The EMD holder will hold the deposit until the closing has been completed. This protects the homebuyer and seller pursuant to the terms of the real estate contract.
Detailed information about the buyer and seller is necessary to get the proper documentation in order for the closing process. It is important the information received is correct, as this information is used and relied on throughout the closing process.
We will also be gathering information from the Homeowners’ or Condominium Owner’s Association, the Seller’s Mortgage holder, the county, city, and utility companies, and on occasion, from the IRS.
A home inspection is an optional step during the closing process, but it’s wise to get it done. If you discover any serious issues with the home during the inspection period pursuant to the real estate contract, you may have the opportunity to back out of the deal. You may be able to negotiate with the seller to have them complete any necessary repairs if the real estate contract included a clause for a home-inspection contingency. An appraisal is only optional if you are purchasing a property without a loan. Otherwise, a lender will require a property appraisal.
A key part of what a Title Company does is the Title search. This is a search of property records in the county and state in which the property is located. The purpose of this search is to review all of the transactions involving the property to determine if there are any issues with any of the previous transfers that could cause any issues for the new homebuyer.
Having a title search completed and obtaining title insurance will give you the assurance that no one can make a claim to the property after you purchase it.
In some cases, the title could be clouded. Issues involving former owners, back taxes and even fraudulent claims may arise during this process, but with title insurance and a thorough title search and examination, you can be sure you are protected. If any problems arise during the title examination, they must be properly resolved before the transaction is closed.
After the title search has been completed and all title matters are resolved, the next step is preparing and finalizing documents for signing. Buyer documents include:
Seller documents include:
All transfer documents are recorded in the public records in the county where the home is located and the necessary liens and items necessary to clear title are paid and or removed by documentation. The Seller proceeds and all other fees/costs due at settlement are distributed to the appropriate parties. This completes the final transfer of the title to the buyer.
We store all vital documents electronically on a secure server in Qualia. This gives all parties access to them any time they are needed, 24/7, 365 days a year.