The Closing Process for the Buyer
A summary of what takes place during the closing process for the Buyer.
You’ve found the perfect house, the terms have been agreed upon, the contract has been signed, you’ve chosen a lender and made application for your loan. Now it’s time for the title request to go to the title company of your choice. Just as it was your choice of which real estate agent had the most to offer you and which lender offered the best financing, it is also your choice as to which title company can provide you with the best service in assisting you through the closing of your transaction. MID SOUTH TITLE will work closely with you, your real estate agent and lender to insure that your closing is an efficient and pleasant experience.
When MID SOUTH TITLE receives a title request, a file is immediately opened. Our pre-closing department will make immediate contact with you, your agent and your lender. We will let you know who your contact at MID SOUTH TITLE will be and the documentation that you will be required to obtain on or before closing.
We will obtain a search of the title records for the property, and our staff of attorneys will perform an examination of that search to validate the owner the property, who has liens against it and if there are restrictions on how the property can be used by the owner. From this report, we will determine what is required to be done to clear the title so that you, the purchaser, receives a clear and marketable title to the property.
If required by your lender or requested by you, the Buyer, we will order a survey from a reputable licensed surveyor. When we receive the drawing, we will review it to determine that all improvements, including buildings and fences, are within the boundary lines and there are no encroachments of set-back lines or easements.
MID SOUTH TITLE will work with the Seller’s closing agent to determine prorations of property taxes, association dues, and any other monies or payments that you may receive a credit or debit for at closing.
We will prepare a commitment for title insurance from information shown on the title search and e-mail to the lender for their review. The commitment will provide them with pertinent information such as the current title holder, a correct legal description of the property, any and all easements and restrictions and a summary of what is required to transfer title. These requirements typically include the execution of a Warranty Deed and Deed of Trust, the payoff and release of and any liens or judgments and the payment of property taxes.
Upon approval of the loan, the lender will notify our Closing Officer assigned to your file and we will coordinate with you and your agent for a convenient closing date and time. The lender will e-mail their loan closing paperwork to us and we prepare the remaining documents necessary to complete the package to be executed by you.
The day of the closing has arrived and you will meet at one of our convenient MID SOUTH TITLE offices to sign the paperwork. Our closing agent will provide you with easy and understandable explanations of all the documents you will be required to sign and will insure that all the terms of the contract have been met. After your signatures have been obtained and all of your requirements have been met, the funds for your final amount of closing costs and/or down payment will be collected. MID SOUTH TITLE will then coordinate with the Seller’s closing agent to distribute the appropriate funds and paperwork to finalize the closing. You have just finished the easy part of this process and finally the time has come to ‘MOVE’!
After the closing, we disburse the remaining funds to the designated parties for the charges collected on the Settlement Statement, send the original loan closing package back to the lender and record the appropriate documents such as the Warranty Deed, Deed of Trust, Assignment and Release. After the documents have been recorded, we will issue the title insurance policies. The original Warranty Deed and Owners Title Policy will be mailed to you, the new owner and the original Deed of Trust and the Mortgage Title Policy will be sent to the lender. This completes The Closing Process.
MID SOUTH TITLE hopes you will enjoy your experience with us and would like to stay in touch.