The Closing Process
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The Big Day
What To Bring
- Valid government issued identification
- Funds
- – Seller: Sellers need to bring the deposit instruction for how they would like to receive their funds.
- – If electronic funds transfer is used, it is very important to realize that these instructions cannot be changed without a personal visit to First Solutions Title. To protect you from wire fraud and scams we will never change any type of wiring instructions or deposit instructions over the phone or via email. To protect you this must be done face to face. This is why it is important to bring the correct information.
- Buyer: Buyer will need to bring the either a certified check or send money using an electronic funds transfer from their financial institution. If the electronic transfer is used, you will need to have this completed before the closing appointment.
Expediting The Process
You signed a contract, and everyone is excited to get to the closing table. Your Realtor will submit a copy of the contract to First Solutions Title LLC. This will initiate the title process.
To expedite your order, please take the time to:
⦁ Submit commitment information sheet
⦁ Gather and submit buyer and seller information
⦁ Monitor inspection and insurance requirements
⦁ Contact your First Solutions Title LLC team for reliable insurance and inspection companies for your clients
⦁ Acquire and report pertinent information related to your transaction to your First Solutions Title LLC team, including:
⦁ Homeowner’s Association
⦁ Sub-association
⦁ Estate | trust information
⦁ Attorney
⦁ Existing property ownership type
⦁ Amends, extends and counterproposals
⦁ Inspection resolutions
⦁ Commission disbursement
⦁ Power of Attorney
⦁ IRS §1031 exchange information
Deposit earnest money with First Solutions Title LLC, and make sure a receipt is provided. Do this in accordance with the contract agreement.
Contact your First Solutions Title LLC team to thoroughly investigate the title history and produce the appropriate documentation required by your state.
The title insurance commitment is provided upon verification of a clear title.
From the signing of the purchase agreement to the closing, it is essential to simultaneously enact and fund various document approvals, inspections and insurances. To advance the process and preempt potential delays, keep your North American Title team well informed. Report all dates and factors affecting the transaction to ensure accurate closing dates are provided.
Make sure your clients review the report carefully and ask your First Solutions Title LLC team if you have any questions.
All parties’ conditions and demands are submitted to the Escrow Officer or Title Agent and arrangements must be made to satisfy all demands.
Notify First Solutions Title LLC in writing of all pending dates when actions pertinent to the closing will take place, such as loan approvals, releases, etc. If there are any changes to those dates, please submit them as soon you are made aware of them.
Make sure all documents are properly signed and notarized. Discuss closing costs with your clients. Review all documents carefully and submit them to First Solutions Title LLC.
Closing instructions will be provided by the lender. First Solutions Title LLC will coordinate the closing and prepare closing statements.
Compare the original Loan Estimate with the Closing Disclosure, which the borrower must receive 3 days before closing. Ensure there are no mistakes or unwarranted cost differences.
Once everyone is in compliance and all documentation is in order, a date and location are set and agreed upon. Parties convene at the closing table and the sale is finalized.
All papers are signed, and funds are disbursed. Fund disbursement laws and regulations differ from state to state. Contact your realtor or First Solutions Title for the local rules.
