Opening the Title Order
Once a title order or contract is received we will open a file in our system and promptly place an order for a title search. Your file will then be assigned to a closer and you will receive a confirmation of your order with contact information from them. You may also communicate directly with the title processor and closer by emailing them at any time with any question you may have.
Processing the File
The title processor will begin to gather any additional information that was not obtained from the initial order that will be required for closing, i.e. Property taxes, Realtor(s) contact and agency information, lender information for the Seller, so we may obtain a payoff and lender information for Buyer to coordinate financing of the purchase. We communicate with the Buyer(s) to determine how they would like to take title to the property. We request from the Seller(s) how they would like to receive the proceeds (i.e. wired funds, 1031 exchange, and escrow check). If necessary, we will order and obtain a survey and/or a termite inspection utilizing the most qualified companies in our area with competitive rates.
Title Search & Commitment
We order a Title Search with our Title Insurance Underwriter. The Underwriter will search the property and our in-house examiner will determine what requirements are needed (if any) to clear the property for conveyance and issue a title commitment. The commitment is given to the Title Processor to clear or satisfy the requested items.
Clear Title for Closing
The Title Processor will call for the proper documentation: such as, a payoff statement for an existing mortgage, Home Owner Association estoppel letter(s) along with copy of approval letter (if applicable), and payoff for any claims or other liens/judgments attached to the property. This task is often a time consuming one. We are at the mercy of Homeowner Associations, Attorneys and government agencies for this information, and by law they often have up to ten days to respond. A survey if applicable will be ordered and reviewed. This is the most important step in the process to assure your real estate purchase is secure and protects you against financial losses due to defects in the title.
Closing the Transaction
The Closer/Title Agent prepares a Federal Regulated document referred to as a “Settlement Statement,” “HUD” or "Closing Disclosure." This document depicts how the money is to be disbursed to all parties associated with the transfer of a sale or refinance. Once the Settlement Statement is properly executed there cannot be any changes unless the person(s) who executed the document initials the change(s).
The Closer/Title Agent will present the closing documents to the Buyer(s) and the Seller(s). The two most important questions the Buyer(s) and Seller(s) have when closing is “How much money do I need to bring to closing?” and “When will I receive my proceeds?” When both sides of the closing transaction have properly executed all documents, the Closer/Title Agent will disburse the monies and give each person a copy of the closing documents.
Disbursement & Issuing the Title Policy
Once all parties have signed and the documents have been notarized, we will handle the disbursement of the funds to the required parties per the signed Settlement Statement, and the ownership of real property passes to the new owner.
We prepare the recording package to send it to the Clerk of the Circuit Court in the county where the property is located. This is done electronically to insure timely transfer of ownership in public records. After the recording process is complete, the recorded Deed and/or Mortgage are returned to us and we will prepare the Lenders Title Policy and the Owners Title Policy. The recorded Warranty Deed and original Owners Title Insurance Policy will be sent to the homeowner, and the recorded Mortgage and Loan Policy to your lender.