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Contract to Closing
by John Howe, President
You have a contract, now what? Today's
Title Tip is a back to the basics primer on how we get from Contract to
Closing. The simple answer is this: The Realtor gets the contract, the
Title Company handles the closing. But, unfortunately, it's not
that simple.
Yes, Step 1 is the Realtor gets the contract signed, and the last step is the
Title Company closes the transaction, but that is far from all there is to a
real estate transaction. In this issue I will outline some of the many
steps in between "Contract to Closing."
As a Realtor, have you had your buyer pre-approved for a loan to be sure they
can afford the dream home you have assisted them in finding? If not,
that is a very important step that should not be skipped, or we may all do a
lot of work for a deal that doesn't ever get to the closing table.
Contact your favorite lender and ask them to help the buyer through this
process, they will be more than happy to do this for you.
When that is approved and you have a signed contract your next step is to get
a COMPLETE copy of the contract to the lender and the title company,
including any and all amendments to the contract. If anything changes
throughout the course of the deal you must forward any amendments to the
title company and the lender. You do NOT want to be sitting at the
closing table and providing the parties with an amendment that changes the
price of the property. That could jeopardize the buyer's loan
qualification and leave some very unhappy people unable to complete a
closing.
Has the appraisal been ordered? Has the home inspection been
requested? Have you informed your buyer that they will need to have a
homeowners insurance policy purchased and paid for prior to closing?
How about a terminate inspection?
One of the most important functions of all of the parties to any transaction
is to communicate with each other throughout the process. Any time the
communication breaks down the risk of a problem at the closing table
increases.
If something comes from the lender that you do not understand, ask the loan
officer. If something shows on the title commitment that you or your
customers do not understand, ask the title examiner or closer at the title
company. We all have one thing in common - we want the buyers and
sellers to walk away from the closing table with smiles on their faces, glad
they chose to work with us for this most important transaction.
Remember the 4 "C's" - complete copy of the Contract,
Communication, Closing, and lest we forget, Commission!
Keep your eyes peeled for future title tips on what exactly the title company
does after we receive a copy of your sales contract.
Any questions can be directed to Benchmark Title at 618-239-3750.
Please feel free to call or email:
Serving you from three convenient locations:
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Main Office:
1124 Hartman Lane
Shiloh, IL 62221
Ph: 618-239-3750
Escrow Fax: 618-239-3707
Title Fax: 618-239-3757
Fax Orders: 618-310-1589
President: John Howe
www.benchmarktitle.net
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318 North Main St.
Columbia, IL 62236
Ph: 618-281-9700
Fax: 618-281-9705
Manager: Randi
Schur
4215 S. State Rte 159
Glen Carbon, IL 62034
Ph: 618-288-1695
Fax: 618-288-1852
Manager: Sara Sowell
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Upcoming Title Tips
National Title Services
What is a Title Search
Title Examination
Introducing
our
Direct Deal
Coordinator
Leslie Rivera has
recently been appointed to a new post as Direct Deal Coordinator. In addition
to her regular duties as Policy Examiner, Leslie now handles customer
contact on "Direct Deals" -- this means orders that don't close at
Benchmark, such as letter reports, insured letter reports, informational
binders, etc. for loans that close at the bank, or somewhere else in the
country. You can call Leslie directly to place your order, check on
the status of your title commitment or policy, or to request
recording fee schedules. Leslie can assist you in getting what you need
in a timely fashion, so you can take care of your customers in
style. Leslie can be reached in our Shiloh office
at 618-239-3750 or by email at lrivera@benchmarktitle.net.
Did you say free?
Be the first in your
office to try out SureClose.com,
Benchmark Title's new FREE online transaction management system. Why waste
time making status phone calls or standing by the fax waiting for your title
commitment when you can get what you need instantly from your own computer.
Visit SureClose.com for more
information or call April
Tolan, our SureClose Specialist, at 618-239-3750 for your sign-on so you
can start saving yourself time and money today. We'll even give you and your
clients a free CD at closing containing copies of their closing documents.
Give me my policy!
Did you know that
lenders and home buyers now receive their title policies at the closing
table? Call Michelle
Null, VP Escrow Operations, to learn more about this exciting new
program.
Ready to refi?
Lenders and
homeowners will want to hear about our fantastically low new refinance rates.
Call today for a quote!
Why wait?
You can place your
next title order now by clicking here.
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