Under Contract

Once the parties have executed the purchase and sale contract, one of the parties or their real estate agent will send the contract to the closing attorney. When we get a new contract we order a title examination of that property. A title exam is an examination of the public real estate records for a that property. The title examiner will determine the name of the owner, and any mortgages or liens associated with the owners or attached to the property.

Pre-Closing

This is the information gathering phase. We will send out information forms for the buyers and sellers to complete. This information allows us to order mortgage payoffs for the seller, HOA information, water bills, and anything else we need regarding the property. We will also coordinate with the lender and communicate with them throughout the process regarding the loan documents and clearance of any title issues. Once the lender is ready to close and all documentation has been provided to us, we will notify all parties of the time and place of the closing. A settlement statement will be sent to all parties that shows everything that is being collected and paid at closing. The parties will be notified of how much they need to bring to closing and wire instructions, if needed.

       

Closing

Buyers, Sellers, Their Agents, and the Attorney will meet and sign the closing documents.

Limited Warranty Deed—This is the document the seller signs that conveys the title of the property to the buyer. The deed will be recorded with the Clerk of Court for the county where the property is located and will be mailed to the new owner once it is returned to our office from the county. 

Security Deed—if the buyer is using a lender, the buyer will sign a Security Deed that will also be recorded with the clerk of court. The Security Deed is the recorded document that gives the lender an interest in the property until the loan is paid in full.

Promissory Note—if the buyer is using a lender they will be required to sign a promissory note as well as a Security Deed. The Promissory Note is not recorded but sent to the lender to keep. It describes the terms of the loan, and is the promise to pay back the loan to the lender with interest.

Post-Closing

After the closing is complete, the attorney will send all of the signed documents to the buyer’s lender and will send any recordable documents to the Clerk of Court for recording. The seller’s payoff is sent to their lender so that loan will be paid in full and released by the lender. All other monies gathered at the closing are then disbursed accordingly.