What will happen at my closing?

Your closing will take place at Chicago Title Insurance Company, which will act as escrow agent and title insurer. As is set forth in the contract for purchase of your real property, the title insurance agent may hold the earnest money, prepare the closing statement, and generally coordinate with all of the various entities involved in the closing. This includes collecting invoices and written information from the mortgage lender, insurance agent, surveyor, attorneys for the parties, the tax search firm, inspection companies, and the title underwriter. In addition to acting as escrow agent, the title company will research the title to your home and issue a commitment for the title insurance reflecting the ownership, restrictions, easements, liens and other exceptions that will have an effect on the property.

At the time of closing, the title company will allocate the fees between the purchaser and seller in accordance with the contract, lender’s instructions and local custom. The closing will take about forty-five to sixty minutes; however, occasionally there are last minute delays from one of the many servicing companies, especially at the end of the month.

After the buyer and the seller have signed the necessary documents, the title company will return the mortgage papers and proposed title policies to the lender for review and funding of the loan. Upon receipt of the buyer’s funds and the loan amount, the title company will disburse all proceeds as shown on the closing statement and cause the deed and deed of trust to be recorded with the county clerk. Title insurance regulations require funds to be in the form of either a cashier’s or certified check payable to the title company or transferred to the title company’s bank via wire transfer.