Step 1: Explained – Title Order Received; Title Search Has Begun
First, what is a title search? It is a basic search of the property, the current owners, and the new owners with the Clerk of Court to search for any title defects on the property so that we may transfer clear title.
Here are 5 common title issues or “defects” that could be found:
- Errors in Public Record – clerical or filing errors
- Unknown Liens – unpaid debts from previous owners
- Undiscovered Encumbrances – unknown third-party holding claim to ownership
- Unknown Easements – how you & others can use your property for a specific purpose
- Boundary/Survey Disputes – differing boundary lines from multiple surveys/deeds
Title Search Timeline: 3-7 Business Days
Step 2: Explained – Title Search Complete
Working with a Lender
The title search is complete, and the title commitment has been sent to your lender. The lender will then finalize all loan conditions and documents and will notify us when it is time to schedule your closing.
What is a title commitment? It is our promise to provide title insurance coverage on the property conditionally upon certain requirements being met prior to closing. It will include items found of public record, such as the owner’s name, property legal description, and any exceptions from coverage to be issued on the final title policy.
Lender Timeline: Varies
Check with your lender; timelines can vary with different loan conditions.
The title search is complete. We are now gathering all documents for closing to transfer title from the previous owner(s) to the new owner(s).
Cash Sale Timeline: 2-3 Business Days
Step 3: Explained – It’s Time to Schedule Closing
All final documents are being prepared. It’s time to schedule your closing!
A few reminders for closing day:
- Bring certified funds (i.e. wire or cashier’s check)
- Government-Issued ID (i.e. non-expired driver’s license or passport)
Average Closing Time : 1 Hour
Step 4: Explained – Closing Complete
Your closing is complete! All documents are being sent to the Clerk of Court for recordation. Recordation of these documents confirms conveyance and/or mortgage on the property and becomes official record. You will be receiving copies of your closing documents via email shortly.
Buyers, don’t forget to file for Homestead Exemption within the first year of owning your home if you qualify.
Recordation Timeline: 3-5 Business Days