Document preparation – The closing agent prepares the documents required for your closing shortly after you sign your contract or loan application. The agent will request the payoff information of any existing mortgages, as well as a request for any information regarding homeowners or condominium association dues and/or transfer fees. If a new mortgage is being obtained, the closing agent will work closely with your lender to make sure you meet all of the lender’s closing requirements.
Title Exam – Your title agent will order a title exam, which verifies the seller’s ownership. This will also reveal any outstanding mortgages, liens, restrictions, easements, etc., which may affect the property. The agent then issues a title commitment to show any matters reflected in the title exam. The title commitment will also note the documents needed to properly transfer the title of the property from the seller to the buyer.
Closing Package – When the lender receives all the required documents from the buyer and the loan has been approved, the closing agent will schedule the closing meeting with all parties involved. The lender provides their closing package consisting of the loan closing instructions, fees charged in connection with the new loan, and any loan documents to be delivered to the closing agent.
The closing agent then prepares all for the necessary closing documents, including a closing statement outlining all costs associated with the transfer of ownership as well as fees charged in connection with the new loan.
Copies of the final closing statement will be sent to the buyer, and/or the seller, the lender, and the realtor before the closing meeting.
After the Closing – After the closing, the closing agent will send the original deed and mortgage to the local courthouse for recording. The completed loan package is sent to the lender. All remaining funds are disbursed according to the settlement statement. At ITS, the owner’s and/or lender’s title policy is issued at closing and upon disbursement of the monies.