VILLAGE TITLE | Closing Process Page





CLOSING PROCESS What to expect at Closing Your real estate agent or loan officer calls us to schedule a closing and sends us a copy of your purchase agreement, which we then check for accuracy and completeness. • We request title work which includes a search and examination of the title to ensure that there are no other claims of ownership against the title. • Once we receive the title commitment, we check the information for accuracy and completeness and note any requirements that must be satisfied. We then forward a copy of the title commitment to your loan officer and/or your real estate agent. • If your file calls for a prior mortgage to be paid off, we will order payoff figures from the existing lender. • If the buyer is assuming the loan, we will order an assumption package that shows the current status of the loan. • We notify the appropriate parties of any issues or discrepancies so that they can be corrected • As the closing day approaches, we order any updated information that may be required. Once we are satisfied that your paperwork is in order, we confirm the date, time and location of the closing with all the parties involved. • Once the preliminary work is complete, we make sure that all the information on the purchase agreement, loan closing documents and the title commitment have been compared and compiled with your lender's loan instructions. • We prepare the HUD-1 Settlement Statement. This document shows all costs including those paid at closing and any pre-paid costs, such as earnest money deposit or loan application fee. • We meet with you to close the transaction and the transfer ownership of the property from the seller to the buyer. Whether you are the buyer or seller, Congratulations! What to Bring to Closing — Closing Checklist Please be sure to bring the following items with you to your closing. If you have any questions regarding any of these documents, please contact your Closer or Closing Assistant at Village Title & Abstract Company. Buyer • Photo identification (passport, driver's license, or state-issued identification card) • Copy of homeowner's insurance binder and paid receipt • Cashier's check(s) and your personal checkbook for any necessary payments • Any additional documentation that your Loan Officer has asked you to supply Seller • Photo identification (passport, driver's license, or state-issued identification card) • Any documents requested by your Closer • Any items you may wish to pass on to the Buyer such as association dues, warranties, keys, garage door openers, etc.