Closing Process
THE CLOSING PROCESS – AN OVERVIEW
You have listed your property for sale… you have found the perfect house… you have signed a real estate sales contract… you have chosen a lender and made application for your loan… now what is the next step in the closing process? It is now time to choose the title company you want to use and order title work. Just as you chose which real estate agent you wanted to use or which lender offered the best financing, it is also your choice as to which title company can provide you with the best service in assisting you through the closing of your transaction. Northwestern Title, Inc. will work closely with you, your real estate agent, lender and attorney to insure that your closing is a simple and pleasant experience.
How Northwestern Title, Inc. can assist you in your real estate sale or purchase.
When Northwestern Title, Inc. receives a title order, our title search department will conduct a search of the county's lien and land records to determine who owns the property, who has liens on it and if there are restrictions on how the property can be used by the owner. From this report, we will determine what is required to be done to clear the title so that the Seller can transfer clear and marketable title to the property to the Buyer.
If required by your lender, we will review any mortgage loan survey to determine that all improvements, including buildings and fences, are within the boundary lines and there are no encroachments of set-back lines or easements.
A payoff of the Sellers existing mortgage(s) will be ordered from their current lender to be paid at closing along with payment of the real estate taxes and any other liens that may appear on the title search in order to clear the title.
We will prepare a title commitment for title insurance from information shown on the title search and fax or e-mail the commitment to your attorney and/or lender for their review. The commitment will provide them with pertinent information such as the current titleholder, a correct legal description of the property, any and all easements and restrictions and a summary of what is required to transfer title. These requirements typically include the execution of a warranty deed and mortgage, the payoff and release of and any liens or judgments and the payment of real estate taxes.
Upon approval of the loan, we will coordinate scheduling a convenient closing date and time with all parties. Your lender will overnight or e-mail their loan closing paperwork to us and we will prepare the remaining documents necessary to complete the package that will be executed by all the parties.
On the day of the closing, all parties will meet at one of Northwestern Title, Inc.'s offices to sign the paperwork and transfer the keys. One of our closing agents will meet with all of the parties and will provide you with easy and understandable explanations of all the documents that you will be required to sign and receive the funds for closing. After all signatures have been obtained and all closing requirements have been met, the net proceeds and real estate commissions will be disbursed and the keys exchanged. Generally, your closing will take less than one hour.
After the closing, we will disburse the remaining funds to the designated parties for the charges collected on the Settlement Statement, send the original loan closing package back to the lender and record the appropriate documents such as the warranty deed, mortgage, assignment and release. After the documents have been recorded, we will issue the title insurance policies. The original warranty deed and owner’s title policy will be mailed to you, the new owner, and the original mortgage and the mortgage title policy will be sent to the lender. This completes "The Closing Process".
Northwestern Title, Inc. hopes you will enjoy your closing experience with us. At Northwestern Title, Inc., we understand your time is precious. Therefore, we have made it our goal to make your closing a quick, simple and pleasurable process. Contact us at either one of our offices or e-mail us so we can assist you with your closing. |
