The
Closing Process
Closing
is the process of completing a real estate transaction. The closing
is sometimes referred to as a settlement. A closing includes:
-
Signing and/or delivering deeds, mortgages, leases, and other
required documents
-
Listing all costs between buyer and seller, including those
paid at closing and any pre-paid costs, and listing disbursement
of money
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Recording of papers
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Payment of any outstanding liens
Overview
of title work and closing
- Your
attorney, real estate agent, or loan officer contacts us to
request title work and schedule a closing, and sends us a copy
of the contract agreement.
-
We then prepare initial title work, including a search and examination
of the title to determine whether there are any other claims
of ownership against the title.
-
We then issue a title commitment and list any requirements that
must be satisfied. We forward a copy of the title commitment
to your attorney, loan officer, and/or your real estate agent.
-
If the contract requires that an existing mortgage to be paid
off, we will obtain payoff figures from the lender.
-
We then prepare the "HUD-1" Settlement Statement,
which lists the costs including those paid at closing and any
pre-paid costs, such as earnest money deposit or loan application
fee. It also shows how the funds will be paid at closing.
-
We meet with you to close the transaction, see that funds are
appropriately paid, and that ownership of land is transferred
using deeds.
-
We see that any deeds or mortgages are recorded.
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