new home
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step one: Review the contract
The first step determines key information from the contract, such as: who the parties are and where the property is located.
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STEP TWO: TITLE INVESTIGATION
After learning of the property address, the next step is to determine if the property holds a clean title.
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step three: the COMMITMENT
Once a complete title investigation is done, the next step is preparing the commitment. The commitment acts as a draft for what the terms of the title insurance will be. The commitment may have requirements that need to be fulfilled before title insurance in obtained.
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STEP FOUR: CROSSING OFF THE TO-DO LIST
Once the commitment reveals what needs to be done, the next step is crossing off the to-do list. For example, if a survey is needed; or documents from a condo association. Additionally, figuring out the logistics for execution day.
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step five: pre-closing and execution
Prior to the closing, an updated title check has to be done. Once the check is complete, it is now time for the closing! At the closing, the documents are signed and the keys are exchanged
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step 6: verify recording and satisfaction
After the closing, the documents are uploaded, filed, and sent to where they need to go. Once a reasonable time has passed, it is time to verify the recording of all documents and to ensure the Seller’s mortgage has been satisfied.