CLOSING THE REAL ESTATE SALE TRANSACTIONAfter the Real Estate Contract is signed, and it is delivered to Superior Title & Escrow along with the earnest money, it is our responsibility to close the transaction. The are basically seven different steps that we perform in regard to the closing of your home sale. In chronological order, they are:
- Open the title order - The contract and all other documents are reviewed for completeness and the title file is opened.
- Deposit Earnest Money - The earnest money paid by the Buyer is deposited.
- Complete Title search - We search the county records including the recorded of deeds and county courts, for deeds, mortgages, judgments, divorces and all other documents that affect the property.
- Exam tile and prepare the title commitment - All of the documents found during the title search are reviewed and the ownership and liens are verified to determine ownership and debts. A title commitment is prepared reflecting the results of the search and a copy is forwarded to the mortgage company and the parties to the contract.
- Process the file - Payoffs, home association dues statements, surveys, if necessary are ordered and the parties and mortgage company are contacted to set the closing time.
- Prepare documents - All legal documents necessary to transfer title from the Seller to the Buyer are prepared, lenders’s instructions, requirements and documents are reviewed and the Settlement Statement is prepared.
- Closing/Settlement - We supervise the signing of all documents. The Seller signs the deed, tax affidavit, mechanic’s lien affidavit and Settlement Statement. The Buyer signs the lender’s documents. The title documents records the documents with the county recorded of deeds and all disbursements are made.