Draft and review of client's real estate contract
Order and review of the property abstract of title, survey and map
Order and review title insurance that may be required by the mortgage
Draft a closing statement with review of all the financial data including taxes
Explaining all documents with clients and answer the concern at every point during the transaction
Five steps for Real Estates Closing
It is important that during the approval period that a buyer
or seller review the contract with their attorney. Once the contract has been reviewed, the seller should obtain their abstract, survey, tax documents and mortgage statements. The buyer should work with their lender to obtain a mortgage commitment, and have a home and radon inspection completed on the subject house.
For the seller, their attorney will begin the process of updating the abstract, survey and complete a tax search. For the buyer, obtain the commitment letter, provide it to their attorney and the buyer's counsel will send it to the seller's counsel.
Once the mortgage commitment is received from the lender this will be sent by the buyer to the seller, at this time the title work is then exchanged from the seller's attorney to the buyer's attorney.
The abstract, survey and tax documents are reviewed by the buyer's attorney and then provided to the title company to obtain title insurance.
The bank will issue the clear to close and title will have to be approved by the bank's counsel and then a closing date will be set, shortly thereafter by the bank attorney. The buyer should set a time for their walk through with their agents and have all utilities put in their name.