10/28/2024
My offer was accepted! NOW WHAT?
Congrats! You’re about to make the largest purchase of your life, and it’s a stressful, overwhelming and confusing process. Here’s what to expect…..
One your purchase and sale agreement is signed, and your lender is selected, we will receive a title order asking us for certain documents. This is when we begin working on reviewing the chain of title and correcting any issues that may arise.
Everyone thinks their title is clean, but that’s not always the case! Missing discharges, paid off executions, death certificates…. Often not recorded and required to clear title. It’s not often we get a squeaky clean title but we will make sure your title is clean when you close!
After the file moves through processing, your CD will be issued by your lender. This is required 3 business days before closing for traditional loans-you cannot close on time if this is not done.
Once all conditions are met, we will get a clear to close. This is the green light to move forward. At this point, lender and title work together to finalize the CD.
Lender begins putting all of the documents together for the closing-all of their recordables, compliance docs and disclosures. When those documents are finalized by the lender, they are released to the title company/closing attorney.
You’ll be given your “cash to close” amount, which is the difference between lender funds and adjustments and what is due in total. Closing will take place, and all of the lender generated documents will be signed. Most of the time, the lender needs to review the executed documents to authorize us to record and disburse any funds.
Until all of your cash to close and your lender funds are cleared in our client trust account, we cannot record. We are required to fully fund before recording and disbursement.
So, what IS recording? Recording is the process of putting everyone on record (via public records) that you own the property by a deed from the seller to you. Virtually every attorney uses an electronic recording platform. We use Simplifile. If there is a recording delay, there’s a disbursement delay. No funds are released to any party, including agents, until the deed is recorded.
Once the deed is on record, the house is yours! We can now payoff the seller mortgage, the seller, the agents, and any other third parties involved in the transaction.