Welcome to home ownership!
Whether you have just signed a contract to purchase a home or have decided to refinance your current mortgage, our office provides the time and place for your settlement. Before reaching the closing table, our office communicates with your lender to ensure a smooth closing process.
We begin preparing for your closing as soon as our office receives a title request to examine the property in question. This exam provides a history of transactions regarding the subject property and insures against the existence of liens before closing the transaction. During this examination, our closing department collects insurance, tax and payoff documentation as your lender instructs.
Once this information has been gathered, our office receives the closing package from your lender’s underwriting department containing all mortgage documents for your loan you will execute at the closing. From these documents, our office prepares the settlement statement and gains closing approval from your lender.
At The Closing Table:
To begin, the closing attorney explains the settlement statement which outlines the expenses of closing a loan and ensures all parties to the closing understand how closing costs are assigned. Once all parties sign the settlement statement, the loan documents are presented to the borrower under the direction of the closing attorney. These documents explain the material aspects of the mortgage and outline the terms of payment expected by the lender. The seller is also presented with documents to officially convey and transfer the subject property into the borrower’s name.
Should the loan not sufficiently cover all expenses incurred by the closing process, the borrower should bring the appropriate funds to afford the additional settlement charges. All parties involved in the transaction should bring a government-issued photo ID, such as a driver’s license or passport, to comply with the Patriot Act. If not received prior to closing, paid receipts for termite inspections, homeowners’ insurance policies, and surveys should be brought to closing for reimbursement. If a purchase is being made, the current copy of the sales contract should be with the closing attorney to ensure all amendments have been taken into consideration.