The Closing Process
The signed sales contract and earnest money are delivered to the title company. Now the title order begins and information such as taxes, loan payoffs, lien search, and other information is collected.
The title search will determine the legal owner of the property and any outstanding liens and or assessments on the property. The search is critical to making sure the property will transfer legally to the buyer.
Over the next few weeks the following will occur:
Loan Document Preparation
Payoffs obtained from current lenders
It is important the Buyers & Sellers are responsive to re-quests for paperwork and information.
Once the invoices, payoffs, statements & loan documents are received, the settlement statement is prepared. This document includes the closing calculations and is used to inform the Buyer & Seller of their bottom line figures.
The closing paperwork must be then signed by the Buyer and the Seller. This will include documents such as the deed, settlement statement, loan documents, and others.
All payees, including the Seller, Payoff Lenders, Real Estate Professionals, and others are paid according to the Settlement Statement. We always review the settlement statement 3 days prior to closing to ensure figures are correct.
The final documents, including the Deed and Loan Instrument, are sent to the County Recordings Office for recordation. After recording, the deed will be sent to the buyer. The title insurance policy is sent to the buyer and the lender. You’re all done!