The settlement officer receives and reviews the purchase agreement for complete information.
Transaction information is submitted to the title order department.
A file is created, letters are sent introducing the settlement officer to all involved parties and a title search is ordered.
Tax information, loan payoffs, maintenance fees, inspections, Patriot Act, Domestic Relations, and any other lien payoffs are ordered.
The search of public records begins. Deeds, mortgages, liens, wills, divorce settlements, easements and other documents that could affect the title are searched and reviewed.
Once the search is completed, a title insurance commitment is created outlining requirements, exceptions and any issues requiring attention in preparation for closing.
The title insurance commitment is reviewed by a title examiner to verify accuracy of the reported title search results.
The title commitment is sent out to all parties involved in the transaction, including the lender, if any.
The settlement officer reviews any new instructions and requirements from the lender or other parties involved.
The settlement officer or processor prepares closing statements and contacts all parties to schedule the closing.
Your settlement officer oversees the closing of the transaction. The buyers and seller sign all applicable closing documents.
Once all documents are signed and funds are collected, the buyer receives the keys to their new property.
Settlement officer prepares the file to go to Post Closing where monies are disbursed to the appropriate parties.
The transaction documents are recorded on public record and title and insurance policies are sent to the buyers and lender (if any) within 30-45 days.
