The Settlement/Closing Process for Buyers
When a buyer purchases a new home, title companies such as Best Rates Title provide a valuable service. Here's what the closing process entails.
1. Receive the title request.
The closing department opens a file and begins collecting information for the closing.
2. Perform a title search.
We perform the title search by reviewing the county's Registry of Deeds and probate records to determine who owns the property. We also look for any liens or attachments on the property and any easements, covenants, or restrictions on how the owner can use the property.
3. Schedule the closing for a convenient date and time with all parties.
4. Prepare the HUD-1 Settlement Statement.
5. Conduct the closing.
All pertinent documents, including deeds, mortgages, and lender and state forms are signed. We prepare recordable documents for the Registry of Deeds.
6. Collect all closing funds for the charges collected on the HUD-1 Settlement Statement.
7. Update title and record at the Registry of Deeds.
8. Disburse all closing funds for the charges collected on the HUD-1 Settlement Statement.
9. Prepare the title insurance policies.