Buying a home is an exciting time and a great investment. The closing process is one of the most important parts but there are steps that need to be done prior to closing.
- Find a Lender: Visit with a lender, find out about your loan options, get pre-approved, and set a budget.
- Find a Realtor: Real estate agents have many sources to help you find the perfect home.
- Find a Title Company: You have the choice when it comes to working with a title insurance provider and there are many factors to consider when selecting a company such as years of experience, local expertise, service standards, market conduct, and community involvement.
Once you find the home of your dreams and your offer has been accepted, your lender will send a title application to your title company where they will begin the process of searching historical and public records of the property.
- Search and Exam: Information on the property is gathered and reviewed for potential problems that need to be resolved.
- Title Commitment: Is sent to the seller’s closer to work on any problems that the seller needs to take care of.
- Title Issues: Examples that may arise include delinquent taxes, mistakes in recording legal documents, land-locked, unrecorded agreements between neighbors, unsatisfied old mortgages, encroachments, and mechanics liens.
After all of this behind the scenes, your closer will then work with you to get your closing scheduled and send you a closing notification along with a borrower information request form with wiring instructions.