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The Closing: How We Get There The
Closing: How We Get There Step
1. It starts when the seller accepts a contract you have put in on
their home. You might put down a deposit to prove you are serious about the
offer. At that point, it is time to order the title from Benchmark
Title. They will get the ball rolling from there. Step
2. The buyer should have had a visit with a lender prior to this and
have been pre-approved for a loan sufficient to purchase the home. This is a
function that helps the buyer as well as the seller and Realtor so that no
one spends time reviewing homes that the buyer can not afford to
purchase. Step
2. (a) At this time the Title company also begins the process of
bringing the transaction together and to a satisfactory closing. The title
must be reviewed, payoffs of prior mortgages ordered, as well as any other title
issues such as possible liens or judgments against the seller. In the event
of a divorce in the seller's past, the divorce decree must be reviewed to be
sure the proceeds are disbursed according to that decree, as well as any
other potential title problems that need to be addressed and cleared for
transfer of ownership. Step
3. At this time the Realtor should remind the seller that it time
to order a home inspection, if required by the contract terms, as well
as a termite inspection. Both of these items are pretty customary issues in
todays real estate market. Step
4. At this time the closing department begins to put all the
numbers together and prepare the HUD settlement statement. This document
shows all the costs that will be paid at the closing, and who has the
responsibility for those costs. Step
5. “THE CLOSING” You will need two forms of identification,
one of them must be a photo ID, as well as if you are the buyer you will be
informed of the amount you must bring to the closing. These funds must either
be wire transferred, or in the form of a cashiers check or certified funds.
Personal checks or cash are not often acceptable at the title company. After
the closing process is complete you will be handed the keys. Any questions can be directed to
Benchmark Title at 618-239-3750. Please feel free to call or
email:
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Dates to Remember 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? Contact 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.
Contact us today for a quote! Why wait? You can place your
next title order now by clicking here. |
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