Settlement Process
Once you sign a contract, our work begins. First, we open your file and start preparing for your settlement, the final step in purchasing your new home. Title One’s role is to coordinate all of the parties involved in the transaction, including the city or county offices where the property is located.
We ensure that a full title search of your new property is conducted, researching the past 60 years of title history to prepare for settlement. We examine the title search to verify that any outstanding liens are satisfied prior to settlement.
Our staff prepares a title commitment for the lender in order to protect your lender against a title claim. The owner’s title insurance policy protects you from any fraud or hidden risk, which is often undetectable during the title search.
Your lender releases the mortgage documents to Title One which disclose your lender’s fees and any insurance or escrow charges. Our staff uses this information to prepare the HUD-1 settlement sheet by incorporating your lender’s figures from the mortgage documents.
Process Overview
Your settlement is the day you have been waiting for since you started your search for a new home. At settlement you will sign your loan documents and pay any remaining closing costs, and in turn the seller will deed the property to you.
Title One takes pride in assuring you that the process will run efficiently so that you can enjoy the culmination of all of your hard work. If any unforeseen issues arise our experienced staff will be available to remedy them as expeditiously as possible.
We continue to work even after the settlement. Our staff disburses the proceeds from the sale to ensure everyone receives proper payment. Title One also sends your loan package to your mortgage company and records the deed and mortgage with the appropriate county or city land records. You will receive the original deed via mail once your deed is recorded with the county. However, the recording process could take several months before you receive the deed.
Our final step occurs well after the settlement has finished. We record the release of the seller’s mortgage and write both the owner’s and lender’s title insurance policies. At this point the detailed settlement process comes to a final conclusion.
Congratulations on your purchase. Our team at Title One looks forward to serving you now and in the future on all of your real estate needs.
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