Closing Process
A closing transaction involves many steps, which range from simple to very complicated. Outlined below is a basic overview of the process.
- Contract to Sell/Purchase is received
- Verifications of receipts are faxed to Lender and Realtors
- Purchaser is called to confirm receipt of contract and to obtain personal and insurance information
- Seller is called for payoff and personal information
- Title abstract and flood information are ordered
- Payoff requests are faxed out
- Loan payoff is received
- Abstract and exam are completed and reviewed
- Survey is ordered (if needed)
- Title commitment is faxed to Lender
- If title problem exists, notifications are sent to Lender, Realtors, Buyers and/or Sellers
- Title problems are cured and cleared
- Refax clear title commitment to Lender
- Order flood elevation certificate (if needed)
- Call Realtors for commissions, termite inspection, and terms
- Order termite inspection (if needed)
- Call Realtors and Lender to schedule closing
- Receive loan package from Lender
- Prepare HUD and fax to Lender and Realtors
- Contact Purchasers and Sellers for final review
- Prepare closing documents
- Type loan packages
- Closing occurs
- Lender funding is verified, deposits made, and expenses are paid
- Lender package is sent out
- Documents are sent out for recordation
- Title policies are prepared
- Final package is mailed to Purchaser
- Lender’s final package is mailed
- Mortgages and liens are cleared for public records
- File is closed and archived