Page 24 - Frank_Sellers Book

HOW CLOSING WORKS - CLOSING PROCESS

Once your home goes under contract. Our team sends a copy of the contract

with all key dates to Escrow. Title and your lender so that everyone can get
started on the transaction

The title company will inspect the chain of title for your home. Among other
things, they want to ensure that there is a clear history of the title being

transferred from one owner to the next, and that there are no disputes
regarding ownership of the home or any potential liens that need to be paid at

closing.

The buyer will typically conduct an inspection of the home. The buyer may
approve of the inspection, or they may ask for repairs to be completed, closing
costs credit, or reduction in price.

After the inspection is the appraisal. An appraiser will make an appointment to

tour the home, as well as prepare a detailed report outlining the home’s value
using comparable homes that have sold recently in the area. During this time,

the buyer will be submitting any final documents the lender or underwriter has
required in order to approve them for the loan.

The Buyer’s mortgage lender will send loan documents to the escrow company
who is handling the closing. This typically happens after the underwriting

process, when the underwriter determines that the loan and borrower are
“clear to close.”

The escrow company will reach out to schedule a date to sign your closing

documents. This typically happens one to three days before the official closing
date, but the exact timeline can vary.

Once the home buyer has signed all of the closing documents, the escrow
company will send them back to the lender for review. If everything is in

order, the lender will then send the funds to Escrow.
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