STEPS TO CLOSING:

Winning is Easy Once You Understand the Rules of the Game

The closing process starts when the mortgage company and Title Resources receive the Earnest Money Contract. This is a binding contract stating the terms of the sale for the property as agreed by the buyer and the seller. Although contracts are standard, the details—price, date of sale, conditions of the sale such as free and clear title, etc.—are usually contingent on the buyer’s ability to obtain financing. A cash deposit is required, which is held in escrow and becomes part of the down payment.

As you can see, the closing process works simultaneously in two directions—half moving through the mortgage company while the other half works through the title company.

Title Resources’ experienced staff of Escrow Officers and assistants assures you of a speedy, professional closing.

Our on-site Abstract Plant has property records dating back to the 1850s for fast, accurate verification of ownership.

Our on-site attorney speeds up the process even more by providing immediate legal documentation or assistance.

A Winning Closing is as Easy as 1-2-3 with Title Resources

1. Contract Received. The Escrow Officer reviews the contract and assigns a file number. Escrow is created. Earnest money is deposited.
2. Title Search. Real estate tax information is ordered to see if any taxes are currently owed on the property. The chain of title is researched. Public records are checked for evidence of liens, easements, leases, divorce settlements, wills or any other judgments which might cloud the title. All pertinent documents are copied for the abstract package. Seller’s name is examined for problems, contractor's liens, lawsuits, abstracts of judgment, IRS liens, divorces, probates, bankruptcies, etc.—anything which might effect clear property ownership. The legal description of the property is then verified.
3. Title Examined. Legal ownership and debt owed on the property is verified. The complete search package is reviewed and the title opinion is written.
4. Escrow Processing. A completed Title Report is submitted to the Escrow Officer. The seller is contacted regarding current mortgage information, homeowners association information, and any items which could be potential "problems" for closing.
5. Curative Steps. The seller is notified of any obstructions to a clear title and of the steps necessary to "cure" title. The curative work progresses. (All curative work must be completed prior to closing.)
6. Commitment. The Title Commitment to Insure containing all pertinent information is sent to the buyer and the buyer’s lender.
7. Payoff. The mortgage payoff amount is ordered from the current lender.
8. Survey. A survey is ordered with lender's approval. A termite report is obtained by the agent or buyer.
9. Loan Approval. Closing information is received from the lender. A closing statement is prepared and sent to lender and agents for final approval. The closing package is completed and the closing is scheduled.
10. Closing and funding. All the documents are signed. The payoff is shipped to seller's lender. All funds are disbursed and the documents recorded. The escrow file is sent to the policy department. Polices are sent to the buyer and the buyer's lender. The buyer may now take possession!