Escrow Closing

The Closing Process and Escrow

The closing settlement process is a detailed undertaking with numerous activities and people involved to ensure a buyer/seller closing is handled efficiently and in accordance with regulatory requirements. When you are closing on your new house, it is important to have good representation so that they can  take care of all the details to ensure that everything goes smoothly.

The home buying process starts with a purchaser and a realtor searching for a home and getting a lender involved to qualify the buyer for a loan. After a suitable home is located, a contract is signed and sent to the title company. Once received by the title company, they go through the process of:

  • Ordering and completing a title search
  • Ordering payoffs of the seller’s loans
  • Requesting tax information
  • Preparing a title insurance commitment
  • Resolving title issues
  • Scheduling a settlement/closing date
  • Reviewing closing instructions from the lender
  • Meeting with the buyer, seller, realtor, and lender to facilitate the closing
  • Receiving certified funds from lender
  • After all lender requirements are met, disbursing funds
  • Creating lender packages
  • Sending checks/wires for payoffs
  • Recording at the courthouse
  • Closing out any escrow items
  • Issuing final title policy

This long list of items creates voluminous piles of paperwork all needing to be completed in the correct order. Monarch Title Company can help make sure this process is handled with minimal disruption so that you can focus on what is important to you.