The Closing Process Explained
Contract
The closing process begins well before you sign a contract
or talk with your closer. It begins with the decision to buy
or sell property. Next, you find a real estate agent (or decide
to sell/purchase without the assistance of a real estate agent).
Once the right person finds the right property, the contract
negotiations begin. Once the terms are agreed upon and the
contract is fully executed, it’s time to allow our knowledgeable
professionals to begin working on your closing.
EMD deposited
Once the original contract (or escrow agreement) and agreed
upon earnest money deposit (EMD) is entrusted to Destin Land
and Title, we promptly review the contract for completeness
and accuracy and deposit the funds into an escrow account.
A closer will contact the parties involved to collect any
additional information that may be needed, such as known liens
against the property; home owner’s association contact
information; purchaser’s intended lender; how the purchaser
wishes to take title, etc.
Title ordered
A title search is requested and reviewed to confirm the ownership
and lien status of the property. This will generally confirm
information previously collected regarding mortgages, home
owner’s associations, and property taxes.
Title concerns resolved
Once any title concerns are identified, our team works diligently
to determine, and proceed with, the steps necessary to clear
up these concerns.
Coordinate other
matters such as lender documents, survey, inspections, payoffs,
etc.
While we are addressing any title concerns, we are also coordinating
other aspects of the closing such as providing the purchaser’s
lender with requested documents; requesting payoff statements
for any current liens; requesting estoppel letters for the
appropriate HOA(s); obtaining copies of surveys and/or inspections
that are required per the contract; and/or following up on
any other stipulations in the contract to ensure everything
is complete by the pre-determined closing date.
Prepare settlement
statement and closing documents
Once all pertinent information is collected, the transaction-specific
settlement statement and closing documents are created and
distributed for approval by all parties. With approval from
all parties, we can proceed to the actual closing. The date
and time for closing in our office is set for each party or
arrangements are made to have the closing documents delivered.
Closing the transaction
Now that all the ‘behind the scenes’ tasks are
complete, it’s time for the actual closing. The seller
and purchaser sign the prepared documents at their requested
location. Once all fully executed documents and certified
funds are received, the transaction is disbursed as instructed
by the settlement statement. The appropriate documents are
forwarded to the clerk of court for recording and the transaction
is officially complete.
Post closing
Even though the closing is complete, our part is not done.
We ensure the documents were recorded correctly, create and
distribute the final title policies, and confirm any liens
paid off at closing have been released in public records.
Each closing is as unique as the parties
involved and we will work hard to make your closing as stress-free
as possible. After all, our motto is…
Relax,
DLT’s handling your closing!
