Home Buyer & Seller Closing Guide - Assure America Title Company
•
1 like•408 views
We believe when everyone involved in a real estate transaction understands "what to expect and when" during this closing process it is the best path to a smooth and pleasurable closing. Assure America Title Company "What to expect and when" closing process flow chart describes each phase and process of a Real Estate Closing. The chart explain times frames & objectives for each stage of the closing. An informed client is the best client! Have questions? Call Anthony Crupi at our office at 877-427-9696
Recommended
More Related Content
Similar to Home Buyer & Seller Closing Guide - Assure America Title Company
Similar to Home Buyer & Seller Closing Guide - Assure America Title Company (20)
More from Anthony Crupi
More from Anthony Crupi (10)
Recently uploaded
Recently uploaded (20)
Home Buyer & Seller Closing Guide - Assure America Title Company
- 1. “WHAT TO EXPECT AND WHEN” DURING THE CLOSING PROCESS
- 2. STAGE 1OF YOUR TRANSACTION STAGE 1 GOALS1. Collect client data 2. Open escrow and issue escrow letter 3. Identify title defects that could cause closing delays 4. Discover open permits, code violations, unpaid municipal liens and utilities 5. Confirm Agent commission & transaction fees 6. Learn if Buyer and/or Seller can attend closing or will require mobile closerWITHIN • All parties contacted • Client data is collected • Title research is started • File is assigned to closer File Assigned To Closing Processor 48 HR Title Research Municipality Searched For Liens (3-10 business days) Client Data Inputed into Ramquest Property Tax History Searched Client Data Collected Formal Introduction made to all parties Pre–Processing Questions about your closing? Ask a Title Agent 888-348-7799
- 3. STAGE 2 GOALS 1.Title Agent/Closer sends out introductory emails 2. Notify all parties about title issues to be cured 3. Cure title issues 4. Send Title Commitment, Closing Disclosure & Settlement Statement 5. Confirm closing date 6. Order estoppal, survey & pay-offs 7. Confirm escrow deposit 72HR • Confirm desired vesting for Buyer(s) • Confirm marital status and determine who will need to join on Deed/Mortgage In To Closing Closer/Title Agent Introduces Themselves to All Parties Confirm Deposits & Send 2nd Escrow Letter Send Preliminary Closing Statement, Title Commitment & Municipal Search Results to All PartiesReview Estoppels, Mortgage Pay-offs & Survey Examine Title Search & Municipal Lien Search Identify & Track Contract Deadlines STAGE 2OF YOUR TRANSACTION Processing Questions about your closing? Ask a Title Agent 888-348-7799 WITHIN
- 4. STAGE 3 GOALS 1. Confirm Homeowner Association Approval (if applicable) 2. Closing location & time determined 3. Prepare Final Closing Statement & Closing Disclosure 4. Confirm proper signing of all documents by Seller and Buyer 48 HRTO CLOSING • Make sure the title updates are clear • Confirm names/pictures match on documents and ID’s • Confirm any disbursement authorizations for Agents Closing/ Post-Signing Order Title Updates Verify All Funds are in our Escrow Account Buyer & Seller sign their respective documents Notary/Closer Explains All Closing Documents Schedule Closing with Notary/Closer Obtain CD/HUD Approval from All Parties STAGE 3OF YOUR TRANSACTION Closing Questions about your closing? Ask a Title Agent 888-348-7799
- 5. STAGE 4 GOALS 1. Comply with Lender requirements 2. Send all pay-offs, insurance & commissions 3. Send congratulatory emails confirming transaction closed & funded IMMEDIATELY • Review & print file ledgers • Scan checks & signed documents to file scan • Notify all parties that the transaction has successfully closed File Sent To Post-Closing Obtain Funding Authorization (if applicable) Disbursement of Funds Overnight Pay-offs, Insurance & Commissions Send Lender Package(s) (if applicable) Print Checks & Send Wires Review All Signed Documents AFTER CLOSING STAGE 4OF YOUR TRANSACTION Closing/ Post-Signing Questions about your closing? Ask a Title Agent 888-348-7799
- 6. 1. Review all Closing Documents 2. Record Deed 3. Record Mortgage(s) (if applicable) 4.Title Insurance Policies issued to Owner(s) and Lender (if applicable) 5. File scanned for storage FINAL STAGE GOALS Questions about your closing? Ask a Title Agent 888-348-7799 30DAYS • Final review of Closing Documents, Legal Descriptions & Deed recordings • Send Buyer recorded Deed & Policy File Digitally Stored Issue all Title Policies & Endorsements Verify Satisfaction of Prior Mortgage(s)(if applicable) has been Recorded Complete File Scanned Update Name & Tax Searches Update Title Searches Record Deed & Mortgage(s) WITHIN AFTER CLOSING FINAL STAGEOF YOUR TRANSACTION Post-Closing
- 7. WHAT IS TITLE INSURANCE ?WHY THE OWNER’S TITLE INSURANCE POLICY IS SO IMPORTANT Title insurance is used by home buyers and Lenders for protection against back taxes, undisclosed liens, legal judgments, forged signatures in the chain of title, recording errors, fraud and a host of other potential legal/financial problems including claims by missing heirs and/or an ex-spouse. In short, TITLE INSURANCE PROTECTS FROM FUTURE LOSS IF A COVERED CLAIM AGAINST YOUR PROPERTY IS MADE. AN OWNER’S POLICY Protects you and provides assurance that your Title Company will stand behind you if a covered title problem arises after you buy a home. Title insurance is about protection; protecting YOUR HOME,YOUR FAMILY AND YOURSELF. IT IS ABOUT PREVENTING A MISHAP, or lessening the severity of its impact. Unlike most insurance policies, title insurance is a one-time-only fee. An Owner’s Policy will protect you if you and your heirs have an interest in the property. A LOAN POLICY Protects the Lender for the amount of the loan. If you only have a Loan Policy you are not protected if a problem materializes with your title. FOR MANY, A HOME IS YOUR MOST VALUABLE MATERIAL ASSET. IF A COVERED TITLE ISSUE ARISES AFTER CLOSING, AN OWNER’S POLICY WILL PROTECT YOU. Questions about your closing? Ask a Title Agent 888-348-7799
- 8. HOW TO PREPARE FOR A CLOSINGBE PREPARED. BE AVAILABLE. YOU WILL WANT TO HAVE THE FOLLOWING ITEMS COMPLETED OR IN HAND WHEN YOU COME TO THE CLOSING/SIGNING... TIME IS OF THE ESSENCE To avoid delays or a postponement of your closing, be sure to respond to your Lender and Title Company requests immediately. ASK QUESTIONS For many people the closing process can be overwhelming. Do not be afraid to ask questions to your Lender, Real Estate Agent and/or Title Company. Trust us to guide you through the closing process. BUYER Cash due at closing must be a Same Day Fed Wire Review your Settlement Statement in advance of closing Bring your spouse if you are getting a mortgage All documents required by your lender Proof of purchase of Homeowners Insurance for your lender(if applicable) Valid Photo ID with signature for all parties (must be a U.S. driver’s license, U.S. ID card, or U.S./Foreign passport) Original Association Approval (if applicable) Be available for your final walk through Coordinate arrangements to get property keys SELLER Invoices for any unpaid taxes,utilities and assessments Receipts for paid taxes, utilities and assessments Proof of satisfaction of any mechanics’ liens, mortgages, judgements or loans that were paid prior to the closing All parties on Deed must be present at signing Bring voided check or proof of wire instructions for proceeds Valid Photo ID with signature for all parties (must be a U.S.driver’s license,U.S.ID card,or U.S./Foreign passport) Be available for your final walk through Leave House Keys, Remotes, Gate Keys & Mailbox Keys Cancel or Transfer Utilities Cancel Your Insurance Policies Questions about your closing? Ask a Title Agent 888-348-7799