Title Companies Are Great Communicators
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At first glance, a real estate closing may appear to look simple, just a group of people sitting around a table signing a high stack of papers. However, real estate closings are a complicated process that requires several interactions with many different groups, from bankers to termite inspectors, abstractors in courthouses, to local real estate agents. Before the stack of papers is ready for signing, the title company must communicate with each group to ensure the process runs smoothly. This process can take one day to several weeks. It all depends on how many issues require resolution and how much time it takes to resolve any title problems.
Steps to a successful real estate closing:
Starting the process - An escrow or sales contract (agreement to close) will begin the process by opening a title order. The title company will then review tax information, loan payoffs, surveys, home inspections/reports, hazards, and other insurances, as well as legal papers to prepare a title commitment or preliminary report. All interested parties will have the opportunity to review this initial report.
Title search and examination - The title company will search public records, such as deeds, mortgages, liens, wills, divorce settlements, and other documents that may affect the title. We will review those documents to verify ownership and determine if any debts are owed against the property during this Title examination.
Document preparation and title request - At this step, the title company will review the lender instructions/requirements and the instructions from other parties before completing the transaction. The legal and loan documents must also be examined so that the title company can assemble the charges, prepare the closing statements and schedule the closing.
Settlement/closing the transaction - An Escrow/settlement officer will oversee the closing. The Seller will sign the deed first; then, the buyer will sign the new mortgage. Once the old loan is paid off and the new mortgage is signed, other parties to the transaction will be paid (including the Seller, real estate professionals, and attorneys).
Post-closing - After the signing is complete, the title agent will forward payment to the prior lender, pay all parties who performed services in connection with the closing, and disburse the net funds to the Seller before recording the documents with the mortgage and conveyance office.
At Homestead Title, we understand that a title transfer can be stressful. Paperwork and information requests may seem overwhelming at times. That’s why we take pride in offering you a timely, competent, and efficient experience.
Homestead Title is a full-service title and escrow company. Since 1934, we have provided our customers with competent, thorough, and professional service. Prior to each closing, we search public records to clarify legal and financial risks for lenders, realtors, and other stakeholders in the real estate transaction process. Our energetic and capable team of real estate title professionals provide accurate investigations, rapid turnaround time, streamlined paperless delivery, and exceptional customer service. For more information, call us at (504) 581-6427 and let us provide you with a smooth and efficient real estate closing.