The Closing Process (when financed)
- The Purchase and Sale Contract along with related information is transmitted to the Title/Closing Agent.
- The Lender submits a title request to the Closing/Title Agent.
- The Closing Agent orders the Title Search.
- The Real Estate Professionals, Buyers and Sellers order the Survey and WDO or Wood Destroying Organisms Report.
- The Buyer IMMEDIATELY applies for Hazard, Flood and Windstorm Insurance, as needed.
- The Title Search is completed.
- The Title/Closing Agent issues the Title Insurance Commitment and Title Matters, if any, are addressed.
- The Survey and WDO are completed and any issues revealed are resolved.
- The Lender transmits the Preliminary Loan Package to the Title/Closing Agent at least three days prior to closing.
- The Title/Closing Agent and Lender work together to balance the Closing Disclosure against the contract and loan instructions.
- Once balanced the Closing Agent submits a Settlement Statement, ALTA, to Realtors on both sides for review. If there are any changes to the Buyer’s side the Closing Agent submits those to the Lender for incorporation into the Closing Disclosure.
- Once Closing Agent, Lender, and both Agents approve then Lender sends the final Closing Disclosure to Buyers for signature at least three business days before closing. Simultaneously the Listing Agent or Closing Agent, at the Listing Agent’s discretion, transmits a copy of the ALTA to the Sellers.
- The Lender sends final loan package to Title/Closing Agent who prints that as well as any other required closing documents.
- The Buyer arranges for their funds to be in Closing Agent’s account by or before closing occurs. Please note funds up to $5,000 may be submitted by Cashier’s check. Anything over $5,000 must be transmitted by Wire Transfer.
- The formal Closing occurs. This may occur with the parties coming to closing at the title company or at the far ends of the Earth. Many closings are conducted using overnight parcel services and/or electronic transmission of documents.
- Upon execution and receipt of all required documents, the fulfillment of all conditions, the receipt of all funds, and Lender approval then Title/Closing Agent disburses the money and records the documents as needed. All original documents and Good Funds must be received by the Closing/Title Agent before the Closing is considered actually closed.
- The Title/Closing Agent prepares and ships the completed Lender’s Loan Package.
- After receipt from the Clerk of the Circuit Court of the recorded documents the Title/Closing Agent issues the appropriate Title Insurance Policies and mails them along with the recorded documents to the Buyer and Lender.
The Closing Process (cash purchase)
- The Purchase and Sale Contract along with related information is transmitted to the Title/Closing Agent.
- The Lender submits a title request to the Closing/Title Agent.
- The Closing Agent orders the Title Search.
- The Real Estate Professionals, Buyers and Sellers order the Survey and WDO or Wood Destroying Organisms Report.
- The Buyer IMMEDIATELY applies for Hazard, Flood and Windstorm Insurance, as needed.
- The Title Search is completed.
- The Title/Closing Agent issues the Title Insurance Commitment and Title Matters, if any, are addressed.
- The Survey and WDO are completed and any issues revealed are resolved.
- The Lender transmits the Preliminary Loan Package to the Title/Closing Agent at least three days prior to closing.
- The Title/Closing Agent and Lender work together to balance the Closing Disclosure against the contract and loan instructions.
- Once balanced the Closing Agent submits a Settlement Statement, ALTA, to Realtors on both sides for review. If there are any changes to the Buyer’s side the Closing Agent submits those to the Lender for incorporation into the Closing Disclosure.
- Once Closing Agent, Lender, and both Agents approve then Lender sends the final Closing Disclosure to Buyers for signature at least three business days before closing. Simultaneously the Listing Agent or Closing Agent, at the Listing Agent’s discretion, transmits a copy of the ALTA to the Sellers.
- The Lender sends final loan package to Title/Closing Agent who prints that as well as any other required closing documents.
- The Buyer arranges for their funds to be in Closing Agent’s account by or before closing occurs. Please note funds up to $5,000 may be submitted by Cashier’s check. Anything over $5,000 must be transmitted by Wire Transfer.
- The formal Closing occurs. This may occur with the parties coming to closing at the title company or at the far ends of the Earth. Many closings are conducted using overnight parcel services and/or electronic transmission of documents.
- Upon execution and receipt of all required documents, the fulfillment of all conditions, the receipt of all funds, and Lender approval then Title/Closing Agent disburses the money and records the documents as needed. All original documents and Good Funds must be received by the Closing/Title Agent before the Closing is considered actually closed.
- The Title/Closing Agent prepares and ships the completed Lender’s Loan Package.
- After receipt from the Clerk of the Circuit Court of the recorded documents the Title/Closing Agent issues the appropriate Title Insurance Policies and mails them along with the recorded documents to the Buyer and Lender.