The closing process begins when both the buyers and sellers enter into a fully executed contract with one another. Once the contract is signed or “executed”, it can be uploaded through our website under the “Schedule A Closing” tab. Once the page loads, a form will populate. The form requires basic information and allows you (the realtor) to upload the executed contract. Our team will review the contract and schedule the closing with all involved parties.
After the contract is submitted and has been reviewed, the buyer of the contracted property is required to deposit their earnest money (deposit) into an escrow account. Fortunately, Select Title Agency is proud to serve as an escrow agent to allow for a secure and easy way to deposit the funds. Our firm will also send a verification of the earnest deposit to the agents involved in the transaction.
Aside from being required by the lender, a title search is crucial! A title search will verify that the chain of ownership of the property. Not only does our firm conduct a thorough title examination, but we will also draft your title insurance policy with the intent of protecting you from underlying/pre-existing issues.
The next step is for our firm to order a survey. A survey is imperative for confirming the suitability and representation of the property and is often required by lenders. A professional surveyor will provide confirmation of the property lines (boundaries) and confirm that the real estate boundaries of the property conform to what is stated in the publicly recorded legal description. They will also report on crucial details such as whether there is a major encroachment that may adversely affect your property.
Our will team will then order any payoffs to ensure no debt is outstanding. We will also verify commission amounts or if there are any transaction fees or if any brokerage requires a wire transfer. We also verify if customers will be here in person for the closing or if they will be mail-aways and schedule the closing with all parties involved in the transaction. Then we compile all information and prepare the Settlement Statement. Once the settlement statement is prepared, we get it approved by the lender and by our agents. Once approved by all applicable parties, it gets released to the buyer and seller for review. Once we receive the go-ahead, the closing documents are prepared.
Once all documents are signed and all monies have been released, we record the Warranty Deed and the Mortgage. We then contact seller to let them know the funds have been released. Our staff will then email the Final Settlement Statement/Alta/CD/HUD to the Agents, Buyer and Seller to let them know it is completed. (If they are NOT present at closing) Once Recorded, we prepare the Title Policy for the Lender and buyers. All documentation is then mailed out to all parties.
Should you have any questions regarding the closing process or you want to schedule a closing with our firm, contact us today! If you need help listing your home contact RE/MAX Select Professionals, our preferred partner, to assist in the listing of your home!