The Closing Process

  1. The Purchase and Sale Contract along with related information is transmitted to the Title/Closing Agent.

  2. The Closing Agent orders the Title Search.

  3. The Real Estate Professionals, Buyers and Sellers order the Survey and WDO or Wood Destroying Organisms Report.

  4. The Buyer IMMEDIATELY applies for Hazard, Flood and Windstorm Insurance, as needed.

  5. The Title Search is completed.

  6. The Title/Closing Agent issues the Title Insurance Commitment and Title Matters, if any, are addressed.

  7. The Survey and WDO are completed and any issues revealed are resolved.

  8. The Lender transmits the Loan Package to the Title/Closing Agent at least one day prior to closing.

  9. The Title/Closing Agent prepares the Closing Statement or HUD-1.

  10. Closing statement is approved by everyone.

  11. The Title/Closing Agent prints the Lender’s documents and prepares the other required documents.

  12. The formal Closing occurs. This may occur with the parties sitting across the table from each other or at the far ends of the Earth. Many closings are conducted using overnight parcel services and electronic transmission of documents.

  13. Upon execution and receipt of all required documents, the fulfillment of all conditions, and the receipt of all funds the 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.

  14. The Title/Closing Agent prepares and ships the completed Lender’s Loan Package.

  15. 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.