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The Real Estate Closing Process


Expediting the process

Your client has signed a contract and everyone is excited to get to the closing table, but first things first. Quickly submit a copy of the contract to North American Title (and Lender, if there is one). This will initiate the title process.
 
To expedite your order, please take the time to:
  •   Gather and submit buyer and seller information
  •   Monitor inspection and insurance requirements
  •   Acquire and report pertinent information related to your transaction to your North American Title team, including:
    • Homeowner’s Association
    • Sub-association
    • Estate | trust information
    • Attorney
    • Existing property ownership type
    • Amends, extends and counterproposals
    • Inspection resolutions
    • Commission disbursement
    • Power of Attorney
    • IRS §1031 exchange information

Earnest money
Deposit earnest money with North American Title and make sure a receipt is provided.
 
Title search
Contact your North American Title team to thoroughly investigate the title history and produce the appropriate documentation required.
 
Commitment
The title insurance commitment is provided, outlining the necessary requirements for insuring the transfer to the new owner free of liens and encumbrances.
 
Escrow process
From the signing of the purchase agreement to the closing, it is essential to document various approvals, inspections and insurances. To advance the process and preempt potential delays, keep your North American Title team well informed. Report all dates and factors affecting the transaction to ensure compliance with the closing date.
 
Thoroughly review the preliminary report, title report or title opinion
Make sure your clients review the report carefully and ask your North American Title team if you have any questions.
 
Communicate details
Notify your Title Agent or Escrow Officer in writing of all pending dates when actions pertinent to the closing will take place, such as loan approvals, releases, etc. If there are any changes to those dates, please submit them as soon you are made aware of them.
 
Closing instruction
Closing instructions will be provided by the lender. North American Title will coordinate the closing and prepare closing statements.
 
Document comparison
Compare the original Loan Estimate to the final Closing Disclosure, which the borrower must receive at least three days  before closing. Ensure there are no mistakes or unwarranted cost differences. Report all issues immediately to your Lender and Title Agent or Escrow Officer.
 
Closing table
Once everyone is in compliance and all documentation is in order, a date and location are set and agreed upon. Parties convene at the closing table and the sale is finalized.  For situations where all parties cannot be present, consult with your North American Title representative about our extensive options for accomplishing your closing.
 
Fund and close
All papers are signed and funds are disbursed.
 
*Processes and terminology vary by state law. For specifics on your area, please visit the website of your nearest North American Title office.