Closing Process

A closing transaction involves many steps, which range from simple to very complicated. Outlined below is a basic overview of the process.

  1. Contract to Sell/Purchase is received
  2. Verifications of receipts are faxed to Lender and Realtors
  3. Purchaser is called to confirm receipt of contract and to obtain personal and insurance information
  4. Seller is called for payoff and personal information
  5. Title abstract and flood information are ordered
  6. Payoff requests are faxed out
  7. Loan payoff is received
  8. Abstract and exam are completed and reviewed
  9. Survey is ordered (if needed)
  10. Title commitment is faxed to Lender
  11. If title problem exists, notifications are sent to Lender, Realtors, Buyers and/or Sellers
  12. Title problems are cured and cleared
  13. Refax clear title commitment to Lender
  14. Order flood elevation certificate (if needed)
  15. Call Realtors for commissions, termite inspection, and terms
  16. Order termite inspection (if needed)
  17. Call Realtors and Lender to schedule closing
  18. Receive loan package from Lender
  19. Prepare HUD and fax to Lender and Realtors
  20. Contact Purchasers and Sellers for final review
  21. Prepare closing documents
  22. Type loan packages
  23. Closing occurs
  24. Lender funding is verified, deposits made, and expenses are paid
  25. Lender package is sent out
  26. Documents are sent out for recordation
  27. Title policies are prepared
  28. Final package is mailed to Purchaser
  29. Lender’s final package is mailed
  30. Mortgages and liens are cleared for public records
  31. File is closed and archived