Our title services and closings are designed to give you peace of mind. We are here to help!
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.
To some, 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 a number of interactions with many different groups, from bankers to termite inspectors, abstractors in courthouses to local real estate agents. Most of the communication with these individuals run through your title company before the stack of papers is ready for signing. 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 each issue.
FIVE STEPS TO A SUCCESSFUL REAL ESTATE CLOSING
Starting the process - An escrow or sales contract (agreement to close) will start the process by opening a title order. The title company will then review tax information, loan payoffs, surveys, home inspections/reports, hazard and other insurances, as well as legal papers to prepare a title commitments or preliminary report. This report will be sent out to interested parties to review.
Title search and examination - Public records, such as deeds, mortgages, liens, wills, divorce settlements, and other documents affecting title will be thoroughly searched. During the Title examination the documents that affect the title to the property will be reviewed to verify the owner and the debts owed against the property will be determined.
Document preparation and request for title - The title company will then review the lender instructions/requirements, review the instructions from other parties prior to transaction, review legal and loan documents, 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 new mortgage is signed, Seller, real estate professionals, attorneys, and other parties to the transaction will be paid.
Post-closing - Once 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 county.