Closing Process

The closing process begins with a contract.
Title Company
Lender
The Closer receives copies of the contract and proceeds to order the title work. The buyer submits an application to the lender and begins providing the necessary credit documents.
During the Title Search, the Examiner searches the history of the property, owners of record, liens, clouds on the title, documents filed by legal description, as well as liens, lawsuites, divorces and probates of the buyer and seller. In order to approve a buyer, the lender must verify income, stability, credit worthiness, sufficient assets to close and the property value (appraisal).
If the Title Search reveals a clear title, and insurance can be acquired, a “Title Commitment” is issued. The completed credit package is submitted to the lending underwriter for approval. If approved, closing instructions are provided to the Closer.
With the Title Commitment and Loan Approval in hand, the Closer prepares the final documents and schedules the closing.
All the parties sign the appropriate documents, executing the final transfer of property and placing the appropriate mortgage liens on the property.