A contract (agreement to purchase real property) starts the process. Upon receipt of the fully-executed contract, our office will open a title order. Then the file processing begins in which tax information, loan payoffs, survey, homeowner/condo association maintenance fee estoppel letters and lien searches are ordered. The title commitment is then prepared, reviewed and sent to the buyer or buyer’s agent and to the lender.
A title search is conducted of all documents filed among the official public records for the county in which the property lies. Records searched include deeds, mortgages, paving assessment, liens, wills, divorce settlements and other documents affecting title to the property. A title examiner then reviews the documents found during the title search that affect the title to the property. Verification of the legal owner is made and the debts owed against the property are determined.
Our closer reviews the lender’s closing instructions upon receipt. She also reviews and clears any title requirements reflected on the title commitment. Our closer then prepares and submits the Closing Disclosure to the Lender and upon lender approval, schedules the closing.
The buyer closes at the scheduled closing time and location. At closing, the loan documents are reviewed with buyer/borrower and buyer/borrower signs them. The closer/notary acknowledges the documents when required. The signed loan documents are then submitted to the lender for approval and for funding authorization. Once funding authorization is approved by the lender, the seller, real estate professionals, attorneys and other parties to the transaction are paid. Documents are then recorded in the county in which the property is located.
After the closing and disbursement has been completed and the documents are returned by the recording office, the owner’s and lender’s title policies are prepared and transmitted to the buyer and lender.