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FAQs
- What are the functions performed and services provided by the closing agent?
It is customary for the closing agent to receive a "title order" from a real estate agent, loan officer, purchaser, or a refinancing owner in preparation of a closing. The closing agent will then order a title search, a location survey (if required), payoff statements, and real estate tax information in preparation of closing. Within a few weeks prior to closing, the closing agent will schedule a closing date with the lender and the parties involved, as well as, clear title and issue title insurance commitments to the respective parties. The day before closing or on the day of closing, the lender will provide final loan instructions to the closing agent along with the lender documentation. Upon receipt of these items, the closing agent will prepare the final HUD-I Settlement Statement and conduct closing with the parties. Generally, the actual closing involves an explanation of the documentation by the closing agent and the acquiring of signatures which takes approximately one hour. In some cases, there may be subsequent adjustments to the HUD-I Settlement Statement or other documentation that will require a longer closing time. At the time of closing or shortly thereafter, the lender will remit funds to the closing agent's escrow account for disbursement.
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- Who decides which title company/closing agent handles my closing/settlement?
- What is meant by "Title"?
- What is Title Insurance?
- What is a Title Search?
- What Title Insurance Protects Against:
- Do I need Title Insurance?
- What is the difference between a Lenders Title Policy and an Owners Title Policy?
- But the lender already requires Title Insurance, won't that protect me?
- What is meant by a title defect?
- What happens if my home is protected by title insurance and it's challenged?
- How much does Title Insurance cost?
- Should I shop around for the best Title Insurance deal?
- How long will the closing take?
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