You are under contract to purchase real property. You may ask yourself, "What comes next?" Below, we have outlined how the closing process works on the backend of escrow, beginning to end.
Step 1: You or your Realtor sends us the Purchase Contract to setup the file. The best email to use for sending new contracts is: Closings@harrymarshlaw.com. If you have already worked with us before, then you will have access to our online portal, 24hourtitledocs.com and you can even enter the order yourself, through this online portal, directly into our system for immediate processing.
Step 2: When we open the new order in our system, or accept the order you have entered into our system, the first automation milestone happens, and our welcome email is sent out to the parties involved in the closing. Please note: we can only send this welcome email out to the parties if we have a valid email address for them to enter into our system. please make sure the Purchase Contract includes the email addresses for all the parties involved in the closing so that everyone can be included in the updates: Realtors, buyers and sellers. if we do not have email addresses for any of the parties, then they wont be included in the automated updates as milestones are reached in the closing process.
Step 3: The welcome email sent out contains detailed instructions about how to submit your Earnest Money deposit (if applicable). This welcome email also contains our online forms for the Seller Information and the Buyer information (the Refinance information form as well). These forms are digitial and you can fill them out online or from your mobile device. **The most important step you can complete during the closing process is completing this form asap. If you are a buyer, we must have your completed form before we can begin the title search. If you are a seller, we must have your completed form to request your payoffs and HOA closing statements. Closing can be delayed if these forms are not received.
Step 4: Title Search is completed once we have the signed Buyer Information form. If you have a lender, then we will share the title information with them as well.
Step 5: We will order the Payoffs and HOA closing statements and collect any invoices due at closing from the parties (buyers, sellers, Realtors)
Step 6: If this is a cash closing, then we can close anytime after the above steps have been completed. If there is a lender involved, then the ball is in their court, and we must wait until they say closing is ready to happen. Once the lender is ready to close, they will send us their loan package and loan closing instructions. We use the lender's closing instructions to compile the CD aka closing statement. We coordinate with the lender, Realtors, buyers and sellers on when the closing will take place.
Step 7: Signing. It is common to schedule the sellers and buyers signings separately due to TRID regulations and privacy concerns. We try to accommodate everyone's individual schedules and we have availability to handle signings at any of our four office locations. We can even do a Close From Home virtual video signing for clients located in the state of NC. Many times, sellers sign remotely and don't even come into the office. This is fairly common. Don't expect to be sitting across the closing table from the other party. (Though every so often, things do work out so that this does happen, it is more rare to see this these days.)
Step 8: After signing has happened, and we have collected all of the signed documents from both the Sellers and the Buyers, then we update title to confirm no changes have taken place since the initial title search. If there is a lender involved, then the signed closing documents are sent to the lender to review and issue a "Funding Approval" that allows us to proceed with recording.
Step 9: We confirm that all wires for closing funds have been received from the buyers and the lender in our trust account.
Step 10: The Deed and the Deed of Trust are recorded with the county Register of Deeds. These days, most counties allow e-recording, so this can all be done online. The time frame for this process varies depending on the counties. Usually it takes a few hours. Sometimes more, oftentimes less. Every county is slightly different.
Step 10: Once the Deed is recorded, then the funds can be released to the parties as outlined on the closing statement (HUD or CD).
Step 11: All closing documents are submitted to the title insurance company to issue the final title insurance policy. This policy will be delivered in the mail to the buyer within 60 days after closing.
Congratulations! Your closing is complete!