Agents: “Who Are the Parties?” A fast way to verify Buyer and Seller (and avoid delays)
No, not the partiers, the parties! Deals slip when the names on paper don’t match the legal capacity of the people (or entities) actually buying or selling. Sometimes it might look obvious who has the right to buy or sell a property - but I’ve been surprised before. Use this paired checklist—one side for Buyer, one for Seller—to lock signer authority on Day 1. You’ll impress your clients with you knowledge and you’ll help fast track the deal.
60-Second Triage (send this the day the deal is struck)
Ask both sides for:
Exact legal name(s) taking/giving title
Vesting type (Individual, Joint Tenants, Tenants in Common, LLC, Trust, Estate). Need definitions for those? Request my detailed Closing Guide for Agents
One authority proof (see below)
Name/ID spelling (with suffixes) as it appears on government ID or formation docs
Forward everything to attorneys, title, and lender immediately with: “Please confirm capacity & signer list.”
BUYER: common owner types & who signs (NY-focused)
Individuals (single buyer)
Verify: Legal name matches ID/contract.
Signers: That individual (plus lender’s borrower(s) if financed).
Joint Tenants w/ Right of Survivorship (JTWROS)
Verify: Both names, same vesting everywhere.
Signers: All joint tenants.
Tenants in Common (TIC)
Verify: Percentages (e.g., 60/40).
Signers: All TIC owners; lender may limit who borrows—confirm early.
LLC
Verify: Articles/Operating Agreement + who has authority (manager vs. members). EIN helpful.
Signers: Authorized manager/member, signing with title (e.g., “Ava Lee, Manager, Parkview LLC”).
Tip: Get a Manager/Member Resolution authorizing the purchase amount/address.
Trust (revocable/irrevocable)
Verify: Trust Certificate/Abstract showing current trustee(s) and powers to buy/borrow/encumber.
Signers: All acting trustees in fiduciary capacity.
Note: Some lenders require title in individual name, then deed to trust post-closing—confirm structure early.
Estate (Executor/Administrator)
Verify: Letters Testamentary/Administration (active) naming the fiduciary.
Signers: The fiduciary, in that capacity.
Funds: Expect stricter source-of-funds review—loop in lender early.
SELLER: common title types & who signs
Individuals (sole owner)
Verify: Deed shows this exact name; confirm marital status for ancillary affidavits if required locally.
Signers: Titled owner. (If name changed, provide proof for corrective docs.)
Joint Tenants / Tenants in Common
Verify: All titled names; for TIC, confirm percentages.
Signers: Every titled owner signs deed and transfer docs.
LLC/Corporation
Verify: Formation docs + Operating Agreement/Bylaws and authority (Resolution or unanimous consent).
Signers: Authorized officer/manager, with title.
Tip: Foreign entities: provide good-standing or authority to transact if requested.
Trust (seller is a trust)
Verify: Trust Certificate/Abstract + trustee powers to sell and convey.
Signers: Acting trustee(s) as trustee.
Estate (seller is an estate)
Verify: Letters (Executor/Administrator) and any required court approval/restrictions.
Signers: Fiduciary in that capacity.
Extra: Confirm heir/beneficiary releases if title company requires.
Power of Attorney (POA) situations—buyer or seller
Verify: Original (statutory) POA + proper execution and authority to buy/sell/mortgage; principal’s ID and availability if any confirmations are needed.
Signers: Attorney-in-fact signs “as AIF for [Principal].” Check title/lender POA policies before closing.
Co-ops (NY nuance)
Verify: Stock/Proprietary Lease name(s); board approval/process; lien search.
Signers: All named shareholders; entity signers if titled to an LLC/trust per building rules.
Red flags that add days
“and/or assigns” with a last-minute entity change (underwriting stalls).
No Operating Agreement (can’t prove who signs for the LLC).
Out-of-date Letters or pending probate with no fiduciary appointed.
Missing TIC percentages.
Trustee changed without documentation.
POA not acceptable to lender/title (non-statutory, wrong powers, or improperly executed).
Have a question? Contact Us.
