The purchase or sale of a home can be intimidating. As a buyer or seller, we want to make sure fully understand everything happening throughout the closing process.
We can help you get better acquainted with each step of the closing process to help avoid surprises along the way. View our quick breakdown of the steps to close below and let us know if you have any questions:
- Submit the Title Order
- Open Escrow & Conduct Inspections
- Start Title Search & Examination
- Process the File, Conduct Appraisal & Confirm Loan Approval
- Prepare the Documents & Schedule Closing
- Closing on the Home
Once a buyer's offer has been accepted and the sales contract has been fully executed, Real Estate Agent will submit that contract to the title insurance agent.
Once a buyer's contract is submitted, they'll receive information on sending their earnest money deposit to be held in escrow for the closing. We have several options available for the delivery of the EMD. Please note: Buyers and sellers should always call to verify any wire instructions with the title agency and/or closing agent.
During this time, the inspections are being ordered and completed, be sure to stay on top of all deadlines and critical dates per the contract.
The title insurance company will search and examine public records, which include deeds, mortgages, liens, wills, divorce settlements, and more.
After the search is completed, an examination is carried out to determine legal ownership, debts owed, whether there are any liens in place, etc.
Once both of these steps are completed, a title commitment is completed and sent out.
Once the title commitment is issued to all parties, the closing agent will gather critical information needed to prepare closing documents.
During this time, the appraisal and loan approval will also occur.
Once the closing agent has all the necessary information and approvals, the Settlement Statement is prepared. Then, the statement will be sent to the Lender for review and approval, if applicable. Then, sent to the Real Estate Agents to be reviewed and approved and then to the client for review.
During this time, the closing agent will contact the buyers and sellers to discuss the closing options and confirm the time/date for closing.
Before signing, the closing agent will review the documents with each party and confirm the buyer has received the wiring instructions from the Secure Portal.
Once the necessary documents are notarized and all funds are received, disbursement will take place and copies will be available on the Secure Portal for the buyers and sellers.
We strive to make the closing process as stress-free as possible, if you ever have any questions about the closing process, feel free to contact any of our offices for personal assistance.