The purchase or sale of your home is one of the most exciting and important financial decisions that you will make. It is important for you to choose a professional Escrow Closing Agent to act as a neutral third party during the closing process to insure that the closing documents are executed accordingly and funds are transferred from one party to the other.
Steps to a Successful Real Estate Closing
1. Title Search & Examination
St. Andrews Title & Exchange will search Public Records for any documents that affect title to the property. These include deeds, mortgages, taxes, special assessments, liens, wills, divorce settlements and other records. All of this information is either added to an Abstract of Title or a 40 year search is prepared. The information is examined by us and a title commitment, which is a commitment to insure title, is prepared. If there are any title issues, these will appear in the title commitment and will be resolved prior to or at the time of the closing so that the new owner will receive marketable title. A plat drawing may be required by the lender to show the location of the buildings on the property.
2. Preparation of Documents
The lender will send instructions to St. Andrews Title & Exchange so that a Settlement
Statement (HUD) can be created. The HUD will show all the financial details of the closing: lender fees, title company fees, county fees, realtor fees, proration of taxes, and any other applicable fees. We will also obtain any mortgage payoffs from the seller’s lender. The closing agent will also review the loan documents and prepare the sale documents, such as the deed and all other required county documents.
3. The Closing
A licensed closing agent for St. Andrews Title & Exchange will explain the fees on the
Settlement Statement (HUD) and all the documents to the buyer and seller. Once the documents have been signed and notarized, the agent will disburse checks to the appropriate parties and pay all expenses as shown on the HUD. At this time you will receive the keys to the property!
4. After Closing
St. Andrews Title & Exchange will file (record) the mortgage, deed, and any other necessary documents with the County Recorder. The loan package is sent back to the lender and any mortgage payoffs are made to the seller’s lender. Once the documents have been recorded at the county, we will prepare the title insurance policies and they will be delivered to you and the lender.
Items to Bring to Closing:
Valid Driver's License or Passport
Be certain that you bring a valid driver's license or passport with you to closing. You will also need to know your Social Security Number.
If you have been notified that you must bring more than $500 to closing, be sure it is in the form of a Cashier's Check made out to St. Andrews Title & Exchange.
Bring your spouse
Generally both husband and wife will need to sign documents.
Questions for the Seller
This is your opportunity to ask the seller any questions about the property. For example, how does something work or where is it located.
Bring all house and garage keys and any remote control garage openers.