Congratulations! You are probably here because you have put a contract on a house or plan to very soon. You’re probably wondering, what next? We hope by visiting our website we can give you some insight to the closing process and help you choose a settlement agent that is right for you. If you have a question we did not cover, please feel free to call or email us at any time!
- We believe communication is key to a successful transaction.
- We are always available to answer any questions or concerns you may have.
- We will promptly address and potential problems to be resolved prior to closing.
- We have a flexible schedule, provide mobile closings, and will always go above and beyond your expectations to close your transaction.
As your settlement agent we do the following:
- Review your contract and loan instructions to ensure all terms are carried out accordingly
- Order and review a title search on the subject property
- Resolve any title issues as soon as possible
- Order or assist with ordering a survey and any necessary inspections
- Collect all receipts for closing. This includes, but is not limited to taxes, homeowner’s dues, hazard insurance, repairs needed prior to closing, and home warranty information.
- Coordinate with the seller’s settlement company
- Prepare loan package
- Conduct closing where all documents are to be executed
- Prepare and review all documents for recording, disburse funds, and return signed closing package to lender
Please visit our Buyer’s Information Package to help us provide you with the most efficient settlement transaction available. You may print, review, fill out, and return OR you may fill out online, save for your records, and return.
Want to know more about title insurance and why we strongly suggest everyone have an Owner’s Title Policy? Please review the documents below for more information.
Closing Disclosure and/or HUD-1 Settlement Statement: sets out all receipts and disbursements made by, on behalf of, or to the buyer and seller in the transaction.
Promissory Note: outlines the material terms of the loan including interest rate, term, maturity date, principal and interest payment amount, late penalty and prepayment penalty.
Mortgage: (a/k/a Security Deed, Deed to Secure Debt, Deed of Trust, Trust Deed, depending on the state in which the property is located) – secures the property as collateral for the loan.
Affidavits: Where applicable, buyer executes sworn statements relating to:
- owner-occupancy of the property;
- current employment and income;
- name variations or “aliases”;
- the non-existence of secondary financing;
- truth and accuracy of all information supplied to the lender;
- other matters specific to the particular transaction.
Disclosures and Acknowledgements: Where applicable, borrower may sign the following disclosures and acknowledgements:
- Acknowledgement that a default in payment of the loan could result in a foreclosure;
- Acknowledgement that the closing attorney/settlement agent represents the lender;
- Disclosure of the Annual Percentage Rate (“APR”) as reflected on the Truth In Lending Disclosure or “TIL”;
- Disclosure of projected escrow account activity for one year;
- Acknowledgement that property is or is not located within a flood zone;
- Acknowledgement of receipt and review of termite letter ;
- Acknowledgement of receipt and review of survey;
- Disclosure of information relating to lender’s history of transferring/selling loans.
Loan Application – standard form which reflects the income, assets, debts and other pertinent information used to qualify borrower for the loan.
IRS form W-9 – verifies the borrower’s social security number for the reporting of payment of interest to the IRS.
RS forms 4506 and/or 8821 – authorizes the lender to obtain information from the IRS to verify information on application form.
First payment letter – shows total payment amount, date of first payment and information regarding where to remit payment.
Title Insurance – What is it and why do I need it?
Title insurance protects you from losses that occur from various matters affecting the title to land. There are two basic types of policies; Owner’s policies to protect the owner and Loan policies to protect the bank’s mortgage.
- Owner’s Policies cover the following:
- Ownership: It insures that you are the owner of the property.
- No Liens: It insures against losses from any liens or encumbrances on the property except those listed in the policy.
- Access: It insures you have a legal right of access to the property.
- Marketability: It insures against your title being rejected by a subsequent buyer because it is unmarketable due to a title defect of lien.
- Loan Policies only protect the bank’s interest. You the homeowner, may be liable for title problems even though the bank is insured.