Monday, 27 July 2020

A comprehensive Approach to a Title Closing Process

A title company guarantees that the title to a piece of real estate is legitimate and then issues insurance for that property. Title insurance protects the lender and owner against claims against the property that result from disputes over the title. Title companies also maintain escrow accounts, these contain the required funds needed to close the deal. At the Title Closing Boca Raton, a settlement agent from the title company will bring all the necessary papers, explain it to both the parties, collect closing funds and distribute monies. Finally, the title company will ensure that the new titles and deeds are completed with the appropriate entities.


Comprehensive Process for Title Closing Boca Raton:

1. Preliminary Research:
When you reach an agreement with the seller, you’ll be required to sign a contract to begin the closing process. It’s important to complete preliminary research on the home with respect to surrounding area, so you can offer an appropriate price for the home.

2. Escrow Account Opening
A title company is always responsible for escrow account opening, It holds the deposit and real estate contract until the closing has been completed.

3. Home Inspection
A home inspection is an optional step done to discover any serious issues with the home. You may then be able to negotiate with the seller to get the necessary repairs done.

4. Title Examination
After performing a title search and obtaining title insurance, a title company will give you the assurance that no one can make a claim to the property after you purchase it. A title agent has the responsibility of clarifying any issues with the title.

5. Clarification of Existing Titles
Matters involving former owners, back taxes and even fraudulent claims may arise out of the blue. But if title insurance and a thorough title examination have been performed, you can be sure you are secured.

6. The Title Closer Compiles Closing Papers:
The closing Agent, or the Closer will ensure that all documents needed are available before the closing date.

Buyer documents should include:
  • Promissory Note
  • Mortgage and loan documents
  • Owner’s Title Insurance Policy
  • Closing Disclosure
  • Affidavits necessary to purchase the property
  • Personal identification documents
Seller documents include:
  • Bill of Sale
  • Warranty Deed
  • Necessary Affidavits to clear title
  • Power of Attorney
7. Scheduling the Date, Time and Location for Closing Deal
The closer schedules a date and time, after consulting with the buyer and seller for the signing of the final closing documents.

8. Scheduling a Meet for Signing Up
The seller and the buyer along with their agents meet at the designated location to sign the documents for transfer ownership of the property. Nowadays, this process is easily conducted via a mobile notary.

9. Documents Are recorded in the Public Registry are then stored electronically.
All transfer documents are recorded in the public records of the respective state where the home is physically present. This completes the final transfer of the title from the seller to the buyer. These vital documents are then stored electronically on a secure server in the cloud, where one can have access to them 24/7, 365 days a year.

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