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:

Submit commitment information sheet
Gather and submit buyer and seller information
Monitor inspection and insurance requirements
Contact your North American Title team for reliable insurance and inspection companies for your clients
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 by your state.

Commitment
The title insurance commitment is provided upon verification of a clear title.

Escrow process
From the signing of the purchase agreement to the closing, it is essential to simultaneously enact and fund various document 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 accurate closing dates are provided.

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.

Review demands
All parties’ conditions and demands are submitted to the Escrow Officer or Title Agent and arrangements must be made to satisfy all demands.

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.

Document preparation
Make sure all documents are properly signed and notarized. Discuss closing costs with your clients. Review all documents carefully and submit them to your Escrow Officer.

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 with the Closing Disclosure, which the borrower must receive 3 days before closing. Ensure there are no mistakes or unwarranted cost differences.

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.

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 by entering your ZIP code in the office locator.

The Real Estate Closing Process

Expediting the process

Real Estate Services