If this is your first time buying a home or you need a refresher, this guide can help you navigate the closing process. We’ll walk you step-by-step through what happens once you agree to move forward and purchase a property. Plus, we’ll help you prepare for closing day.
Real Estate Closing Checklist
When it comes to real estate closings, there’s a lot of due diligence required. But the team at Mattingly Ford Title works with you to make everything run as smoothly as possible. Let’s breakdown the steps involved during the closing process:
- Contract: Signing purchase and sale contracts and an initial escrow deposit trigger a title request.
- Title Request: The closing attorney orders tax information, loan payoff statements, surveys, or property agreements.
- Title Search: A public records search, including deeds, mortgages, judgments, easements, restrictive covenants, liens, settlements, and any recorded documents that can impact the property title.
- Title Report: The closing attorney prepares all the necessary documents, including the deed, bill of sale, affidavits, and closing statement.
- Schedule: When all the closing documents have been approved, your closing day is scheduled.
- Signing: Each party signs the necessary documentation and provides certified funds needed to make the sale official.
- Payment & Filing: After the closing, the seller, real estate agents, attorneys, and other parties are paid and documents are recorded in the appropriate county.
Real Estate Closing Documents
Smooth real estate closings require having the right documentation at the right time. These are the most important documents needed for the closing process.
Deed
The deed is what officially transfers ownership of real estate. It includes a property description, along with the names of the buyer and seller. It’s a legal document that is proof of property ownership.
Closing Statement
A closing statement (also called a settlement statement) is an itemized list of costs associated with the real estate transaction. Think of this like a receipt for your property. It includes how much you’ll have to pay on closing day, along with other fees and taxes associated with the sale.
Title Search
Your title search report verifies an investment property’s ownership history. It also reveals any easements, financial or legal claims that may exist. Without a title search report, someone else could claim ownership of your property, or you may have a lien that suddenly becomes your responsibility.
Title Services Can Help with the Closing Process
We’re the last stop on the home buying journey, but we’re one of the most important. Our job is to make the transaction accurate and official. And we want to make the process as hassle-free as possible for all involved. That’s why our clients trust us for fast, friendly, and accurate closing services at a fair price.
