The Closing Process
The closing process begins when Experience Title receives a copy of the contract or loan approval letter. The file is immediately opened and a copy of the current title is ordered from our Title Abstractor. Information will be requested from all parties involved in the sale and Experience Title will coordinate the closing between the purchaser, seller, lender and realtor. After all information is gathered, and the necessary documentation is received, our escrow officer takes the file to prepare the Closing Disclosure, figure tax prorations and prepare all of the legal documentation and disbursements necessary for Closing.
Prior to your closing, Experience Title will provide you with the dollar amount needed at the closing. The lender should provide you with a closing disclosure at least 3 days prior to the closing. A cashier's check is required for the funds to close payable to Experience Title for the remaining balance.
For the closing, Experience Title will need a copy of a state issued identification card and cashier's check. We also accept wire transfers - please contact Experience Title for specific wiring instructions. Typical documents you will sign during the closing are as follows, though not limited to, the Act of Sale, Closing Disclosures Note/Mortgage. After all of the documents are signed, we will provide copies of all closing documents for your records.
Once the closing is finished, our Post Closer sends the legal documents to the courthouse for recording. The monies for payoffs. to the appropriate parties, and the mortgage documents to the Mortgage Company. When documents are received from the Courthouse after recording, our Post Closer sends the documents to the Mortgage Company and copies to the purchaser.
What the title company needs for your closing:
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Agents/Realtors
- Purchase agreement, all amendments or addendums
- Contact info for buyers and sellers
- Real Estate Commission
- Termite Certificate - if applicable
- Earnest Money Deposit or copy
- Notification if a power of attorney will be needed
- Home Warranty Information - if applicable
- Homeowners Assn or Condominium Assn's information
- Hazard Insurance Policy and flood policy if the property is in flood hazard area
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Buyers/Purchasers
- Name of your lender and loan officer with contact information
- Insurance Company information
- Complete Name and marital status of all purchasers with social security numbers and mailing address
At time of closing:
- Cashier's check or a wire for funds to close
- Valid Photo Identification, i.e. driver's license - passport
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Sellers/Owners
- Complete name and marital status of all sellers and social security numbers and mailing address
- Payoff Authorization, to request payoffs of any mortgages, liens etc.
- Association Contact information- if applicable
- Divorce Decrees- if applicable
- Court Order if property is involved in Bankruptcy
- LLCs selling- Certificate of Authority
- Companies or Corporations selling-Resolutions
- Successions selling - name of attorney or court order authorizing sale
At time of closing:
- Valid photo identification, i.e. driver's license-passport
- Alarm codes and all Keys
Our name is the best way we know to remind you of our trained employees on the importance of title insurance and how to thoroughly assist all clients in clearing up title issues.
