Buying or selling a home should be a happy, stress-free event. Instead of worrying about paperwork, you should be thinking about new paint colors, your new neighborhood and other pleasant things. Trust the experts at Title One to help you with every step of the closing process.

The Closing Process

Sometimes referred to as a settlement, a Closing is the process of completing a real estate transaction. This includes:

• Signing and/or delivery of deeds, mortgages, leases and other required documents
• Accounting between the parties and disbursement of money
• Recording of papers
• Payment of outstanding liens

Overview of the Closing Process

Your real estate agent or loan officer calls us to schedule a closing and sends us a copy of your contract or escrow agreement which we then check for accuracy and completeness.

• We request preliminary title work which includes a search and examination of the title to ensure that there are no other claims of ownership against the title.
• Once we receive the title commitment, we check the information for accuracy and completeness and note any requirements that must be satisfied. We then forward a copy of the title commitment to your loan officer and/or your real estate agent.
• If your contract calls for a prior mortgage to be paid off, we will order payoff figures from the existing lender.
• If the buyer is assuming the loan, we will order an assumption package that shows the current status of the loan.
• We notify the appropriate parties of any issues or discrepancies so that they can be corrected.
• As closing day approaches, we order any updated information that might be required. Once we’re satisfied that your paperwork is in order, we confirm the date, time and location of the closing with all the parties involved.
• Once the preliminary work is complete, we make sure that all the information on the contract, loan closing documents and title commitment have been compared and complied with your lender’s loan instructions.
• We prepare the HUD-1 Settlement Statement. This documents shows all costs including those paid at closing and any pre-paid costs, such as earnest money deposit or loan application fee.
• We meet with you to close the transaction and transfer ownership of the property from the seller to the buyer. Whether you’re the seller or the buyer, it’s time to celebrate!

When you've made your purchasing decision, and are ready to close on your new property, refer to our handy Closing Checklist to make sure you've got everything ready to go!

<< Back to Home Page