If you are purchasing or selling a property independently, ensure that you have the right title and escrow team to represent your interests and needs.
WHAT HAPPENS DURING
THE CLOSING PROCESS
Mutual Title receives the title order as part of the closing process! We search public records for information related to your home's title, including current tax figures and liens on title. Our professionals work hard to resolve any issues they find well before closing.
Search is Complete
Once the search is complete, we send everything to the lender to satisfy their title requirements. We’ll gather all necessary data to continue the process, including items such as lien payoff letters and any other bills associated with the property and the transfer.
Time to Sign
Once we have received the clear to close from the buyer’s lender, it’s time to close! The closing disclosure will be prepared by the lender and accepted by the buyer. The closing disclosure outlines all of the costs for the buyer and seller. Mutual Title will schedule dates for all parties to sign the documentation.
At closing, all the paperwork required to complete the transaction is signed. We process the documents and send them to the county to be recorded and to the lender to be funded. Once the lender funds are received, we issue the acceptance to the county and disburse all funds. The property is officially transferred from the seller to the buyer once the county puts the new deed on record.
Most homebuyers and sellers don’t know they can choose their title agency. When selecting yours, be sure the agency can answer these eight questions:
1. Are you licensed in my state? 2. How long should I expect the entire process to take? 3. What are my final closing costs? 4. Can I close at my home – or a location of my choice? 5. What do I need to bring with me? 6. How often will you send me status updates? 7. What support do you offer buyer/seller by owner? 8. Is there a specific person I can call if I have questions?
Customer service is key when closing. If you’re buying or selling without an agent, getting that service will depend on choosing the right agency. Do your research, ask questions and have a happy closing.
Everyone has questions about title insurance, title transfer, the closing process and all points in between. We’ve answered the most common ones we get below. Find answers here – or ask us a new one.
Title insurance protects property rights from title defects such as:
- The previous owner’s debt. For example, unpaid mortgages or property taxes.
- Claims of ownership or missing heirs.
- Loans against property. For example, child support.
It protects against past problems as well as any ownership disputes that may arise.
The agent will research the property for any defects and issue a protection plan. Two plans are issued: one protects the lender and the other protects the buyer. The agent settles existing liens and resolves any disputes if they are present.
Mutual Title will schedule dates for all parties to sign the documentation. If parties are out of state, we use various forms of communication to keep the process seamless.
The Loan Policy is effective for the life of the loan. The Owners Policy lasts as long as you retain interest in the property or remain liable for any warranties on the title.
A clean or clear title is important because the title is what gives you ownership of a property. The buyer selects the title company from which s/he wants to purchase title insurance.
The average cost of Owners Policy varies from state to state.
Generally speaking, it’s the use of a trusted “middle man” (title company, in this scenario) who handles money or other assets being transferred between two parties.
A deed is a legal document that records a transfer in ownership from one person to another and is filed with county records.
Any company that you are considering doing business with is worth doing some research. You have the right to choose which title company to use. See what our customers are saying.