Here we explain the 5 step process of completing your Real Estate purchase.
Processing
We will start processing your order as soon as we receive your signed sales contract. The property's history will be provided by our attorney or an outside abstractor. We will then collect the documentation pertaining to taxes, HOA fees, surveys, loan payoffs, and other legal documents needed.
Title Exam
It is the responsibility of the escrow closer to evaluate the title examination and ensure that any liens, encumbrances, and defects in the title have been resolved. A title insurance policy commitment will be issued.
Document Preparation
The closing statement and settlement costs are calculated after the escrow closer evaluates the deed, lender instructions, and other perinate documents. Depending on whether the deal is being financed through a lender or paid for in cash, your closing statement might be either an HUD-1 Settlement Statement or Closing Disclosure (CD).
The Closing
Both the buyer and the seller sign documents on the day of closing. Some of the documents include the settlement statement, Warranty Deed, mortgage loan note, and deed of trust. We receive closing funds from the buyer and/or lender by wire transfer or cashier's check.
After Closing
After the closing takes place, the deed and deed of trust are delivered to the county Register of Deeds Office for recording. Real estate broker commissions, seller's mortgage payoff, and other vendor invoices are all paid out of the closing funds. After the deed and mortgage are recorded, the title insurance policies are issued and delivered to the buyer and mortgage lender.
