If you’ve been to any events since the year 2000 you’ve heard the “Cha Cha Slide”, by the esteemed DJ Casper. Obtaining title on your property can be a little bit like that dance. One hop this time.
The process begins. Once the sales contract is signed by the buyer and the seller and funds have been delivered to the closing agent, or Gables Title Group, the escrow is accepted by the escrow agent, also GTG if you work with our team. The “process” of ordering documentation on the property begins, your title agent will begin to request all of the necessary documents, which include: Loan payoffs, tax information, any surveys, maintenance fees, any information on taxes, all inspections, reports, hazards and other paperwork that will help transfer the title. This is basically the beginning of the title search.
The title search. The second step in the title dance is the examination of all of the documents requested in step one. Documents that are requested are public records. The items included are deeds, mortgages, assessments, liens, wills, divorce settlements and other documentation that would affect your ability to have a clean title. (Clean title is one that has no clouds.) At this point the legal owner of the property is verified, and any debts on the property are uncovered or determined. Once this process has ended you should receive a title commitment, which is the preliminary report that is sent out to all interested parties in this transaction.
Making the date. Once the title search is done your closing agent, or GTG, will review all of your lender’s, and other parties’ instructions for the closing and prepare the closing statements, and schedule the signing of paperwork.
Settling the closing of the transaction. Your closing agent, Gables Title Group is always here to help when you purchase or refinance your real property, will oversee the closing of the transaction. At this point the seller will sign the deed transferring title to the buyer, and the loan closing affidavit. The old loan is paid off and closed. The buyer will sign the new note and mortgage, all parties at the closing are paid.
After all that fun, the documentation is filed in your property’s county, the title insurance is then sent to you and your lender. That last part of the process doesn’t require anything from the seller or the buyer and transfers the property. Our team at Gables Title Group knows that your title company can make the difference between closing or losing the deal.
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