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The Closing Process

Title Insurance

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A STEP-BY-STEP GUIDE TO THE CLOSING AND TITLE PROCESS

At ACTS, we know that the closing process can seem like a mystery, and we do not want you to feel like you are in the dark. The following information should give you a good outline of what to expect. If you have any questions, please give us a call for clarification.

FIRST WE LOOK AT THE TITLE

  1. We receive a title order from the realtor, lender or mortgage broker.
  2. We open a file and your closing goes on our top priority list.
  3. We initiate a title search.
  4. We send out an information letter to all parties.
  5. We research any title defects to expedite a clear, marketable title for your closing.
  6. We receive a "clear-to-close" from the lender and schedule a closing date.
  7. We receive a closing package and prepare a HUD Settlement Statement.

NEXT WE RECOMMEND TITLE INSURANCE

Title insurance protects you in several ways. The Lender's Policy is required, and the Owner's Policy is optional but highly recommended. Please review our section on Title Insurance for a complete explanation.

FINALLY, WE ALL ARRIVE AT THE CLOSING

Items for the Buyer to prepare for the closing:

Homeowners' Insurance
You will need to obtain a homeowner's insurance policy for the property you are purchasing or refinancing. Your lender requires this insurance. ACTS will contact your insurance agent to secure the information we need. This information is essential for the title company to prepare the final closing figures.

Cashier's Check
A cashier's check is required for any final closing cost amounts over $500 and should be payable to Access Closing & Title Services, LLC.

Identification
At closing, you will be asked for a copy of your Driver's License, or some other form of identification that includes your picture and signature.

Items for the Seller to prepare for the closing:

Mortgage Payoff Information
You will be required to pay off any and all existing liens on the subject property. You need to provide ACTS with the names and phone numbers of all current mortgage holders and the loan numbers. We need this information as soon as possible, since it can take up to 5 - 7 working days to obtain the payoff amounts. You may be required to provide written authorization for us to obtain the payoff. You can do this by filling out our Seller's Authorization Form.

Condominium Associations (if applicable)
If you are selling a condominium, we will need you to provide the name of the condominium association, contact and phone number.

Transferring Deed
As the seller, you will be required to provide the deed conveying your interest in the property. We would be happy to prepare the deed, on your behalf, upon your request.

Cashier's Check
Unfortunately, from time to time, a seller may be required to provide funds at the closing table. In this case, a cashier's check payable to Access Closing & Title Services, LLC will be required for the full amount of the final figure.

Identification
At closing, you will be asked for a copy of your Driver's License, or some other form of identification that includes your picture and signature.

Contractual Obligations
The sales contract should contain all agreements between the buyer and seller. It must be signed and any changes initialed by both parties. ACTS will prepare and conduct your closing only according to the terms agreed upon in your contract. If you have any questions about any item in your contract, please discuss this with your real estate agent. If possible, it is always best to get any issues resolved before getting to the closing table.

Miscellaneous
If you or anyone involved in your transaction will not be available to attend the closing, you must notify ACTS at least 3 days prior to closing. The absent person will be required to execute a "Specific Power of Attorney" to appoint someone to sign on his or her behalf to permit the closing to continue without that person being present.

If you or anyone involved in your transaction is in the process of bankruptcy, divorce or any other court proceedings, you must notify ACTS as soon as possible. If any of the property owners are deceased, a Will and/or a Death Certificate will be required. If there is not a Will, an Affidavit of Heirship will be required to attest that the named sellers are the only heirs of the deceased. If any of the property owners are minors, court approval will need to be obtained. These issues could take time to resolve and need to be handled prior to closing.

If you are the sole owner of the subject property but are married, your spouse will be required to sign the Warranty Deed only to convey any rights they may have in the property. That spouse will also need to provide a copy of their Driver's License, or some other form of identification that includes their picture and signature.