What to Expect as a Buyer during the Closing process:

Once a real estate contract is executed between the buyer and seller, the buyer will issue the earnest money deposit to the escrow agent. Upon receipt of the escrow deposit the buyer’s lender (if the transaction is being financed) or the buyer’s real estate agent (if the transaction is a cash transaction) will submit a request for title to the Closing Agent chosen by the buyer to start the process. When opening a title order, information is gathered by the Closing Agent regarding the buyers names, marital status, mailing addresses, and phone numbers. The Closing Agent will also be responsible for performing a title search, municipal lien search, obtain association account ledgers and order a certified survey, if required on the subject property. When all parties are ready to close, the Closing Agent will contact the buyers and sellers to schedule the closing to sign documents. Upon completion of signing the closing documents, if the transaction is being financed the Closing Agent will submit to the buyers lender all documents for funding review. The buyer’s lender will review if all documents have been properly signed and will issue funding approval. Typically once the Closing Agent has been fully funded and has received funding approval, disbursements will be made and closing is complete.

What to Expect as a Seller during the Closing process:

Upon execution of a sales contract, the buyer purchasing the property must deliver the earnest money deposit to the escrow agent. Once the escrow deposit is received the title company acting as the Closing Agent will need to contact the seller to receive personal information regarding the subject property. The Closing Agent will need to verify the sellers names, marital status, mailing addresses, and phone numbers. In addition, the sellers will need to provide the closing agent with information on existing mortgages against the property, contact information of any homeowners association, and information of any outstanding water bills or liens that they are aware of on the subject property. If the seller will be represented by an attorney then the Closing Agent will need the contact information. When all parties are ready to close, the Closing Agent will contact the buyers, sellers and/or all parties involved to schedule the closing to sign documents. Upon completion of signing the closing documents, if the transaction is being financed the closing agent will submit to the buyers lender all documents for funding review. Once the Closing Agent receives all monies dues to finalize the sale and documents have been reviewed for approval the Closing Agent will make all disbursements. Proceeds to the seller can be issued in a form of an escrow check and can be picked up, mailed or a wire transfer and/or deposit to a bank of seller choice can be performed.

What to Expect when You Refinance:

When you refinance your property, the lender will contact the Closing Agent of your choice and request a title order. The Closing Agent will need to contact the homeowner/borrower to receive personal information regarding the subject property. The Closing Agent will need information on existing mortgages against the property, contact information of any homeowners association, and information of any outstanding water bills or liens that they are aware of on the subject property. The Closing Agent will also be responsible for performing a title search, municipal lien search, obtain association account ledgers and order a certified survey, if required on the subject property. Once the lender has gathered all required loan documents and the lender is ready to schedule the closing and borrowers are ready to close the refinance, they set up an appointment for the signing of loan documents with the Closing Agent. At signing the Closing Agent will go over all loan documents and answer any questions of concerns. When refinancing your property, there is a rescission period of three business days during which you may cancel the transaction. Once the rescission period has expired and we have confirmation from the lender that the loan has been funded, recording of the documents occurs. The loan proceeds are disbursed