The closing process is always changing. It is even referred to "settlement" or "escrow" in different parts of the county. With increased technology, most closings are completely automated and both parties do not have to be present at the same time to sign.
Closings usually take about 30 days to complete. This mainly depends on the buyer's financing availability, successful home inspection completion, and various lender conditions (ex. title search, title insurance, termite inspections, surveys and appraisals).
The closing process is the transfer of the title of the property from the buyer to the seller. The buyer will receive the keys to the home or the deed to the land, while the seller receives payment for the property. The amount the seller receives is based upon the amount that is still owed on the mortgage, any outstanding fees or taxes and any additional closing costs. All legal papers are filed with the local record office.
Are you searching for a title company, but do not know where to begin? Here are a few questions that you might want to ask:
Resource Realty offers title services to all of the involve parties - buyers, sellers, lenders and real estate agents. Our job is to coordinate all parties, while transferring money and property during a closing. When using the services of a title company, this process eliminates any risks that there are any claims, assessments, errors, or miscellaneous defects on the title when you purchase the property.
Title Search- A title search looks at the records of the title to insure a clear, transferable title. We make sure that the title is free from liens, judgments and easements.
Lien Search- The search records any outstanding monies due on the title such as lease payments or second mortgages. These must be rectified before the title is cleared for ownership.
Title Insurance- This is a policy issued by a title insurance company protecting the property owner and your financial institution against any errors in the title search and any claims that should arise with the property. The buyer, the seller or both parties can pay for the cost of the title insurance policy.
Lender's Title Insurance- This type of policy protects the lender from any loss due to problems with the title. It also guarantees that the lender has the first valid lien against the title.
Owner's Title Insurance- This type of policy protects the buyer from any errors that may surface after the sale of the property is complete. There are no annual premiums to pay and buyer pays for the policy when it is issued.
A seller may purchase a policy to insure that the buyer is receiving a clear title to protect the lender.
This type of policy is the only policy that will protect you from any kind of legal expenses from a resulting dispute.
It is this step where the buyers and sellers do very little. It is important as the seller to take a final walk through the property to make sure the property's condition as not changed. It is equally important for both the buyer and seller to make sure the paperwork they are signing reflects the agreement of the original sale.