The Steps to a Successful Real Estate Closing
1. Title Search and Examination
Main Street Title & Closings will search Public Records for any documents that affect title to the property. These include deeds, mortgages, taxes, special assessments, liens, wills, divorce settlements, and other records. All of this information is either added to an Abstract of Title or a 40 year search is prepared. The information is examined by us and a title commitment, which is a commitment to insure title, is prepared. If there are any title issues, these will appear in the title commitment and will be resolved prior to or at the time of the closing so that the new owner will receive marketable title. A plat drawing may be required by the lender to show the location of the buildings on the property.
2. Preparation of Documents
The lender will send instructions to Main Street Title & Closings so that a Settlement
Statement (HUD) can be created. The HUD will show all the financial details of the closing: lender fees, title company fees, county fees, realtor fees, proration of taxes, and any other applicable fees. We will also obtain any mortgage payoffs from the seller’s lender. The closing agent will also review the loan documents and prepare the sale documents, such as the deed and all other required county documents.
3. The Closing
A licensed closing agent for Main Street Title & Closings will explain the fees on the
Settlement Statement (HUD) and all the documents to the buyer and seller. Once the documents have been signed and notarized, the agent will disburse checks to the appropriate parties and pay all expenses as shown on the HUD.
At this time you will receive the keys to the property!
4. After Closing
Main Street Title & Closings will file (record) the mortgage, deed, and any other necessary documents with the County Recorder. The loan package is sent back to the lender and any mortgage payoffs are made to the seller’s lender. Once the documents have been recorded at the county, we will prepare the title insurance policies and they will be delivered to you and the lender.
Items to Bring to Closing