The closing process can seem confusing and daunting to some so here we break down the basic steps of the process for you:
- Submit a purchase agreement signed by all parties.
- The title search is reviewed, and preliminary title insurance documents are prepared.
- A new deed transferring the property is ordered.
- A location survey of the property is ordered, if requested.
- Payoffs (any mortgages, liens, taxes, etc.) are ordered as necessary.
- Settlement statements are created once all fees have been calculated.
- Closing is scheduled.
- All funds are transferred to the title company.
- Closing documents are signed by all parties.
- Deed, mortgage and any other necessary documents are recorded with the county.
- Funds are disbursed as instructed.
- Title insurance policies are issued.