SelectRite By Owner - Closing Services


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The Closing Process
Step By Step

Upon acceptance of the purchase agreement, the seller, or any real estate broker involved in the transaction, will deposit the earnest money, then forward the purchase agreement to the closing company the seller has chosen. The seller will also quickly deliver any previous title evidence (the property abstract etc.) to their closer.
After all contingencies are lifted, the purchase agreement will then be forwarded to the lender who is providing the financing for the buyer. (If the buyer has not applied for financing, they must do so within five days of the signed contract.)
The closing is set for date and time, at a location the buyer's title company has available.
The buyer's loan officer or processor place an order for lenders title insurance from the buyer's title company, and provide them with information on ordering the lenders closing package. The lender will also order the appraisal and the seller will be notified of the inspection date and time.
The title companies then gather the title evidence, do special assessment and name searches, view county tax and ownership records, verify mortgage satisfactions, and perform a plat drawing on the property prior to issuing a title commitment.
Staffs of both title companies assist in resolving any title discrepancies in lieu of the title work being completed. The seller's closer orders all payoffs of existing loans, equity lines of credit, or contracts then confirms the closing with the seller's and begins to prepare all documents on the seller's behalf.
Copies of the commitment are sent to the lender and to the seller's title company (if not the same) so seller's and any agents can examine them. Buyer's or their agents may also view the title work per the request of their title company or lender who can provide them a copy.
The lender then prepares the financing documents and closing instructions for the buyer's closer and sends them by courier or overnight mail to the closing office.
When the buyer's closer receives the lenders closing documents they prepare the package and generate a preliminary settlement statement for the loan officer to review.
The loan officer should then make any corrections or sign off on the settlement statement prior to the start of the closing.
The seller's closer travels to the buyer's title office (if not the same) with a pre-prepared closing package.
At the closing, the closer(s) presents the respective documents and settlement figures to be reviewed and signed by the appropriate parties. Funds are then collected and disbursed.
As a final step the buyer's closer issues the title policy's, returns the original closing package to the lender, forwards any collateral packages, and then later records all the documents appropriately with the proper municipalities.