So, you’ve found your dream home, and the seller has accepted your offer—congratulations! Now, you’re ready to navigate the final phase: closing the transaction.
Closing a real estate transaction involves a series of critical steps to ensure the smooth transfer of ownership and issuance of the title policy. Whether your closing is handled by an attorney, escrow agent, or title company, every transaction typically follows these five key steps:
1. Starting the Process
The journey begins with the sales contract. Once signed, the contract is delivered to the closing agent along with a deposit check. The closing agent, often an escrow officer, opens a title order and initiates the closing process. This includes ordering loan payoffs, tax information, homeowner’s association details, insurance, inspections, and legal paperwork. The title search is the last item ordered to complete this stage.
2. Title Search and Examination
A comprehensive search of public records is conducted to verify the property’s legal ownership and resolve any outstanding debts. This includes checking deeds, mortgages, liens, wills, divorce settlements, and other relevant documents. Once the search is complete, a title commitment or preliminary report is prepared, reviewed, and shared with all parties.
3. Document Preparation/Request to Produce
The closing agent reviews all necessary legal and loan documents, along with specific instructions from the lender and other stakeholders. Charges are finalized, closing statements are prepared, and the closing date is scheduled.
4. Settlement/Closing the Transaction
At the closing table, all parties come together to finalize the transaction. The seller signs the deed and any required affidavits, while the buyer signs the new mortgage and promissory note. The seller’s loan is paid off, and all associated fees and payments are distributed to the respective parties, including agents and attorneys.
5. Post-Closing
After the signing is complete, the closing agent handles the final steps behind the scenes. This includes recording the transaction with the county, sending payments to prior lenders, and issuing title insurance policies to you and your lender. At this point, the property is officially yours!
Make Your Closing Stress-Free with ZigSig
The closing process can seem daunting, but with the right tools and support, it doesn’t have to be. Hiring a mobile notary signing agent through ZigSig makes this process even more convenient. A mobile notary will come to your home or preferred location to handle the loan signing, saving you time and ensuring everything is completed on your schedule.
ZigSig provides a seamless way to hire experienced mobile notaries who understand the complexities of real estate closings. With ZigSig, you can close your transaction with confidence and ease.
Ready to simplify your closing process? Hire a mobile notary now on ZigSig.com.