WHAT TO EXPECT
STEP 1: OPEN THE FILE
Upon receipt of the title request or contract, we will enter the order into our closing software, assign the closing to a Settlement Officer and order a title search. We will then welcome all parties to the transaction and ask that the Client Intake Forms be completed. We love answering our clients questions and welcome you to reach out for anything you may need at this time.
STEP 2: SUBMIT THE PRELIM LOAN PACKAGE
The lender requires a preliminary Closing Disclosure to obtain fees, along with the Closing Protection Letter and our wiring instructions. We will submit to the lender the preliminary loan package within 24 hours of our receipt of the title request.
STEP 3: TITLE SEARCH, EXAM AND COMMITMENT
Our abstractors will conduct a 40-year search of the land, court and tax records. This information is compiled into a search, which our staff will review and examine. The Settlement Officer will draft a commitment of title insurance document that will describe coverage, requirements to be cleared, along with exceptions to the policy. This commitment is submitted to all parties for review.
STEP 4: CLEAR TITLE FOR CLOSING
The Settlement Officer will clear all title requirements prior to the closing. The most common requirements include payoff and release of mortgages, tax liens, property taxes, and homeowners associations dues and liens. There may be additional requirements for trust, divorce, probate, companies, new construction, bankruptcy and foreclosure. The Client Intake Form is necessary to provide the Settlement Officer with information he or she needs to obtain the necessary documentation for the file.
STEP 5: PROCESSING
In addition to clearing title requirements, the Settlement Officer is responsible for preparing and managing the escrow portion of the closing. The Settlement Officer will obtain the lenders closing instructions, contract, invoices and statements from various vendors, and all documents required to clear title. This information is used to prepare the Settlement Statement (also known as the ALTA, CD or HUD statement). At this time, the Settlement Officer will coordinate the closing with the Lender, Realtors, other title companies, 1031 exchange companies, and any other parties involved in the transaction. The parties will all need to approve all docs and figures before closing.
STEP 6: SETTLEMENT / CLOSING THE TRANSACTION
The Settlement Officer will schedule your closing at the time the closing is prepared. He or she will reach out with the amount of money to be wire transferred for the payment of cash to close, and coordinate the delivery of closing proceeds. After the closing, all money and documents are disbursed to the appropriate parties.
STEP 7: RECORDING & TITLE POLICY PRODUCTION
After the closing is complete (meaning all documents have been signed, funds received and disbursed, and closing is authorized by the Lender), we will record the Deed, Deed of Trust (or Mortgage, depending on your state), and other recordable documents. The final title exam is conducted and the title policies are issued. You will receive copies of everything via email and First Class Mail. In addition, we will report all 1099’s and conduct a final file audit.
STEP 1: OPEN THE FILE
Upon receipt of the title request or contract, we will enter the order into our closing software, assign the closing to a Settlement Officer and order a title search. We will then welcome all parties to the transaction and ask that the Client Intake Forms be completed. We love answering our clients questions and welcome you to reach out for anything you may need at this time.
STEP 2: SUBMIT THE PRELIM LOAN PACKAGE
The lender requires a preliminary Closing Disclosure to obtain fees, along with the Closing Protection Letter and our wiring instructions. We will submit to the lender the preliminary loan package within 24 hours of our receipt of the title request.
STEP 3: TITLE SEARCH, EXAM AND COMMITMENT
Our abstractors will conduct a 40-year search of the land, court and tax records. This information is compiled into a search, which our staff will review and examine. The Settlement Officer will draft a commitment of title insurance document that will describe coverage, requirements to be cleared, along with exceptions to the policy. This commitment is submitted to all parties for review.
STEP 4: CLEAR TITLE FOR CLOSING
The Settlement Officer will clear all title requirements prior to the closing. The most common requirements include payoff and release of mortgages, tax liens, property taxes, and homeowners associations dues and liens. There may be additional requirements for trust, divorce, probate, companies, new construction, bankruptcy and foreclosure. The Client Intake Form is necessary to provide the Settlement Officer with information he or she needs to obtain the necessary documentation for the file.
STEP 5: PROCESSING
In addition to clearing title requirements, the Settlement Officer is responsible for preparing and managing the escrow portion of the closing. The Settlement Officer will obtain the lenders closing instructions, contract, invoices and statements from various vendors, and all documents required to clear title. This information is used to prepare the Settlement Statement (also known as the ALTA, CD or HUD statement). At this time, the Settlement Officer will coordinate the closing with the Lender, Realtors, other title companies, 1031 exchange companies, and any other parties involved in the transaction. The parties will all need to approve all docs and figures before closing.
STEP 6: SETTLEMENT / CLOSING THE TRANSACTION
The Settlement Officer will schedule your closing at the time the closing is prepared. He or she will reach out with the amount of money to be wire transferred for the payment of cash to close, and coordinate the delivery of closing proceeds. After the closing, all money and documents are disbursed to the appropriate parties.
STEP 7: RECORDING & TITLE POLICY PRODUCTION
After the closing is complete (meaning all documents have been signed, funds received and disbursed, and closing is authorized by the Lender), we will record the Deed, Deed of Trust (or Mortgage, depending on your state), and other recordable documents. The final title exam is conducted and the title policies are issued. You will receive copies of everything via email and First Class Mail. In addition, we will report all 1099’s and conduct a final file audit.
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Information
Phone:
(615) 549-1933
Open Hours
8:00 AM – 5:00 PM
Weekend:
Closed