The Real Estate Closing Process is Easier with Experience

Whether you’re a first-time home buyer or have ‘been there, done that’ a few times, the real estate closing process can be as stressful as exciting, as you just want to be sure everything goes well, with no surprises. Through more than 25 years of experience, and now across four offices in Louisville, Southern Indiana and Bardstown, KY, Agency Title enjoys being the reassuring Louisville Title Agency that helps buyers and sellers focus on the excitement, and avoid surprises at the closing table.

So let’s look at the basic real estate closing process, with attention to those key decisions that ensure a well-secured transaction. For more detail and a helpful video, visit our website page on the Real Estate Closing Process.

    1. Unless you decided on Sale by Owner, finding an experienced realtor is your first secure step in making sure that your contract and all accompanying documents are prepared for transitioning to the title process. Your realtor is not only there for finding your dream home or a qualified buyer in a competitive real estate market, but most importantly, handling the first steps of the closing process with completion of a well documented contract (plus inspection report/correspondence, mortgage app details, etc.) and ensuring all documentation is transferred correctly through the escrow and title agencies. No matter how perfect the dream home, one mistake in the “paper” trail can make it not come true, or make it a nightmare.

    2. Stay with experience for the next step of Title Search and Examination. Your realtor will likely recommend your title agency/attorney (another reason for experience, but specifically local experience and real estate relationships), however be sure you do your own research to confirm that the selected agency has the experience and reputation for thoroughness in this highly detailed work. Title search and examination is the critical stage of researching all history and documents related to current and previous ownership and sales of the property, such as deeds, liens and any divorce settlements. Here’s a simple explanation of the difference between having the deed to a property, and having title to sell it, which is what your title agency will confirm.

    3. Document preparation and scheduling for the closing. The closing agent reviews the new lender’s documentation and instructions as well as all other legal and loan documents, then assembles charges and prepares closing statements. They schedule the closing for all required parties, whether they are in-person (usually at the title attorney/agency office) or participating ,remotely.

    4. In the closing, the deed is officially transferred, and all final payments/transactions are made. The Escrow/settlement agent oversees closing the transaction. The Seller signs the deed and closing affidavit, and the buyer signs the new note and mortgage. The old loan is paid off. Seller, real estate professionals, attorneys and other parties present at the closing of the transaction are paid.

Make your closing a happy celebration of a very special event. Contact us at Agency Title with any questions, and to walk through the process. We can also help if you are pursuing Sale By Owner, to ensure you’re prepared for your closing.

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