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Home Closing Process for Buyers

Preparation and processing of all necessary documents for the transfer of ownership are prepared by the attorney/settlement agent and completed at closing. Be sure to select an attorney/settlement agent EXPERIENCED in title work and real estate settlements.

The attorney/settlement agent will examine the title and report upon its condition, conduct settlement in accordance with terms of the purchase contract and, if applicable, the letter of instruction from the lending institution. The attorney/settlement agent will also apply for mortgage title insurance for the lending institution if such insurance is required as part of the transaction and obtain an owner's policy of title insurance for you. If required, a survey of the property will be ordered.

The attorney/settlement agent will account for all funds, including pay-off of any prior liens, and will disburse funds in accordance with the terms of the purchase contract and the loan instructions.

  • The attorney/settlement agent will have received instructions from the lender as to the specific escrow expenses and will be able to provide you with the amount of the total cash needed to complete your purchase. Since it may be necessary for you to bring a CERTIFIED OR CASHIERS CHECK, (generally made payable to the attorney/settlement agent) to closing, please contact your attorney/settlement agent at least two days prior to the actual closing date for the amount due.
  • The lender will require hazard insurance on the property. Arrange for hazard insurance on your new property and provide your attorney/settlement agent or title company with the name of your insurance company/agent several weeks prior to closing.
  • You must make arrangements for the utilities to be transferred to your name. We suggest that you contact them at least a week prior to settlement so that service will be assured on moving day. Utility information can be found here.
  • The Real Estate Settlement Procedures Act (RESPA), which applies to most residential real estate sales, requires that closing costs and all other costs associated with the sale, transfer and financing of the property be disclosed to the parties involved. The various line items on the settlement statement are assigned to the purchasers or the sellers in accordance with provisions of the contract being settled.

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