Delaware Settlement Services Welcome letter



Dear Purchaser or Borrower:

        This form letter is designed to present an explanation and disclosure of significant information regarding your real estate transaction. We urge you to read it carefully.

        It will be our pleasure to assist you and our approved attorney in the purchase of your new home or the refinancing of your existing home. We ask that you kindly sign and return the last page of this letter by facsimile or by mail so that we may begin our work on this file.

PREPARATION FOR SETTLEMENT

        So that the above-referenced settlement might proceed as smoothly as possible, we are offering the following suggestions to help in closing preparations, many of which only apply to purchases, please disregard these if you are refinancing:

  1. Please provide this office with a copy of your sales contract together with the names and telephone numbers of the real estate agents. We will also need your work and home phone numbers.

  2. Your new lender will issue a commitment letter when your loan is approved. Please read that letter carefully and follow its instructions. If there are any conditions to be met, they must be met prior to settlement. Your loan originator and real estate agent will assist you in meeting all your conditions.

  3. Once your loan is approved, please remember to obtain hazard or homeowners' insurance. Please have your insurance agent call your lender for the appropriate language required to be included in your policy.

  4. Schedule your walk-through will your builder or real estate agent 24-48 hours prior to settlement. Notify us immediately of any serious structural defects.

  5. Our office will order a water meter reading so that appropriate credits can be made at settlement. You are responsible for the transfer of all other utilities into your name.

  6. Our office will order the title search and related policies. You will be responsible for this cost. PLEASE SEE THE DISCLOSURE AND ATTACHMENT ABOUT TITLE INSURANCE.

  7. For purchases, unless you have a specific request for a survey company, our office will order the survey, if it is required. A surveyor’s authorization request is enclosed for your signature. You will be responsible for this cost.

  8. We cannot provide final settlement figures until 24-48 hours prior to settlement. Unless otherwise instructed, you will be required to bring CERTIFIED funds to closing.

  9. Please schedule your settlement with us as soon as possible. We cannot guarantee convenient dates or times if you wait too long. Please do not schedule movers or time off from work until your settlement date has been confirmed.

TITLE INSURANCE

IF THIS CONVEYANCE OR REFINANCE OCCURS WITHIN FIVE YEARS OF A PREVIOUS TITLE INSURANCE OF THE SAME PROPERTY, YOU WILL BE ENTITLED TO A REDUCED TITLE INSURANCE RATE IF THE INSURER IS PROVIDED AT OR PRIOR TO CLOSING WITH A COPY OF A:

(A)     PREVIOUS TITLE INSURANCE POLICY;
(B)     MARKED UP TITLE INSURANCE COMMITMENT; OR
(C)     SETTLEMENT SHEET THAT EVIDENCES PAYMENT OF A TITLE INSURANCE PREMIUM

ATTACHED TO THIS LETTER IS A NOTICE THAT IS REQUIRED TO BE SIGNED BY YOU AND RETURNED TO US BEFORE WE WILL FINALIZE THE CLOSING DOCUMENTS OR ISSUANCE OF A TITLE COMMITMENT TO YOUR LENDER

HOME INSPECTION/TERMITE

        Generally, the Realtor will order any home inspection/termite report if required under the contract. Once you receive the reports, they should be sent to our office for review prior to settlement. You will be responsible for the cost of these reports.

        Again, we ask you to sign on the appropriate spaces on Page 4 indicating your receipt of this letter and your agreement that our company can proceed to assist your attorney to prepare for settlement on your behalf. Thank you for taking time to review this letter. Should any of the foregoing prompt questions or concerns, please feel free to contact me at 302-731-2500.



                Very truly yours,

                Trish Green