Timeline of Your Deal
When you buy a home, there are a lot of moving parts, and it can be difficult to understand exactly what is going on and what the next steps are! To help you understand the closing side of things, we created a timeline of your deal to serve as a roadmap and help you navigate this crazy and exciting time!
1. Purchase Agreement and Title Application
Real Estate Agent and Loan Officer sent PA and Title Application to Title Processor
2. Title Processor and Order Entry
File is opened and number is assigned, orders assessment search, property search, and plat drawing
3. Abstracting
Searches county records for deeds, liens, mortgages or judgments. Sends examiner all documents for review.
4. Examiner
Reviews each document then sends a title commitment to processor with instruction on how to clear title.
5. Processing
Clears any defects on title, schedules closing, sends closing notices, receives loan package from lender. Enters fees, creates settlements statement, send to LO and agent to review and clear to close.
6. Closing
Explains documents, notarizes, verifies funds, checks are cut & disbursed. Sends signed loan package, mails checks for invoices needing to be paid. Wire or send payoffs. Sends file to recording department.
7. Recording Department
Reviews all documents for accuracy: Deed, Legal, Mortgage, etc. Delivers to counties for recording. Takes care of any rejected documents.
8. Final Policies
Once the recorded documents come back from the county, the Lenders and Owners policies (if purchased) are given a policy number. The policies are created and sent to appropriate parties.