Skilled Professionals Work Behind the Scenes to Make Sure Everything Runs Smoothly
By Williams County Abstract Company
When you are purchasing a home, there are SO many details to take care of that the last thing you need to worry about is a problem with your closing! Hopefully, you’ve hired our skilled professionals to handle the details and make sure everything runs smoothly.
The behind-the-scenes work begins as soon as your offer is accepted by the seller, which can be anywhere from 30 days to 3 months before the closing. The settlement process typically works the same way.
If you are working with a real estate agent, he or she will place an order with Williams County Abstract Company, as your “settlement agent”, as soon as your sales contract is accepted. Homebuyers CAN choose their own settlement agent if they wish. We hope you choose to work with us here at Williams County Abstract Company. You just need to make your choice known to your realtor and your lender so they send your order to the correct settlement agent.
We will oversee the closing process, making sure that everything happens in the right order and on time, without unnecessary delays or glitches.
First, a Purchase Agreement is drawn up by your realtor or an attorney, which we will review for completeness and accuracy. The agent will also put your deposit into an escrow account, where the funds will remain until the time of closing. Funds can be held with your real estate agent or with our office.
Next, the preliminary title work is done. The title company conducts an exhaustive search of many different public records systems to make sure there are no issues with the title such as liens against the property, utility easements, judgments, etc., to compile your Abstract of Title. Once the Abstract is completed, the Attorney’s Title Opinion can be done.
After the Abstract and Title Opinion are completed, we will issue a Title Commitment. There are two kinds of title insurance coverage—a Loan Policy, which covers the lender for the amount of the mortgage loan, and an Owner’s Policy, which covers the homebuyer for the amount of the purchase price. If you are obtaining a loan, the lender will require that you purchase a Loan Policy. However, it only protects the lender. We always recommend you obtain an Owner’s Policy to protect you and your investment in your property. This is a one-time fee based on the purchase price and loan amounts.
Meanwhile, we are simultaneously coordinating all of the other important details. If the contract calls for a prior mortgage to be paid off, the agent will order payoff figures from the existing lender. Other tasks generally include ordering a plat sketch for the title insurance, obtaining any payoffs that are required and preparing documents that are needed for closing. Each closing is unique, which is why it requires a skilled professional to oversee the process. Our role is to facilitate cooperation, coordination, and compliance between the realtor, lender and other service providers to get you to YOUR CLOSING!
Any problems or discrepancies discovered by us are reported to the appropriate parties so that they can be corrected. If a cloud on title is discovered, most often we are able to take care of it without you even knowing about it, meaning no stress for you!
If you are obtaining a loan, your lender has three days from the time of the loan application to provide you with a Loan Estimate of your loan costs. Keep in mind this is just an estimate, though it should be very close to what you final numbers will be. The final costs will be outlined on the Settlement Statement or Closing Disclosure prepared by us just prior to closing. All costs to be paid at closing will be down on these documents, including your lender fees, title fees and attorney fees, as well as pre-paid costs such as your earnest money deposit or loan application fee.
As closing day approaches, we will order any updated information that may be required. Once we are satisfied that the paperwork is in order, we will confirm the date, time, and location of the closing with the lender and the realtors. Your lender or realtor will contact you with the information once it has been set.
All of the behind-the-scenes work is done on your closing day! While you’ve been busy packing, moving, switching over utilities or concentrating on your job, the closing process has been happening behind the scenes, so that your new home has a clear title and is move-in ready for you after the closing!
If you have any further questions or would like more in-depth information, please feel free to contact us! We are happy to go over any part of the process to help you better understand!