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Phone: (800) 345-9494
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1. When our title department recieves a title request, a file is immediatly opened, acknowledgement letters are mailed, faxed or e-mailed to you, your agent, your leader, the seller and the seller's agent. These letters are to let all parties know the order has been recieved, who your contact in our title department will be and the documentation that you and the seller will be required to obtain on or before the closing. 2. Our title search department will conduct a search to the public records to determine who owns the property, 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 clear the title so that the lender will obtain an insurable interest in the property. As the purchaser, you will recieve marketable title through the purchase of an Owner's Title Insurance Policy. 3. If required by your lender, we will order a mortgage survey inspection from licensed surveyor/engineer. When we recieve the drawing, we will review it to determine that all improvements, including buildings and fences, are within the boundry lines and there are no encroachments for set-back lines or easements. 4. A payoff of the seller's exisiting mortgage(s) will be ordered from their current lender to be collected at closing along with payment of property taxes and any other liens that may appear on the title search in order to clear the title. 5. We will prepare a Commitment for the Title Insurance from information shown on the title search and fax or email it to the lender for their review. The committment will provide them with pertinent information including the current title holder. a correct legal description of the property, any and all easements and restrictions, as well as a summary of what is required to transfer title. These requirements typically include the execution of a Special Warrenty Deed, the payoff and release of any liens or judgements, and the payment of property taxes. 6. Once your loan is approved, the lender will notify the settlement coordinator assigned to your file and we will coordinate with you and your agents a convienient closing date and time. The lender will overnight or email their loan closing paperwork to us and we will prepare the remaining documents necessary to complete the package to be executed by all parties. 7. The day of the closing has arrived and all parties must meet at a convienient location to sign the paperwork and transfer the keys. Our settlement officer will provde explanations of the documents you will be required to sign and will insure that all the terms of the contract have been obtained and all requirements are met, the funds for your final amount of closing costs and down payment will be collected. Net proceeds to the sellers and commissions will be disbursed and keys are turned over. 8. After the closing, we 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 Deed and Mortgage(s). After the documents have been recorded, we will issue the Title Insurance Policies. The original Deed and Owner's Title Insurance Policy will be mailed to the purchaser. The original Mortgage and the Lender's Title Insurance Policy will be sent to the lender. This completes the "closing process." |
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