So, you've signed a sales contract for buying or selling a house.
Here's how the closing is handled by the title agency.
First off, title agency is picked by whoever is paying the title insurance.
Sale contract is delivered to title agent with the escrow deposit.
The title agency orders the title search, lien search, estoppels, and survey, if applicable,
and loan payoffs on any existing mortgages.
Then, it's on to the title search from public records.
This includes all documents related to the property.
This will also confirm the owner of the property.
Once the title search is completed, the title commitment will be prepared and sent to concern parties.
So now, the agency prepares the necessary closing documents required to clear the title.
The agency will collect all fees listed in the contract associated with this transaction
to prepare the closing statement, which is then sent to all parties.
And closing is scheduled.
The whole process is overseen by the title agency,
which will be responsible for having the parties sign all necessary closing documents.
After the closing is completed, the mortgages, liens, and vendors involved in the closing are paid off,
and then all necessary documents for recording are sent to the clerk's office.
Once recorded and received back by the title agency,
the title policies will be prepared and sent to the new owner.
Title insurance is basically for protecting you from claims arising after closing.
Finally, closing is now complete.
