for the Due Diligence Money? (S)*
  • Do you have a readily available copy of the receipt for the due diligence payment such as a copy of a cancelled check, wire transfer, or some other documentary evidence showing payment? If not, don't worry, you can provide us with a copy later. (B)*
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  • EARNEST MONEY DEPOSIT

  • Is there an Earnest Money Deposit? (B)*
  • What is the date the Earnest Money is due by? (B)*
     - -
  • Have you already made payment of the Earnest Money Deposit to the Seller, or another Escrow Agent, or any other party other than our firm? NOTE: The Seller should not be in possession of the Earnest Money Deposit. The Escrow Agent should be in possession of the Earnest Money up until closing, or termination of the Agreement. If the funds have already been provided to another escrow agent, we will have to obtain custody of the funds (B)*
  • Which party have you provided the Earnest Money payment? (B)*
  • Is the Attorney's Office/Escrow Agent who is holding the escrow money, the same as the attorney office previously listed as the Seller's Attorney?*
  • Do you have contact information for the Escrow Agent? (B)*
  • Which contact/information about the escrow agent do you have? NOTE: You can select multiple. (B)*

  • HOW TO GET THE EARNEST MONEY DEPOSIT TO US

     

    If we are the Escrow Agent for the transaction, all Earnest Money Deposits will be transferred to us by wire transfer.  We will provide you with wire transfer instructions shortly via secure means.  Prior to transferring any money to our firm, you must sign the Engagement Letter you received.

    In the event you have provided the Earnest Money Deposit to someone else, and we are the Escrow Agent for this transaction, we will arrange to have the money transferred to our account, and provide you with documentation that we are in receipt.

    Do not attempt to transfer your Earnest Money Deposit to us until such a time as you receive wire instructions from us, and your letter of engagement is executed. (B)

  • BUILDER DEPOSIT

  • Is there a Builder Deposit?*
  • Builder Deposit Due Date (B)*
     - -
  • Have you paid the Builder Deposit? NOTE: We do not hold Builder Deposits. Builder Deposits must be provided directly to the Builder. (B)*
  • Date Builder Deposit Provided (B)*
     - -
  • Do you have a readily available copy of the receipt for the Builder Deposit such as a copy of a cancelled check, wire transfer, or some other documentary evidence showing payment? If not, don't worry, you can provide us with a copy later. (B)*
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  • ADDITIONAL EARNEST MONEY

  • Is there Additional Earnest Money*
  • PAYMENT OF ADDITIONAL EARNEST MONEY. Have you already made payment of the Additional Earnest Money Deposit to the Seller, or another Escrow Agent, or any other party other than our firm? NOTE: The Seller should not be in possession of the Earnest Money Deposit. The Escrow Agent should be in possession of the Earnest Money up until closing, or termination of the Agreement. (B)*
  • Date Additional Earnest Money Provided (B)*
     - -
  • ADDITIONAL EARNEST MONEY RECEIPT. Do you have a readily available copy of the receipt for the Additional Earnest Money such as a copy of a cancelled check, wire transfer, or some other documentary evidence showing payment? If not, don't worry, you can provide us with a copy later. (B)*
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  • INFORMATION ABOUT THE LENDER

  • Is this a cash transaction? (LC)*
  • Is there a preapproval? (LC)*
  • PREAPPROVAL LETTER. Have you submitted a preapproval letter to the Seller (LC)*
  • Do you have a copy of the preapproval letter readily available? If not, you can provide to us later. (LC)*
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  • Do you have a direct point of contact for your lender? (LC)*
  • Format: (000) 000-0000.
  • Is there an expiration date for the loan rate? (LC)*

  • SOURCE OF FUNDS FOR CLOSING

     

    As a practical matter, we must account for the source of all funds which are relevant to the transaction, and verify that the funds are coming from a proper source. This is especially true when a lender is evaluating where the funds are coming from. Generally speaking, all funds must come from you, from a bank account that you own. For cash deposits, there is generally a seasoning period for cash deposits of 60-90 days depending on the lender.

  • LOANS AND GIFT FUNDS. Will any of the funds provided, at or before closing, be the result of a loan, gift, or any other transfer of money to you within the past 6 months, whether you are obligated to pay it back or not? This includes funds that are from friends, family members, or any other third party NOTE: This does not include any money to be provided by the lender you previously identified? (LC)*
  • REPAYMENT OF FUNDS. Are you obligated to repay any of these funds, whether that repayment is to a financial institution, family member, friend, or some other third party? (LC)*
  • CASH AND OTHER DEPOSITS. Have you had any deposits in excess of $500, outside of bonuses, salary, commissions, etc, into your account within the past 6 months? This includes cash deposits. (LC)*
  • SINGLE OR JOINT BANK ACCOUNT. Is the bank account only in the name of all Buyers? In other words, are there any individuals whose names appear on the bank account which will be used to transfer funds. A common example would be a divorced buyer, whose spouse remains on the bank account; or a relative's name is on the bank account. (LC)*

  • BUYER LENDER PACKAGE SIGNING

     

    Each individual lender will have their own polices when it comes to signature. Some allow electronic signature, while others require a "wet signature," and still others allow a combination of both wet and digital signatures.

    Please select the type of signature you would like. In the event your lender requires a signature method other than the one you select, we will update you accordingly. This typically applies to electronic signatures. 

  • How would you like to sign the lender package once it is prepared? (LC)*

  • CASH TRANSACTION

  • CASH SOURCE OF FUNDS FOR CLOSING 

     

    Although you are purchasing the property for cash, there are some additional considerations when it comes to cash purchases, and the source of the funds for the transaction. The requirements are a little less stringent than when a lender is involved in the process, but there are still a few legal requirements.

  • WHOLESALE OR ASSIGNMENT. Is this a wholesale purchase, or an otherwise assignment of the contract? (CP)*

  • WHOLESALE OR ASSIGNMENT OF CONTRACT 

     

    Please note that over recent years North Carolina has made some changes to the way a closing can occur when there is an assignment of contract, or wholesaling of the property.  There are two ways to conduct the transaction in order for it to meet the legal requirements in North Carolina. 

    Option 1:  The source of funds must come directly from the Buyer.  What this means is that the Buyer has the cash on hand before closing in order to complete the transaction.  This is known as an A to B transaction.  This does not require disclosure of the wholesale transaction.  The next transaction would occur from B to C to complete the wholesale deal. 

    Option 2:  The Buyer does not have the funds on hand, but will secure the funds from a loan from another party.  This loan is usually what is called a hardmoney lender.  The hard money lender is not a party to the transaction other than providing funds.  In this case, in the event the original offer to purchase was for a cash transaction, an addendum must be drafted to change the offer to a financed offer.  The downside to this is that the Seller can potentially terminate the agreement due to financing. After the A to B transaction, B is then free to sell the property to C. 

    Option 3:  The wholesale transaction can take place with full disclosure to all parties in the transaction.  This is commonly referred to as an A to B and B to C transaction, where C is providing the money to A for the purchase of the property.  In this situtation A, who is the Seller, will be provided full disclosure of the ultimate price C is paying for the property, as well as B's profits.  The same holds true for C being aware of the accepted offer of A. 

    Prohibited Transaction:  North Carolina does not allow C to finance the deal without full disclosure to all parties.  This is expressly prohibited.  

  • SUBJECT TO TRANSACTION. Is this a "Subject To" transaction where the buyer is assuming the mortgage or other financial obligation of the seller? (CP)*
  • AVAILABILITY OF CASH. Do you currently have the cash on hand for the purchase? (CP)*
  • Will you have the required cash prior to closing? (CP)*
  • CASH PROOF OF FUNDS. Have you submitted a proof of funds to the Seller? (CP)*
  • CASH PROOF OF FUNDS. Do you have a copy of the proof of funds readily available? If not, you can provide to us later. (CP)*
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  • What is your source of funds for the transaction? (CP)*
  • Does the hard money lender, or family/friend loan, require a deed of trust be executed, or some other legal document which states their interest in the property until the debt is repaid? (CP)*
  • Have any documents been executed setting forth any terms and conditions of the hard money loan, or loan from a family or friend? NOTE: This can include emails, and does not have to necessarily include a formal contract. (CP)*
  • HARD MONEY/FAMILY LOAN. Do you have a copy of the agreement readily available? If not, you can provide to us later. (CP)*
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  • CASH CLOSING DOCUMENTS AND SIGNATURE

    One of the many benefits of a Cash transaction is the streamlined process when it comes to closing the deal. There are usually no documents which require a wet signature, except for those that may be required by the Seller as part of the purchase agreement. In such light, it is not necessary for you to come to our office unless it is your desire to do so.
  • How would you like to sign closing package once it is prepared (CP)*

  • TITLE INSURANCE POLICY

  • Two different types of title insurance exist. A Buyer can choose to purchase title insurance and lenders can elect to do so as well. Lenders will require title insurance by borrowers, in order to secure the lender's security interest in the property.

    Title insurance is used to protect your investment in your property. A Lender will not allow you to waive Title Insurance, whereas in a cash purchase you are free to waive title insurance, especially if you would like the transaction to close faster.

    Even if the purchase is a cash purchase, we recommend you still get title insurance to cover the transaction, although you can buy title insurance after the closing if you so desire.

  • Do you wish to have a title insurance policy? (B)*

  • BUYER PROPERTY SURVEY

  • In North Carolina, a property survey is not required to close on the property, however, it can prevent any disputes regarding property disputes in the future. One of the most important parts of a real estate transaction is determining the correct legal description of the property you are purchasing, and to ensure all of the property you think is conveying to you is actually conveying.

  • Do you want a survey? (BS)*

  • CATCH ALL INFORMATION ABOUT THE TRANSACTION

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  • SELLER NOT REPRESENTED BY A CLOSING ATTORNEY

     

    You indicated that the Seller is not currently represented by another closing attorney, or you don't know if the Seller is represented.  In order to move the transacton along quickly, please provide the Listing Agent with the below link for this Closing Order Form.

    Alternatively, the Listing Agent can go to our website to place and order.  This way we can get the ball rolling faster in the event the Seller is not represented.  

    We will also send a copy to the Listing Agent you identified in the form, but wanted to ask you for assistance as there will a delay in our getting the information to the Agent, and your fingers will be faster than ours to get the transaction rolling! 

    Here is the link to place a Closing Order:  https://hutton.law/closing-order

    Thanks!!!

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