Blueprint
Understanding the Seller's Information Sheet
At Blueprint, every transaction begins with information sheets. The information contained in these sheets helps determine the kinds of actions the processing team needs to take, as well as the timelines. It is important that you fill out your information sheet quickly and accurately so that we can get started.
In this article, we’re going to go through the Seller Closing Information Sheet, why the data you provide is important, and when we typically use this information.
Section 1: Personal Information
The first section of the seller’s info sheet is the seller’s information. This section asks for typical personal information, such as name, phone number, and email address. If the seller is an entity, it will ask for the name of the entity, the person or people authorized to sign for the entity, and the entity’s address.
This section also contains a few more pieces of more sensitive, but very important to the process, information. These include social security numbers (SSNs). In the case of entities, you will be asked for the employer identification numbers (EINs). We use these numbers to correctly identify you during the process.
Second, for individuals, we ask whether you are a United States citizen. Whether you are a U.S. citizen or not will affect the kinds of regulations that the transaction will need to follow.
Finally, for individuals, we ask about your marital status. This information is very important for ensuring that the transaction closes according to the purchase agreement. During the title and closing process, we will be seeking to determine what title is being transferred and who needs to transfer it. If you are married, there is a chance that your spouse also owns the property. In this case, we may need your spouse to grant your spouse’s ownership interest to the buyer as well.
Subscribe for for more information on Blueprint Academy content, events, community initiatives, and more.
By clicking Subscribe Now!, you agree to receive Academy Newsletter emails from Blueprint. You also agree to our privacy policy and terms of use. You can update your subscription preferences at any time by clicking the unsubscribe link in our emails.
Section 2: Property Information
The next section asks about the property being purchased, including the address of the property. There are two important questions here.
The first question is whether the property is currently your primary residence. How the property has been used affects some of the requirements, including financial requirements, of closing. Knowing this information up front will help make the settlement and closing more straightforward. If the property is not used as a primary residence, you will need to provide the address of your primary residence.
The second question is whether there are any tenants or leases on the property. This question is important because it helps us determine whether a lease will continue when the property passes to the buyer, or if an existing lease needs to be terminated alongside the transfer.
We may also ask about what kind of wastewater system is used on the property, whether well, septic, or sewer systems.
Section 3: Survey
Certain states may require a survey to be completed before closing. In these states, an existing survey may satisfy these requirements if it was completed within a particular time period. Assuming you have not changed anything about the exterior of your home or the property, that existing survey may be enough, which would remove one step from the closing process.
Section 4: Homeowners Association
Properly transferring title often includes ensuring any homeowner’s association or condo association requirements have been met. If there is a homeowner’s association or condo association for your property, providing us with that information can help us determine these items and make the process of complying much easier. Without these details, we may run into problems which could make closing take longer than expected.
Section 5: Closing Requests
Where allowed, Blueprint uses approved mobile notary services to allow you to close. If this is available for your transaction, you will simply need to provide a convenient address. We will then send a mobile notary to you on the closing day.
If you will not personally attend closing, we may need a power of attorney so that someone has the authority to sign on your behalf. Powers of attorney must be reviewed and verified prior to closing so it is important you alert us at the beginning of the transaction if a power of attorney will be used, otherwise your closing could be delayed.
Where allowed, Blueprint also makes remote online notarization (RON) available. RON involves a licensed notary verifying identity and witnessing a signature remotely. RON is available for certain transactions depending on the state and the title insurer being used. If it is available for your transaction, you will be notified prior to closing.
Section 6: Acknowledgement
In this section, you are agreeing that all the information you have provided is true and correct. This is important because we are going to use the information you provide to conduct closing. If the information is not accurate, we could run into problems closing your transaction.
Before you sign this section, please carefully review your answers. Make sure everything is spelled correctly and you have not omitted any important information.
Section 7: Release of Information
If you are paying off certain liens or mortgages as part of the closing settlement, it is important that we are able to communicate with, and disburse funds to, those lenders/lien holders. This section allows us to communicate with them, obtain any necessary information, and disburse funds to them.
Section 8: Proceeds Disbursement
This section authorizes us to send your proceeds of the sale to you by your preferred method. We are able to wire the money directly to your account if you fill out this form, which makes it much easier for us to ensure that you receive your portion of the sale price. An attorney will handle disbursement where required by law.
We will need this information prior to closing. While it is not required to provide this information at the beginning of the process, it is highly recommended. Additionally, if the proceeds are under $500, and you do not choose wire transfer, the check will be mailed using the United States Postal Service, rather than Fedex.
Conclusion
The information in this info sheet will set the tone for how your closing will progress. If you provide us with accurate, complete information, we will have a much easier time processing your transaction. If we have incomplete information, certain tasks may take longer or require your engagement to accomplish.
If you have any questions about the information we are asking for, please feel free to reach out to us here.
*The information provided in Blueprint Academy does not, and is not intended to, constitute legal advice. All content is for general informational purposes only and is not intended to provide a complete description of the subject matter. Specific processes will vary based on applicable law. The title and closing process will be handled by a third-party attorney to the extent required by law. Product offerings vary by jurisdiction and are not available or solicited in any state where we are not licensed.